Agenda - Council - 07/12/2022 - Laserfiche WebLink

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shall be expended to pay Issuance Costs in accordance with the provisions of Section 4.10 of the Loan Agreement. The Trustee is hereby authorized and directed to issue electronic transfers or its checks on the Costs of Issuance Fund for each payment in accordance with Section 4.10 of the Loan Agreement. Any earnings realized from investments in the Costs of Issuance Fund shall be transferred to the Bond Fund. The Trustee shall keep and maintain accurate records pertaining to the Costs of Issuance Fund and all payments therefrom, which shall be open to inspection by the Issuer, the Company, or their duly authorized agents, upon reasonable notice, during normal business hours of the Trustee. After the Costs of Issuance Fund has been entirely depleted or on the date provided below in this Section 5.6, whichever is earlier, the Trustee shall file a statement of income and disbursements with respect thereto with the Company. The Costs of Issuance Fund shall be in the custody of the Trustee but in the name of the Issuer and the Issuer authorizes and directs the Trustee to withdraw sufficient funds from the Costs of Issuance Fund for the purposes set forth in this Section 5.6, which authorization and direction the Trustee hereby accepts. Except as provided in this Section 5.6, on March , 2023, any money remaining in the Costs of Issuance Fund shall be transferred to the 2022 Project Fund or, in the event the Completion Date has occurred and amounts in the 2022 Project Fund have been transferred to the Bond Fund, any money remaining in the Costs of Issuance Fund shall be transferred to the Bond Fund and applied to the same purposes as the amounts transferred from the 2022 Project Fund. SECTION 5.7. Custody of Net Proceeds Fund if Necessary. The Trustee is authorized and directed to hold all Net Proceeds from any insurance proceeds or condemnation awards in excess of two percent (2%) of the total Project Costs as determined by the Company in a separate trust fund and to disburse such proceeds in accordance with Section 6.2 of the Loan Agreement. If the Company directs that any portion of such Net Proceeds be applied to redeem Bonds,the Issuer covenants and agrees to take and cause to be taken the necessary steps to redeem on the next succeeding redemption date the amount of Bonds so specified by the Company. SECTION 5.8. Creation and Operation of the Rebate Fund. There is hereby created and established with the Trustee a separate trust fund in the name of the Issuer to be designated the "Charter School Lease Revenue Bonds (PACT Charter School Project), Series 2022 Rebate Fund" which shall be expended by the Trustee in accordance with the provisions hereof and the written instructions of the Company or the Rebate Analyst given pursuant to the provisions of the Tax Certificate. The Company shall engage or, if the Company fails to so engage, the Trustee shall engage, at the Company's expense, a Rebate Analyst to make the calculations, with respect to the Rebate Fund, and the Trustee shall make information regarding the Bonds and investments hereunder available to the Company and the Charter School, shall make deposits and disbursements at the written direction of the Rebate Analyst, shall invest the Rebate Fund at the Company's direction and shall deposit income from said investments immediately upon receipt thereof in the Rebate Fund, all as set forth in the written instructions of the Company or the Rebate Analyst given pursuant to the Tax Certificate. The Trustee shall be deemed conclusively to have complied with the provisions of the Tax Certificate if it follows the written directions of the Company or the Rebate Analyst and shall have no liability or responsibility to enforce compliance by the Company or the Charter School with the terms of the Tax Certificate or any other tax 45 735810810