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~009~Oo~3 ARTICLE V CONSTRUCTION FUND Section 1. There is hereby created and established with the Trustee a trust fund in the name of the Corporation designated the " 20090 Construction and Acquisition Fund" (the "Construction Fund"). The net sale proceeds from the sale of the 20090 Bonds, including accrued interest, shall be deposited into the 20090 Construction Fund. Section 2. Pursuant to the Lease-Purchase Agreement, the Corporation has agreed to construct and acquire the Project as specified by the College. The Corporation hereby agrees that all costs relating to the Project shall be payable from the 2009A Construction Fund, the 2009B Construction Fund, the 20090 Construction Fund and construction funds established for the Completion Bonds. Monies in the 2009A Construction Fund, the 20p9B Construction Fund, the 20090 Construction Fund and construction funds established for the Completion Bonds shall be expended to pay costs of the Project, including expenses for the issuance of the 20090 Bonds, upon requisitions for payment signed by the Project Manager or Alternate Project Manager which have been approved by the governing board or President of the College. The Trustee is hereby authorized and directed to cause disbursements to be made from the 20090 Construction Fund upon receipt of requisitions for payment signed by the Project Manager or Alternate Project Manager and evidence of approval thereof by the President of the College. Prior to making any disbursements from the 20090 Construction Fund, other than disbursements in payment of costs for issuance of the 20090 Bonds, the Trustee shall have been furnished with the following: a. Evidence in form of a title report acceptable to the Trustee reflecting that title to the Site is vested in the College, in fee simple, subject to the Easement Agreement, this Second Supplemental Trust Indenture and Security Agreement, the Lease-Purchase Agreement and such other covenants, restrictions and easements as do not interfere with the use of such Site for the construction and operation of the Project. b. For each contract for construction of the Project entered into by the College as agent for the Corporation which obligates payments in an amount in excess of $50,000, there shall be provided evidence that the contractor has furnished a payment and performance bond, each in an amount equal to the contract price, with a surety on each such bond qualified to act as surety in the State of Nebraska and acceptable to the Trustee; and c. Evidence that there is builders risk insurance in effect with respect to the Project sufficient to cover replacement cost in the event of casualty damage, subject to a deductible amount not in excess of $25,000. Included in the acquisition costs eligible for payment out of the 20090 Construction Fund shall be expenses for issuance of the 20090 Bonds, including printing costs, initial Trustee's fees, CUSIP registration fees, DTC fees and the fees, costs of title report and expenses of bond counsel. Anything in this Section 2 to the contrary notwithstanding, the Trustee shall make disbursement for the payment of issuance expenses as soon as practicable after the issuance of the 20090 Bonds and based solely on requisitions from the Project Manager or Alternate Project Manager accompanied by appropriate invoices. Section 3. The Trustee shall keep and maintain adequate records pertaining to the 20090 Construction Fund and all disbursements therefrom, and when the 20090 Construction Fund has been 18