Common use of Transfers of Unexpended Proceeds Clause in Contracts

Transfers of Unexpended Proceeds. Subject to the provisions of any Supplemental Trust Agreement, upon the City’s filing of a Certificate of Completion with the Trustee as described in Section 405, the Trustee shall withdraw all remaining moneys in the applicable account or subaccount of the Project Fund (other than any moneys retained therein to pay Project Costs and Issuance Costs not then due and payable) and deposit such moneys in the applicable account of the Bond Fund to be applied to the next succeeding payment of principal of or interest on the Series of Bonds from which excess moneys are derived; provided, however, that if the Trustee receives a certificate of an Authorized Officer directing that the proceeds of such Bonds be applied to pay the cost of other components of the 2021 Project or Additional Project, as the case may be, or any other capital project of the City, accompanied by an opinion of Bond Counsel to the effect that such application will not violate the laws of the State, including the Act, and will not cause the interest on such Series of Bonds to be includable in the gross income of the owners thereof for purposes of federal income taxation (to the extent so intended), then the Trustee shall apply the remaining moneys in such account or subaccount of the Project Fund to the purposes so directed. In the event that following completion of the 2021 Project or any Additional Project (or any component thereof), the Trustee shall not have received a Certificate of Completion, the Trustee may request the same in writing from the City and, if such Certificate of Completion is not delivered to the Trustee within forty-five (45) days, and if during such forty-five (45) day period the Trustee receives no notice from the City to the effect that the 2021 Project or Additional Project (or such component thereof) is not complete, then the Trustee may treat the 45th day following the Trustee’s transmittal of the request for a Certificate of Completion as the day such certificate is received by the Trustee.

Transfers of Unexpended Proceeds. Subject to the provisions of any Supplemental Trust Agreement, upon the City’s filing of a the Certificate of Completion with pursuant to Section 3.4 of the Trustee as described in Section 405Master Agreement, the Trustee shall withdraw all remaining moneys in the applicable account or subaccount of the Project Fund (other than any moneys retained therein to pay School Project Costs and Costs of Issuance Costs not then due and payable) and deposit such moneys in the applicable account of the Bond Installment Payment Fund to be applied to the next succeeding payment of principal of or and interest on with respect to the Series of Bonds Notes from which excess moneys are derivedderived as prescribed by Section 5.04; provided, however, that if the Trustee receives a certificate of an Authorized Officer a County Representative directing that the proceeds of such Bonds Notes be applied to pay the cost of other components of the 2021 School Project or Additional any Completion Project, as the case may be, or any other capital project of the City, accompanied by an opinion of Bond Counsel to the effect that such application will not violate the laws of the State, including the Act, and will not cause the interest on such Series component of Bonds the Installment Payments to be includable in the gross income of the owners thereof for purposes of federal income taxation (to the extent so intended), then the Trustee shall apply the remaining moneys in the such account or subaccount of the School Project Fund to the purposes so directed. In the event that following completion of the 2021 School Project or any Additional Completion Project (or any component thereof), the Trustee shall not have received a Certificate of Completion, the Trustee may request the same in writing from the City County and, if such Certificate of Completion is not delivered to the Trustee within forty-five (45) days, and if during such forty-five (45) day period the Trustee receives no notice from the City County to the effect that the 2021 School Project or Additional Completion Project (or such component thereof) is not complete, then the Trustee may treat the 45th day following the Trustee’s transmittal of the request for a Certificate of Completion as the day such certificate is received by the Trustee.