Common use of Application of Bond Proceeds Clause in Contracts

Application of Bond Proceeds. (a) The Issuer shall loan all proceeds from the sale of the Bonds to the Company and the Issuer shall cause the proceeds of the initial sale of the Bonds to be deposited with the Trustee in the “Project Fund,” which is hereby created with the Trustee. The Trustee will hold those proceeds in trust for the benefit of the Company and the Bondholders and will apply the proceeds in accordance with this Section 5.02. Moneys in the Project Fund will be allocated for federal income tax purposes to the payment of the Project Costs, or to the reimbursement of the Company for Project Costs paid by it. The Trustee shall disburse moneys in the Project Fund upon receipt of a requisition, substantially in the form as attached hereto as Exhibit B, signed by an Authorized Company Representative stating with respect to each disbursement to be made, the following: (i) the name and address of the person, firm or corporation to whom payment is due or has been made (which may include the Company) is set forth on Schedule I attached thereto; (ii) the amount to be or which has been paid is set forth on Schedule I attached thereto; (iii) that the costs of an aggregate amount set forth in such requisition have been or will be made or incurred or financed and were or will be necessary for the Project and were made or incurred in accordance with the construction contracts, plans and specifications and building permits therefor then in effect; (iv) that the amount paid or to be paid, as set forth in such requisition, represents a part of the amount that is or will be due and payable for Project Costs and was or will be made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (v) that no part of the Project Costs was included within the costs referred to in any requisition previously filed with the Trustee under the provisions of this Indenture; (vi) that (A) the withdrawal of moneys from the Project Fund and the use of the property financed or reimbursed therefrom has not and will not result in a violation of any representation, term or covenant in the Tax Agreement or Project Certificate and (B) any Favorable Opinion of Bond Counsel required to be delivered as a result of changes in the use of Project Fund moneys pursuant to Section 3.04 of the Loan Agreement has been delivered to the Trustee and the Issuer; (vii) that the amount remaining in the Project Fund, together with (A) moneys then on hand at the Company or committed to the Company which are or will be available, and are anticipated by the Company to be applied, to pay the Project Costs and (B) expected investment earnings to be deposited into the Project Fund pursuant to this Indenture, will, after payment of the amount requested in said requisition, be sufficient to pay the costs of completing the Project substantially in accordance with the construction contracts, plans and specifications and building permits therefor, if any, then in effect; and (viii) that the amounts paid or to be paid as set forth in the requisition are properly payable under the terms of this Indenture and that all conditions precedent to payment as prescribed in this Indenture have been satisfied. The Company shall attach to each requisition a list of invoices or bills of sale covering all items for which payment is being requested in such requisition issued by the manufacturers, suppliers or other sellers of such items. The invoices or bills shall be available for review by the Trustee in the offices of the Company; provided that the Trustee shall have no duty or obligation to review such invoices and may conclusively rely on such requisitions. To the extent that the Company leases from third parties or otherwise provides items for the Project from sources other than funds on deposit in the Project Fund, the costs thereof shall not be included in the Project Costs referred to above. The Trustee will maintain adequate records pertaining to the proceeds of the Bonds held by it and all disbursement from them made by the Trustee.

