Common use of Duties of Fiscal Agent Clause in Contracts

Duties of Fiscal Agent. (a) The Fiscal Agent shall pay from the COI Deposit held in the Costs of Issuance Account those Costs of Issuance for which the Fiscal Agent has received a written invoice; provided that (i) each payee is listed as entitled to payment of Costs of Issuance on Exhibit A to this Agreement, (ii) the amount paid shall not exceed the amount set forth with respect to such payee in Exhibit A and (iii) amounts on deposit in the Costs of Issuance Account are sufficient to cover such payment. All payments shall be made by check or wire transfer in accordance with the payment instructions set forth in the respective invoice and the Fiscal Agent may rely on such payment instructions as though given by the Underwriters with no duty to investigate or inquire as to the authenticity of the invoice or the payment instructions contained therein. (b) If the then remaining amounts on deposit in the Costs of Issuance Account is insufficient to pay any Costs of Issuance for which an invoice set forth in Exhibit A has been presented to the Fiscal Agent, the Fiscal Agent shall honor invoices to the extent of amounts remaining on deposit in the Costs of Issuance Account, and the District shall be responsible for payment of any amount of such invoice remaining unpaid. The Fiscal Agent, after payment of its fees and expenses, shall honor invoices on a first received — first paid basis. (c) The Fiscal Agent shall invest all cash in the Costs of Issuance Account in the Blackrock T-Fund Mmkt Institutional #60, or as directed further by the Underwriters from time to time. The Fiscal Agent shall not be responsible for any investment losses which may occur. (d) Any earnings in the Costs of Issuance Account shall remain in said account, until such account is closed. The Costs of Issuance Account shall be closed on the earlier to occur of (1) the date which is 180 days following the Closing Date of the Bonds; (2) the date on which each invoice scheduled on Exhibit A is paid in full; or (3) the date that the last available sums on deposit in the Costs of Issuance Account are disbursed in accordance with paragraph (a) above. At that time, the Fiscal Agent shall remit any amount remaining in the Costs of Issuance Account after payment of all its fees and expenses (the “Contingency Amount”) to the County of San Diego, Office of the Treasurer-Tax Collector, as paying agent for the Bonds for deposit to the Interest and Sinking Fund of the District for the Bonds. (e) The Fiscal Agent shall furnish the Underwriters and the District periodic cash transaction statements which include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Underwriters. The Underwriters and the District may elect that such statements will be delivered via the Fiscal Agent’s online service. The Underwriters waive the right to receive brokerage confirmations of security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law. The Underwriters further understand that trade confirmations for securities transactions effected by the Fiscal Agent will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.

