200403826 - Laserfiche WebLink

Browse

200403826 ARTICLE III ISSUANCE AND SALE OF BONDS Section 3.1. Vendor shall issue and sell, as soon as possible after the execution of this Contract for Purchase, Building and Equipment Bonds (Grand Island Distance Learning Project), Series 2004, in the principal amount of Eight Hundred Eighty Thousand Dollars ($880,000) which shall be sold to the purchaser thereof for $867,240 plus accrued interest (if any) to date of delivery and payment. The terms and conditions of said Bonds are specified in the Indenture, and Purchaser does hereby approve and consent to the issuance of said Bonds by Vendor as provided in said Indenture. Section 3.2. Upon receipt of the proceeds of the sale of the Building and Equipment Bonds, Vendor shall promptly pay such proceeds, including the full amount of any accrued interest, if any, received upon such sale, to the Trustee with all accrued interest being deposited to the Bond Fund and the net principal proceeds to be deposited to the Construction and Acquisition Fund and applied for the payment of costs of the Corporation's constructing and acquiring the Project as provided in Article IV hereof and Article VI of the Indenture, including expenses related to the issuance of the Building and Equipment Bonds. Section 3.3. Vendor shall cause the Trustee to invest and reinvest the money from time to time in the Bond Fund and Construction and Acquisition Fund in the manner and to the extent and with such application of the income therefrom as provided in the Indenture. the Indenture. Section 3.4. Additional bonds may be issued by Vendor from time to time as provided in ARTICLE IV CONSTRUCTION AND ACQUISITION OF PROJECT Section 4.1. Vendor hereby agrees to construct and acquire the Project. The proceeds of the Bonds are to be deposited in the Construction and Acquisition Fund under the terms of the Indenture. The Project shall be constructed and acquired in accordance with the requirements of the Purchaser, including plans and specifications prepared by the Project Architect. In contracting for the construction and acquisition of the Project, the Purchaser agrees to act as agent for the Vendor and any contract now or hereafter entered into by the Purchaser, in its own name or otherwise, for the construction and acquisition of the Project is hereby agreed to be a contract entered into for and on behalf of the Vendor. The Purchaser hereby agrees to provide any and all additional amounts required to be paid into the Construction and Acquisition Fund in order to effect the payment in full for all costs of construction and acquisition the Project by the Corporation incurred by Purchaser as agent or by the Corporation in excess of the amounts deposited to and available in the Construction and Acquisition Fund. The Purchaser hereby designates its College Area President as Project Manager and its College Business Officer as Alternate Project Manager. Monies in the Construction and Acquisition Fund shall be expended to pay costs of acquiring the Project, including expenses for the issuance of the Building and Equipment Bonds, upon requisitions for payment signed by the Project Manager or Alternate Project Manager. Any such requisitions may be for reimbursement to the College for payments advanced against costs of the Project. In connection with any such reimbursement, the College agrees, to the fullest extent practicable, that it shall obtain a contractor's or vendor's confirmation in the form set forth as Exhibit C to this Contract for Purchase. Without respect to the execution and delivery of any such confirmation, the College hereby confirms title to the Project in the Vendor as set forth in Section 1.1 of Article I hereof. 67 V