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ARTICLE I
CONSTRUCTION FUND
Section 1.01. SALE AND DELIVERY OF BONDS. In order
to provide the funds necessary for the payment of the cost ~
of constructing and equipping the Project as provided for
in Section 2.01 hereof,. the Issuer agrees that it will use ;
its best efforts to cause to be delivered to the initial
purchasers thereof its $1,000,000 aggregate principal amount
of St. Lucie County Pollution Control Revenue Bonds (TreeSweet
Products Co. Project) Series 1972, to be dated as of _December
1, 1972, to be issued and sold as provided in the Resolution,
and maturing on December 1 in such years and amounts and
having such other terms and provisions as are provided in
the Resolution.
Section 1.02. APPLICATION OF BOND PROCEEDS. All
moneys received from the sale~of the Bonds shall be deposited
by the Issuer in trust in a special account with the Trustee
and held and applied by the Trustee as follows:
(A) Accrued interest shall be deposited in the Bond
. Fund.
(B) All engineering fees and all other similar costs
incurred by the Company, the Issuer or the Trustee in connection
with the initiation of~the Project and the authorization
and issu~nce of the Bonds shall be paid forthwith by the
Trustee to those who shall be entitled to receive the same.
(C) There shall be paid into the Construction Fund
created under the provisions of the Resolution the balance
of all moneys remaining after making the deposits and payments
provided for in paragraphs (A) and (B) of this Section.
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! Section 1.03. APPI,ICATION OF CONSTRUCTION FUND MONEYS.
~ The Issuer has in the Resolution authorized and directed
~ the Trustee to use and distribute~the moneys on deposit in
the Construction Fund only for the purposes and in the manner
provided in the Resolution. Any amount remaining in the
Construction Fund after payment or provision for payment
of all of the costs of the Project shall be deposited to
the Bond Fund and used as a credit against the purchase price
hereunder by the Trustee (A) purchasing, if possible and
if requested by the Company, outstanding Bonds at a price
not exceeding the par value thereof (or at such greater price
as the Company in writing may consent to), with a-corresponding
reduction in affected subsequent installments upon the purchase
price described in Section 3.02 hereof, or (B), if (A) is
not possible or is not requested by the Company, applying
the amount upon the next installment or installments due
from the Company on the purchase price. If more Bonds are
offered for sale to the Trustee than the Trustee has funds
available to purchase, the Bonds offered will be purchased
in inverse order of maturity and by lot as to all Bonds of
~ the same maturity.
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