Common use of Transfers of Unexpended Proceeds Clause in Contracts

Transfers of Unexpended Proceeds. The Trustee is hereby directed that all unexpended moneys remaining in the Project Fund and not identified in writing by a District Representative to be required for payment of Project Costs or other capital improvements to the Water System shall, on the date of notification by the District to the Trustee of completion of the Project, be transferred to the Installment Payment Fund and applied to pay the Installment Payments as the same become due and payable.

Transfers of Unexpended Proceeds. The Trustee is hereby directed that all unexpended moneys remaining in the Project Fund and not identified in writing by a District City Representative to be required for payment of Project Costs or other capital improvements to the Water System shall, on the date of notification Completion Date and following receipt by the District to the Trustee of completion a Certificate of the ProjectCompletion, be transferred to the Installment Lease Payment Fund and applied to pay the Installment Lease Payments as the same become due and payablepayable and the Project Fund shall be closed.