1986-036 - Laserfiche WebLink

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SECTION 6. Avplication of Note Proceeds The proceeds, including accrued interest and premium, if any, received from the sale of the Series 1986 Notes shall be deposited and applied by the County, simultaneously with the delivery of the Series 1986 Notes to the original purchaser thereof, as follows: A. The accrued interest plus an amount which, together with the accrued interest, will equal the amount of interest payable on the Series 1986 Notes from the dated date thereof through the maturity date thereof shall be deposited in the Notes Payment Account and will be used only to pay interest on the Series 1986 Notes, in accordance with the terms hereof, as the same shall become due and payable. B. To the extent not paid or reimbursed therefor by the original purchaser of the Series 1986 Notes, to pay all allowable costs and expenses incurred by the County in connection with the preparation, issuance and sale of the Series 1986 Notes. C. The balance of such proceeds shall be deposited into the Construction Fund. SECTION 7. Application of the Construction Fund A. The County shall make payments from the Construction Fund to pay the Cost of the Project upon receipt of requisitions, in form and substance satisfactory to the County, approved by the Consulting Engineers' Representative and the Government, as necessary, stating with respect to each payment to be made: (1) the requisition number, (2) the name and address of the person to whom payment is due, (3) the amount to be paid, and (4) that each cost mentioned therein has been properly incurred, is a proper Cost of the Project and has not been the basis of any previous payment, or (when the County is described as the person to whom payment is due) that each cost mentioned therein has been paid by the County, is a proper Cost of the Project, has not been theretofore reimbursed to the County or otherwise been the basis of any previous payment, and that the County is entitled to reimbursement thereof. B. The County may also pay from the Construction. Fund any costs and expenses referred to in Section 6 (B) hereof not previously paid pursuant to said Section 6 (B). C. There is hereby established within the Construction Fund an account to be known as the Rebate Account. The County shall at least annually transfer from the Construction Fund to the Rebate Account amounts sufficient to pity to the United States of America all amounts due with respect to the Series 1986 Notes under the provisions of Section 148 (f) of the Internal Revenue Code of 1986, as amended and supplemented, or under similar provisions of subsequent federal revenue laws (the "Code"). The earnings on the 4