1986-035 - Laserfiche WebLink

Home Browse Search

40 • 3.03 Application of Bond Proceeds. The Issuer hereby agrees to create and establish with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation, and which is eligible under the laws of the State of Florida to receive county funds, a special fund to be known as the "Construction Fund", into which shall be deposited the proceeds from the sale of the Bonds (except such portion thereof as shall be necessary to pay interest on the Bonds during the acquisition and construction of the Project, which shall be deposited in the Sinking Fund), grant funds and the additional funds, if any, required to assure payment in full of the Cost of the Project. Withdrawals from the Construction Fund shall be made only for such purposes as shall have been previously specified in the Project Cost estimates and as shall be approved by the Issuer's consulting engineers for the Project. There is hereby created within the Construction Fund a special account known as the "Notes Payment Account". If bond anticipation notes are issued by the Issuer to provide interim financing for all or part of the Cost of the Project, and as long as such notes are outstanding and unpaid or until adequate provision has been made for payment of the same, disposition of money and the earnings from any investment thereof on deposit in the Construction Find and Notes Payment Account may be controlled by the provisions of any resolution or resolutions authorizing the issuance of such notes and any escrow deposit agreement or similar instrument executed between the Issuer and the paying anent for such notes for the protection of the holders of such notes. The Issuer's share of any liquidated damages or other money paid by defaulting contractors or their sureties, and all proceeds of insurance compensating for damages to the Project during the period of acquisition and - 20 -