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200302817 Section 3.2. Upon receipt of the proceeds of the sale of the Building Bonds, Lessor 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 acquiring the Project as provided in Article IV hereof and Article VI of the Indenture, including gxpenses related to the issuance of the Building Bonds. Section 3.3. Lessor 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. Indenture. Section. 3.4. Additional bonds may be issued by Lessor from time to time as provided in the ARTICLE IV CONSTRUCIION AND ACQUISITION OF PROJECT Section 4.1. Lessor hereby agrees to construct and acquire the Project. The proceeds of the Bonds are to be deposited in the Construction and Acquisition Fund tinder the terms of the Indenture. The Project shall be constructed and acquired in accordance with the requirements of the Lessee, including plans and specifications prepared by the Project Architect. In contracting for the construction of the Project, the Lessee agrees to act as agent for the Lessor and any contract now or hereafter entered into by the Lessee, in its own name or otherwise, for the construction of the Project is hereby agreed to be a contract entered into for and on behalf of the Lessor. The Lessee 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 Lessee as agent or by the Corporation in excess of the amounts deposited to and available in the Construction and Acquisition Fund. The Lessee 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 Bonds, upon requisitions for payment signed by the Project Manager or Alternate Project Manager. Section 4.2. Lessor hereby confines the appointment of Project Manager and Alternate Project Manager as set forth in the foregoing Section 4.1. Requisitions for payment for costs of the Project shall be signed by the Project Manager or Alternate Project Manager and shall be submitted to the Trustee for payment as provided in Article VI of the Indenture. ARTICLE V COVENANTS OF LESSEE Section 5.1. Lessee covenants that it is a duly organized and existing as a community college area of the State of Nebraska with full and lawful power and authority to enter into this Lease - Purchase Agreement pursuant to Section 85- 1511(4), R.R.S. Neb. 1999, as amended; that it has received written approval for the Project and its financing by lease- purchase agreement from the Coordinating Commission for Postsecondary Education; and that it has taken all actions necessary to validly enter into this Lease - Purchase Agreement.