Orange County NC Website
Browse       Search
39 <br /> any written direction from the County, the Trustee will deposit those amounts to the <br /> Interest Account. <br /> ARTICLE III <br /> DEPOSIT AND USE OF 202S PROCEEDS; OTHER FUNDS <br /> Section 3.01. Creation and Use of 202S Project Fund. The Trustee will <br /> establish a special fund designated as the "Orange County 2025 Project Fund." The <br /> Trustee will keep this Fund separate and apart from all other funds and moneys <br /> held by it, and the Trustee will hold and administer this Fund as provided in this <br /> Agreement. Moneys in the 2025 Project Fund will be expended only as described in <br /> Sections 3.02 and 3.03. The Trustee is not required to disburse any moneys from the <br /> 2025 Project Fund during the continuation of any Event of Default unless otherwise <br /> directed by the Majority Owners. <br /> Section 3.02. Deposits to 202S Project Fund; Payment of 202S Project <br /> Costs. <br /> (a) The Trustee will deposit into the 2025 Project Fund the amount <br /> specified in the certificate referenced in Section 1.06(g) and all other amounts paid <br /> to it for deposit in the 2025 Project Fund. The certificate referenced in Section <br /> 1.06(g) may also direct the Trustee as to the further application of amounts in the <br /> 2025 Project Fund without any requirement for additional direction or requisition. <br /> (b) In addition, the Trustee will disburse moneys in the 2025 Project Fund <br /> from time to time either (i) to pay 2025 Project Costs directly to the County, or (ii) <br /> to pay the person indicated in the requisition to pay 2025 Project Costs, or (iii) to <br /> reimburse the County for previous expenditures on 2025 Project Costs, upon the <br /> Trustee's receipt of a requisition substantially in the form of Exhibit E. The County <br /> need not submit any additional information other than the requisition. The Trustee <br /> may rely conclusively on requisitions as authorization for payments, and the <br /> Trustee has no duty or responsibility to verify any matters in the requisitions. <br /> (c) Unless otherwise directed by the County, the Trustee will disburse <br /> moneys from the 2025 Project Fund that are due to the County by wire transfer to <br /> any bank account in the United States as a County Certificate may designate from <br /> 10 <br />