R-1989-01 - Laserfiche WebLink

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e e DA TED: ................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTICE: The signature on" this assignment must correspond with the name of the registered owner as it appears on the fa~e of the within Bond in every particular. Signature guaranteed by: Section 4. APPLICATION OF BOND PROCEEDS Proceeds from the sale of the Bonds will be dis- bursed in accordance with this Section. 4.01. Deposit into the Bond Fund. $336,000 of the proceeds of the sale of the Bonds, representing capitalized interest, shall be deposited into the Bond Fund. 4.02. Deposit into the Construction Fund. After the deposit referred to in Section 4.01, the remaining proceeds of the sale of the Bonds, as received, shall be deposited into .the Construction Fund. Of the total deposit, $201,000 shall be deposited into a separate "Construction Contingency Account," and such amount shall be' used so'lely for the payment of (a) the construction, purchase and acquisition of the Transmission System and the Distribution System to the extent funds in the General Account of the Construction Fund for such purpose are insufficient; or (b) interest on the Bonds if the Authority has insufficient Net Revenues available for such purposes. The remainder of the amount deposited in the Construction Fund shall be deposited into the "General Construction Account" and shall be used for the payment of (x) the expenses incidental to the issuance of the Bonds, including fiscal, legal and engineer- ing fees and expenses, including without limitation expenses incidental to the organization and administration of the Authority, (y) the construction, purchase and acquisition of the Transmission System and the Distribution System and (z) to the extent any Bond proceeds remain after the payment of the amounts specified in (x) or (y), the purchase price of an undivided interest in the Southeast Plant; all to the extent authorized or permitted under applicable law. 4.03. Surplus Construction Funds. If any moneys remain in either the Construction Contingency Account or the General Construction Account of the Construction Fund after completion of the entire Distribution System and Transmi- ssion System and the purchase of an interest in the South- east Plant as provided in the Houston Contract, then the Authority shall return to the Purchaser the amount of such 038DESAJ/024C02 -17-