Common use of Issuance of Bonds; Application of Proceeds Clause in Contracts

Issuance of Bonds; Application of Proceeds. (a) To provide funds to make the Loan for the purpose of financing the Project, upon satisfaction of the conditions set forth herein and in the Bond Resolution, the Issuer will issue, sell and deliver the Series 2020A Bonds. To provide funds for the purpose of refunding the Refunded Bonds, the Issuer will issue, sell and deliver the Series 2020B Bonds. The Bonds will be issued in accordance with and pursuant to the Indenture in the aggregate principal amount, will bear interest at the rate or rates, will mature and will be subject to redemption as set forth therein. The Company hereby approves the terms and conditions of the Indenture, and the Bonds, and the terms and conditions under which the Bonds will be issued, sold and delivered. (b) The proceeds from the sale of the Bonds shall be loaned to the Company and paid to the Trustee and deposited as follows (a) a sum equal to accrued interest, if any, shall be deposited in the Bond Fund (b) the balance shall be deposited in the accounts of the Project Fund as set forth in the Indenture. (i) Each disbursement request from the Series 2020A Project Account of the Indenture shall be on the form attached hereto as Exhibit B, executed by an Authorized Company Representative. Subject to the provisions below, disbursements from the Series 2020A Project Account shall be made only to reimburse or pay the Company, or any person designated by the Company, for the following: i. Costs incurred directly or indirectly for or in connection with the acquisition, construction, installation or equipment of the related Project Facilities, including costs incurred in respect of the Project for preliminary planning and studies; architectural, legal, engineering, surveying, accounting, consulting, supervisory and other services; labor, services and materials; and recording of documents and title work; ii. Subject to the limitations set forth in the Act, financial, legal, accounting, printing and engraving fees, charges and expenses, and all other such fees, charges and expenses incurred in connection with the authorization, sale, issuance and delivery of the Bonds; or iii. Payment of interest and carrying charges with regard to the Series 2020A Bonds incurred before the related Project Facilities were placed in service.