1983-008 - Laserfiche WebLink

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L J L Construction, upon receipt of a requisition signed by a Company Representative (or, in the case of Costs of Issuance, signed by either an Authority Representative or a Company Representative) which shall: (a) state with respect to each disbursement to be made: (1) the requisition number, (2) the name and address of the person, firm or corporation to whom payment is due, (3) the amount to be disbursed, (4) that each obligation mentioned therein has been properly incurred, is a proper charge against the Construction Fund and has not been the basis of any previous disbursement, and (5) that the expenditure of such di sbursement, other than for Costs of Issuance, will result in at 1 east ninety percent (90%) of the total of such disbursement, plus all other disbursements previously made from the Construction Fund other than disbursements for Costs of Issuance, having been used for payment of amounts incurred after October 24, 1983, which are, for Federal income tax purposes, chargeable to the capital account for the Improvements or would be so chargeable either with a proper election by the Company (for example under Section 266 of the Code) or but for a proper election by the Company to deduct such amounts; (b) specify in reasonable detail the nature of each such obligation; and (c) be accompanied by a bi 11 or statement of account for each such obligation. The Servicing Agent is hereby authorized and directed to make each disbursement required by the provisions hereof from the Construction Fund and to issue its checks therefor. The Servicing Agent shall keep and maintain adequate records pertaining to the Construction Fund and all disbursements therefrom. Section 5.08. Establishment of Completion Date; Disposition of Excess Proceeds. (a) The Authority shall assure that the date of completion of the Improvements shall be evidenced to the Authority and the Servicing Agent by this filing with the Authority and the Servicing Agent of a Certificate of Completion in accordance with Section 3.04 of the Agreement. Upon receipt of the Certificate of Completion, the Servicing Agent shall retain in the Construction Fund a sum equal to the amounts necessary for payment of Costs of Construction and Costs of Issuance not then due and payable. Any amount not retained in accordance with the preceding sentence and any amount retained but not subsequently used for payment of Costs of Construction and Costs of Issuance (as determined by a certificate of a Company Representative filed with the Servicing Agent) shall be transferred by the Servicing Agent to the Bond Fund. (b) Amounts transferred from the Construction Fund to the Bond Fund in accordance with subsection (a) hereof shall be applied by the Servicing Agent as a credit against amounts of Bonds to be redeemed pursuant to Section 3.01(a)(4) hereof on the Payment Date next succeeding 45 days following the Completion Date and, prior to said appl ication, if invested shall be invested at a yield not in excess of the yield of the Bonds. 14