Application of Bond Proceeds. (a) The Issuer Authority shall loan all proceeds from the sale of the Bonds to the Company and the Issuer Authority shall cause the proceeds of the initial sale of the Bonds to be deposited with the Trustee in the “Project Fund,” which is hereby created with the Trustee. The Trustee will hold those proceeds in trust for the benefit of the Company and the Bondholders and will apply the proceeds in accordance with this Section 5.02. Moneys in the Project Fund will be allocated for federal income tax purposes to the payment of the Project Costs, or to the reimbursement of the Company for Project Costs paid by it. The Trustee shall disburse moneys in the Project Fund upon receipt of a requisition, substantially in the form as attached hereto as Exhibit B, signed by an Authorized Company Representative stating with respect to each disbursement to be made, the following: (i) the name and address of the person, firm or corporation to whom payment is due or has been made (which may include the Company) is set forth on Schedule I attached thereto; (ii) the amount to be or which has been paid is set forth on Schedule I attached thereto; (iii) that the costs of an aggregate amount set forth in such requisition have been or will be made or incurred or financed and were or will be necessary for the Project and were made or incurred in accordance with the construction contracts, plans and specifications and building permits therefor then in effect; (iv) that the amount paid or to be paid, as set forth in such requisition, represents a part of the amount that is or will be due and payable for Project Costs and was or will be made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (v) that no part of the Project Costs was included within the costs referred to in any requisition previously filed with the Trustee under the provisions of this Indenture; (vi) that (A) the withdrawal of moneys from the Project Fund and the use of the property financed or reimbursed therefrom has not and will not result in a violation of any representation, term or covenant in the Tax Agreement or Project Certificate and (B) any Favorable Opinion of Bond Counsel required to be delivered as a result of changes in the use of Project Fund moneys pursuant to Section 3.04 of the Loan Agreement has been delivered to the Trustee and the IssuerAuthority; (vii) that the amount remaining in the Project Fund, together with (A) moneys then on hand at the Company or committed to the Company which are or will be available, and are anticipated by the Company to be applied, to pay the Project Costs and (B) expected investment earnings to be deposited into the Project Fund pursuant to this Indenture, will, after payment of the amount requested in said requisition, be sufficient to pay the costs of completing the Project substantially in accordance with the construction contracts, plans and specifications and building permits therefor, if any, then in effect; and (viii) that the amounts paid or to be paid as set forth in the requisition are properly payable under the terms of this Indenture and that all conditions precedent to payment as prescribed in this Indenture have been satisfied. The Company shall attach to each requisition a list of invoices or bills of sale covering all items for which payment is being requested in such requisition issued by the manufacturers, suppliers or other sellers of such items. The invoices or bills shall be available for review by the Trustee in the offices of the Company; provided that the Trustee shall have no duty or obligation to review such invoices and may conclusively rely on such requisitions. To the extent that the Company leases from third parties or otherwise provides items for the Project from sources other than funds on deposit in the Project Fund, the costs thereof shall not be included in the Project Costs referred to above. The Trustee will maintain adequate records pertaining to the proceeds of the Bonds held by it and all disbursement from them made by the Trustee.

Application of Bond Proceeds. (i) PID Bonds shall be issued pursuant to the PID Indenture, which shall be entered into by and between the PID and a banking institution acting as trustee acceptable to the PID Board and TSVI (the “PID Trustee”). ▇▇▇▇ Bonds shall be issued pursuant to the Master Indenture (for purposes of this Section 5(G), the “▇▇▇▇ Indenture”), which shall be entered into by and between the ▇▇▇▇ and a banking institution acting as trustee acceptable to the ▇▇▇▇ Board and TSVI (the “Master Trustee” or the “▇▇▇▇ Trustee”). (a) The Issuer PID Indenture shall loan all proceeds from provide for the sale of the Bonds deposit to the Company and credit of a project fund or reimbursement fund (the Issuer “PID Project Fund” as shall cause be defined in the PID Indenture), the proceeds of the initial sale PID Bonds net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account and such other funds and accounts as may be more specifically described in the Indenture. (b) The ▇▇▇▇ Indenture shall provide