Laserfiche WebLink
<br />Section 3. Disbursements. Bond proceeds available for the acquisition, construction and <br />installation of the Santa Ana Facilities shall be deposited in a special account (the "Santa Ana <br />Facilities Account") to be established under the Indenture pursuant to which the Bonds are <br />issued. Moneys on deposit in the Santa Ana Facilities Account shall be invested and disbursed at <br />the direction of the Community Facilities District. <br /> <br />To the extent that Bond proceeds are available therefor, the Community Facilities District <br />shall cause disbursements to be made from the Santa Ana Facilities Account from time to time to <br />pay the costs of the acquisition, construction and installation of the Santa Ana Facilities upon <br />submission of a written request of Santa Ana stating (a) the name and address of the person to <br />whom payment is to be made, (b) the amount to be paid, (c) that an obligation in such amount <br />has been incurred by Santa Ana, (d) the purpose for which the obligation to be paid was incurred, <br />(e) that each item of the obligation to be paid constitutes a cost of the Santa Ana Facilities, (f) <br />that the obligation to be paid has not been the subject of a prior Santa Ana request for <br />disbursement from the Santa Ana Facilities Account, and (g) if the amount requested to be <br />disbursed is to be applied to the purchase of any Santa Ana Facilities, that such Santa Ana <br />Facilities were constructed as if they had been constructed under the direction and supervision, <br />or under the authority of, Santa Ana. <br /> <br />The Community Facilities District shall process in a timely manner written requests for <br />disbursements received from Santa Ana that conform to the requirements hereof. <br /> <br />Section 4. Credit for Tustin's Oblil!ation for Improvements. Upon the deposit of <br />proceeds of the Bonds in the Santa Ana Account, Tustin shall receive a credit against the <br />payment of its fair share obligation of the Total Costs (as defined in the Amendment) for each <br />Improvement (as defined in the Amendment) in an amount equal to the amount so deposited, <br />and, upon such deposit, Tustin shall be deemed to have paid, in accordance with the <br />Amendment, such fair share obligation in an amount equal to the amount so deposited. <br /> <br />Section 5. Construction. Ownership and Maintenance of Tustin Facilities and Santa <br />Ana Facilities. Tustin shall be solely responsible for the acquisition, construction and <br />installation of the Tustin Facilities, and Santa Ana shall have no responsibility therefor or <br />liability with respect thereto. The Tustin Facilities shall be and remain the sole and separate <br />property of Tustin and shall be operated, maintained and utilized by Tustin. Santa Ana shall not <br />have any ownership interest in the Tustin Facilities, and Santa Ana shall have no responsibility <br />for the operation, maintenance or utilization of the Tustin Facilities or any liability with respect <br />thereto. <br /> <br />Santa Ana shall be solely responsible for the acquisition, construction and installation of <br />the Santa Ana Facilities, and Tustin shall have no responsibility therefor or liability with respect <br />thereto. The Santa Ana Facilities shall be and remain the sole and separate property of Santa Ana <br />and shall be operated, maintained and utilized by Santa Ana. Tustin shall not have any ownership <br />interest in the Santa Ana Facilities, and Tustin shall have no responsibility for the operation, <br />maintenance or utilization of the Santa Ana Facilities or any liability with respect thereto. <br /> <br />Section 6. Tax Matters. In connection with the issuance of any Bonds, a portion of the <br />proceeds of which are to be made available to finance the acquisition, construction and <br /> <br />DOCSLAL517226.3 <br /> <br />3 <br />