Orange County NC Website
40 <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 2026A Project Fund will be expended only as described <br /> in Sections 3.02 and 3.03. The Trustee shall not disburse any moneys from the <br /> 2026A Project Fund during the continuation of any Event of Default unless <br /> otherwise directed by the Majority Owners. <br /> Section 3.02. Deposits to 2026A Project Fund; Payment of 2026A Project <br /> Costs. <br /> (a) The Trustee will deposit into the 2026A Project Fund the amount <br /> specified in the certificate referenced in Section 1.06(e) and all other amounts paid <br /> to it for deposit in the 2026A Project Fund. The certificate referenced in Section <br /> 1.06(e) may also direct the Trustee as to the further application of amounts in the <br /> 2026A Project Fund without any requirement for additional direction or requisition. <br /> (b) In addition, the Trustee will disburse moneys in the 2026A Project <br /> Fund from time to time (i) to pay 2026A Project Costs directly to the County, or (ii) <br /> to pay the person indicated in the requisition to pay 2026A Project Costs, or (iii) to <br /> reimburse the County for previous expenditures on 2026A 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 2026A 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 /> time to time. Any electronic notice to the Trustee is subject to the provisions of <br /> Section 9.02 of the 2018 Agreement. <br /> Section 3.03. Transfer of Unexpended Proceeds. When the County <br /> determines there are no more 2026A Project Costs to be paid from the 2026A <br /> Project Fund, the County will send a County Certificate to that effect to the Trustee. <br /> The Trustee will then withdraw all remaining moneys in the 2026A Project Fund <br /> and deposit those moneys in a separate account within the Payment Fund. The <br /> Trustee will then apply those moneys to Bond Payments as directed by a County <br /> Representative. In the absence of any direction from the County, the Trustee will <br /> 11 <br />