for the deposit to the credit of a project fund or reimbursement fund (the “▇▇▇▇ Project Fund” as shall be defined in the ▇▇▇▇ Indenture), the proceeds of the ▇▇▇▇ Bonds to net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account and such other funds and accounts as may be deposited with the Trustee more specifically described in the “Project Fund,” which is hereby created with the Trustee. The Trustee will hold those proceeds in trust for the benefit of the Company and the Bondholders and will apply the proceeds in accordance with this Section 5.02▇▇▇▇ Indenture. Moneys in each of the PID Indenture Project Fund will be allocated for federal income tax purposes to the payment of the Project Costs, or to the reimbursement of the Company for Project Costs paid by it. The Trustee shall disburse moneys in the and ▇▇▇▇ Project Fund upon receipt of a requisition, substantially in and shall be disbursed by the form as attached hereto as Exhibit B, signed by an Authorized Company Representative stating with respect applicable Trustee to each disbursement to be made, the following: (i) the name and address of the person, firm or corporation to whom payment is due or has been made (which may include the Company) is set forth on Schedule I attached thereto;reimburse TSVI for Reimbursable Costs. (ii) Requests for disbursement from the amount PID Project Fund or the ▇▇▇▇ Project Fund, as applicable, shall be made substantially as follows: In each case, TSVI shall present to the Trustee a disbursement request (the “Disbursement Request”), the form of which shall be provided in the related Indenture, executed by a duly authorized representative of TSVI and an authorized officer of the District (as shall be defined and provided in the related Indenture), certifying that a component or components of Eligible Infrastructure have been dedicated to the Village, identifying in reasonable detail the work to which has been paid is set forth on Schedule I attached thereto;the payment relates. (iii) that Authorized representatives of the costs of an aggregate amount set forth in such requisition have been PID or will be made or incurred or financed and were or will be necessary for the Project and were made or incurred in accordance with the construction contracts, plans and specifications and building permits therefor then in effect; (iv) that the amount paid or to be paid▇▇▇▇, as set forth in such requisitionapplicable, represents a part of shall have the amount that is or will be due right, upon two (2) business days prior written notice to TSVI and payable for Project Costs and was or will be made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (v) that no part of the Project Costs was included within the costs referred to in any requisition previously filed with the Trustee under the provisions of this Indenture; (vi) that (A) the withdrawal of moneys from the Project Fund and the use of the property financed or reimbursed therefrom has not and will not result in a violation of any representation, term or covenant in the Tax Agreement or Project Certificate and (B) any Favorable Opinion of Bond Counsel required to be delivered as a result of changes in the use of Project Fund moneys pursuant to Section 3.04 of the Loan Agreement has been delivered to the Trustee and the Issuer; (vii) that the amount remaining in the Project Fund, together with (A) moneys then on hand at the Company or committed to the Company which are or will be available, and are anticipated by the Company to be appliedduring normal business hours, to pay the Project Costs review all books and (B) expected investment earnings to be deposited into the Project Fund pursuant to this Indenture, will, after payment records of the amount requested in said requisition, be sufficient to pay the costs of completing the Project substantially in accordance with the construction contracts, plans and specifications and building permits therefor, if any, then in effect; and (viii) that the amounts paid or to be paid as set forth in the requisition are properly payable under the terms of this Indenture and that all conditions precedent to payment as prescribed in this Indenture have been satisfied. The Company shall attach to each requisition a list of invoices or bills of sale covering all items for which payment is being requested in such requisition issued by the manufacturers, suppliers or other sellers of such items. The invoices or bills shall be available for review by the Trustee in the offices of the Company; provided that the Trustee shall have no duty or obligation to review such invoices and may conclusively rely on such requisitions. To the extent that the Company leases from third parties or otherwise provides items for the Project from sources other than funds on deposit in the Project Fund, the costs thereof shall not be included in the Project Costs referred to above. The Trustee will maintain adequate records TSVI pertaining to the proceeds of the Bonds held by it and all disbursement from them made by the TrusteeReimbursable Costs.

