Common use of Disposition of Balance in Project Fund Clause in Contracts

Disposition of Balance in Project Fund. Upon the completion of the Facilities and upon the Trustee’s receipt of a certificate, signed by an Authorized Authority Representative, stating the date of completion and which items of the Cost of the Facilities, if any, have not been paid and for the payment of which money should be reserved in the Project Fund, the balance of any money remaining in the Project Fund in excess of the amount to be reserved for payment of unpaid items of the Cost of the Facilities shall, at the written direction of the Authority, be deposited in the Redemption Account of the Bond Fund to be used to redeem Series 2022 Bonds in accordance with Section 4.3(b). Any excess money shall either be used before the expiration of the applicable temporary period under Section 148 of the Code during which it may be invested at an unrestricted yield or will be invested in order to comply with any limitations imposed by the Code, all as directed in writing by the Authority. The Authority may direct the Trustee in writing to invest gross proceeds at an unrestricted yield after the expiration of the applicable temporary period in an amount permitted by the minor portion provisions set forth in Treas. Regs Section 1.148-2(g) of the Code provided that the Authority delivers to the Trustee an opinion of Bond Counsel that such action will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds. The Trustee shall have no duty to determine whether such opinion of Bond Counsel is required for any investment direction.