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

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provisions of this Section and to issue its checks therefor. The Trustee shall keep and maintain accurate records pertaining to the Refunding Fund and all disbursements therefrom, showing the amounts paid and the purpose for which the obligations were paid. For purposes of complying with the requirements of this Section, the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon the written request of the Company,which may be submitted by Electronic Means in accordance with Section 9.1(t) hereof. The Trustee shall not be bound to make an investigation into the facts or matters stated in any written request of the Company. Notwithstanding the foregoing, upon the occurrence of any Event of Default, whether or not any Bonds are accelerated, the Trustee shall withdraw amounts from the Refunding Fund or the Costs of Issuance Fund to the extent necessary to pay principal, interest or redemption price on any Bond which is due and payable and for which other amounts held by the Trustee are not sufficient therefor. SECTION 5.13. Creation and Operation of the Disposition Proceeds Fund. There is hereby created and established with the Trustee a trust fund in the name of the Issuer to be designated the "Charter School Lease Revenue Bonds (PACT Charter School Project), Series 2022 Disposition Proceeds Fund." If the Charter School requests that the Company sell a portion of the Mortgaged Property pursuant to Section 8.5 of the Loan Agreement, the Trustee shall deposit the proceeds of the sale of the Released Property to the Disposition Proceeds Fund. Amounts on hand in the Disposition Proceeds Fund shall be held by the Trustee in trust and, subject to the provisions of this section, shall be expended within two years of the sale of the Released Property for capital costs of the 2022 Project, additional improvements to the School Facilities or to redeem a portion of the Series 2022A Bonds; provided that during the occurrence and continuance of an Event of Default, money in the Disposition Proceeds Fund may only be used to redeem a portion of the Series 2022A Bonds. Prior to the Completion Date of the 2022 Project, all disbursements from the Disposition Proceeds Fund shall be made in accordance with, and subject to the provisions and restrictions set forth in, Sections 5.7 and 8.5 of the Loan Agreement and the Disbursing Agreement. On or after the Completion Date, disbursements from the Disposition Proceeds Fund shall be made by the Trustee following receipt of a Company Certificate requesting funds from the Disposition Proceeds Fund for capital costs of the 2022 Project, additional improvements to the School Facilities or to redeem a portion of the Series 2022A Bonds; provided that during the occurrence and continuance of an Event of Default,the Trustee shall not follow any direction of the Company relating to the Disposition Proceeds Fund that is inconsistent with the preceding paragraph of this Section. If the Trustee has accelerated the Series 2022 Bonds in accordance with Section 8.2 hereof and has accelerated the Loan Repayments in accordance with the provisions of Section 10.2 of the Loan Agreement,the Trustee shall immediately transfer any amounts remaining in the Disposition Proceeds Fund to the Bond Fund to be applied in accordance with the provisions of Article VIII hereof. All income derived from the investment of amounts in the Disposition Proceeds Fund, after payment of any unpaid Trustee's fees and expenses, shall be credited to the Disposition Proceeds Fund. The Company acknowledges that any amounts remaining in the Disposition 49 735810810