Duties of Fiscal Agent. (a) The Fiscal Agent shall pay from the COI Deposit held in the Costs of Issuance Account those Costs of Issuance for which the Fiscal Agent has received a written invoice; provided that (i) each payee is listed as entitled to payment of Costs of Issuance on Exhibit A to this Agreement, (ii) the amount paid shall not exceed the amount set forth with respect to such payee in Exhibit A and (iiiii) amounts on deposit in the Costs of Issuance Account are sufficient to cover such payment. All payments shall be made by check or wire transfer in accordance with the payment instructions set forth in the respective invoice and the Fiscal Agent may rely on such payment instructions as though given by the Underwriters District with no duty to investigate or inquire as to the authenticity of the invoice or the payment instructions contained therein. (b) If the then remaining amounts on deposit in the Costs of Issuance Account is insufficient to pay any Costs of Issuance for which an invoice set forth in Exhibit A has been presented to the Fiscal Agent, the Fiscal Agent shall honor invoices to the extent of amounts remaining on deposit in the Costs of Issuance Account, and the District shall be responsible for payment of any amount of such invoice remaining unpaid. The Fiscal Agent, after payment of its fees and expenses, shall honor invoices on a first received — first paid basis. (c) The Fiscal Agent shall invest all cash in the Costs of Issuance Account in the Blackrock T-Fund Mmkt Institutional #60U.S. Bank Money Market Deposit Account further described in Schedule 1 attached hereto, or as directed further by the Underwriters District from time to time, subject to the District executing and delivering such documents as the Fiscal Agent shall reasonably request and if such requested documents are not executed and delivered, the Fiscal Agent shall hold such moneys uninvested. The Fiscal Agent shall not be responsible for any investment losses which may occur. (d) Any earnings in the Costs of Issuance Account shall remain in said account, until such account is closed. The Costs of Issuance Account shall be closed on the earlier to occur of of (1) the date which is 180 90 days following the Closing Date of the BondsNotes; (2) the date on which each invoice scheduled on Exhibit A is paid in full; or (3) the date that the last available sums on deposit in the Costs of Issuance Account are disbursed in accordance with paragraph (a) above. At that time, the Fiscal Agent shall remit any amount remaining in the Costs of Issuance Account after payment of all its fees and expenses (the “Contingency Amount”) to the County of San Diego, Office of the Treasurer-Tax Collector, as paying agent for the Bonds for deposit to the Interest and Sinking Fund of the District for deposit in the Bonds.“San Diego Unified School District 2020-21 Tax and Revenue Anticipation Note Proceeds Fund” pursuant to the attached wiring instructions attached hereto as Exhibit B. (e) The Fiscal Agent shall furnish the Underwriters and the District periodic cash transaction statements which include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the UnderwritersDistrict. The Underwriters and Upon the District may elect that District’s election, such statements will be delivered via the Fiscal Agent’s online service and upon electing such service, paper statements will be provided only upon request. The Underwriters waive District waives the right to receive brokerage confirmations of security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law. The Underwriters District further understand understands that trade confirmations for securities transactions effected by the Fiscal Agent will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.

Duties of Fiscal Agent. (a) The Fiscal Agent shall pay from the COI Deposit held in the Costs of Issuance Account those Costs of Issuance for which the Fiscal Agent has received a written invoice; provided that (i) each payee is listed as entitled to payment of Costs of Issuance on Exhibit A to this Agreement, (ii) the amount paid shall not exceed the amount set forth with respect to such payee in Exhibit A and (iii) amounts on deposit in the Costs of Issuance Account are sufficient to cover such payment. All payments shall be made by check or wire transfer in accordance with the payment instructions set forth in the respective invoice and the Fiscal Agent may rely on such payment instructions as though given by the Underwriters with no duty to investigate or inquire as to the authenticity of the invoice or the payment instructions contained therein. (b) If the then remaining amounts on deposit in the Costs of Issuance Account is insufficient to pay any Costs of Issuance for which an invoice set forth in Exhibit A has been presented to the Fiscal Agent, the Fiscal Agent shall honor invoices to the extent of amounts remaining on deposit in the Costs of Issuance Account, and the District shall be responsible for payment of any amount of such invoice remaining unpaid. The Fiscal Agent, after payment of its fees and expenses, shall honor invoices on a first received — first paid basis. (c) The Fiscal Agent shall invest all cash in the Costs of Issuance Account in the Blackrock T-Fund Mmkt Institutional #60, or as directed further by the Underwriters from time to time. The Fiscal Agent shall not be responsible for any investment losses which may occur. (d) Any earnings in the Costs of Issuance Account shall remain in said account, until such account is closed. The Costs of Issuance Account shall be closed on the earlier to occur of (1) the date which is 180 90 days following the Closing Date of the Bonds; (2) the date on which each invoice scheduled on Exhibit A is paid in full; or (3) the date that the last available sums on deposit in the Costs of Issuance Account are disbursed in accordance with paragraph (a) above. At that time, the Fiscal Agent shall remit any amount remaining in the Costs of Issuance Account after payment of all its fees and expenses (the “Contingency Amount”) to the County of San Diego, Office of the Treasurer-Tax Collector, as paying agent for the Bonds for deposit to the Interest and Sinking Fund of the District for the Bonds. (e) The Fiscal Agent shall furnish the Underwriters and the District periodic cash transaction statements which include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Underwriters. The Underwriters and the District may elect that such statements will be delivered via the Fiscal Agent’s online service. The Underwriters and the District waive the right to receive brokerage confirmations of security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law. The Underwriters and the District further understand that trade confirmations for securities transactions effected by the Fiscal Agent will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.