Application of Bond Proceeds. ‌ (a) The Issuer shall loan all proceeds from the sale of the Bonds Subject to the Company and conditions hereof, the Issuer shall will, to the extent of moneys available in the Construction Fund, cause the proceeds of the initial sale of the Bonds Institution to be deposited with reimbursed for, or pay, any costs and expenses incurred by the Trustee in the “Project Fund,” which is hereby created with the Trustee. The Trustee will hold those proceeds in trust for the benefit of the Company and the Bondholders and will apply the proceeds in accordance with this Section 5.02. Moneys in the Project Fund will be allocated for federal income tax purposes to the payment Institution that constitute Costs of the Project Costs, or any Cost of Issuance reimbursable to the reimbursement of the Company for Project Costs paid by it. The Trustee shall disburse moneys in the Project Fund upon receipt of a requisitionInstitution, substantially in the form as attached hereto as Exhibit B, signed provided such costs and expenses are approved by an Authorized Company Representative stating with respect to each disbursement to be made, Officer of the followingIssuer as follows: (i) To the name and address extent that moneys are available therefor, moneys in the Construction Fund shall be disbursed as the construction of the personProject progresses in amounts as shall be requested by the Institution pursuant to a request for disbursement as hereinafter provided to reimburse the Institution for, firm or corporation to whom payment is pay, any costs and expenses constituting Costs of the Project previously paid or then due or has been made (which may include that were incurred by the Company) is set forth on Schedule I attached thereto;Institution in connection with the Project. (ii) Prior to the amount Issuer making and delivering any certificate required to be delivered to the Trustee in connection with payments to be made pursuant to Section 5.04(c) of the Resolution for Costs of a Project, other than interest on Outstanding Bonds or which has been paid is set forth on Schedule I attached thereto;any Cost of Issuance reimbursable to the Institution, the Issuer shall have received a certificate of the Institution substantially in the form of Exhibit A hereto. (iiib) that The Institution will receive the costs disbursements of an aggregate amount set forth moneys in such requisition have been or will the Construction Fund to be made or incurred or financed hereunder, and were or will be necessary hold the right to receive the same, as a trust fund for the purpose of paying the Costs of the Project for which each disbursement was made, and will apply the same first to such payment before using any part thereof for any other purposes. (c) The Institution shall permit the Issuer and its authorized representatives, at all reasonable times and upon reasonable notice, to enter upon the property of the Institution and the Projects to inspect the Project and were made or incurred in accordance with the construction contractsall materials, plans fixtures and specifications and building permits therefor then in effect; (iv) that the amount paid articles used or to be paid, as set forth used in such requisition, represents a part construction of the amount Project, and to examine all documents relating thereto. The Institution agrees to retain all original documentation related to expenditures for items which constitute Costs of the Project for at least three (3) years after the last of the Bonds or any related refunding bonds are retired, for inspection at any time by the Issuer or its auditors. (d) The Institution acknowledges and agrees that is or will disbursements from the Construction Fund are to be due made by the Trustee and payable for Project Costs and was or will shall be made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (v) that no part of the Project Costs was included within the costs referred to in any requisition previously filed with the Trustee under the provisions of this Indenture; (vi) that (A) the withdrawal of moneys from the Project Fund and the use of the property financed or reimbursed therefrom has not and will not result in a violation of any representation, term or covenant in the Tax Agreement or Project Certificate and (B) any Favorable Opinion of Bond Counsel required to be delivered as a result of changes in the use of Project Fund moneys pursuant to Section 3.04 of the Loan Agreement has been delivered to the Trustee and the Issuer; (vii) that the amount remaining in the Project Fund, together with (A) moneys then on hand at the Company or committed to the Company which are or will be available, and are anticipated by the Company to be applied, to pay the Project Costs and (B) expected investment earnings to be deposited into the Project Fund pursuant to this Indenture, will, after payment of the amount requested in said requisition, be sufficient to pay the costs of completing the Project substantially in accordance with the construction contracts, plans and specifications and building permits therefor, if any, then in effect; and (viii) that the amounts paid or to be paid as set forth in the requisition are properly payable under the terms of this Indenture and that all conditions precedent to payment as prescribed in this Indenture have been satisfied. The Company shall attach to each requisition a list of invoices or bills of sale covering all items for which payment is being requested in such requisition issued by the manufacturers, suppliers or other sellers of such items. The invoices or bills shall be available for review Resolution only upon receipt by the Trustee in the offices of the Company; provided that documents required by the Trustee shall have no duty or obligation Resolution to review be executed and delivered in connection with such disbursements. The Issuer agrees to provide the Institution, upon request therefor, copies of requisitions, invoices and may conclusively rely on such requisitions. To any related documents detailing payments made from the extent that the Company leases from third parties or otherwise provides items for the Project from sources other than funds on deposit in the Project Construction Fund, the costs thereof shall not be included in the Project Costs referred to above. The Trustee will maintain adequate records pertaining to the proceeds of the Bonds held by it and all disbursement from them made by the Trustee.