11-25-1991 HRA Meeting - Laserfiche WebLink

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I’■T, ■ ■ I ARTICLE III CONSTRUCTION MID FURNISHING OF PROJECT Section 3.1. ritv ro Arr as Agent. Authority hereby irrevocably appoints City as its agent in connection with the construction of the Project. City, as agent of Authority, will enter into a contract with the Contractor providing for the acquisition, construction and furnishing of the Project on the Land in accordance with the Plans and Specifications. City has caused or shall cause the Architect to prepare the Plans and Specifications for the Project, and shall ensure that such Plans and Specifications comply with applicable State law. Section 3.2. Pro-iect: Cnst-s: Payrp.pnt of Costs. The Project Costs are not expected to exceed S_ _ _ _ _ _ _. Authority and City agree that, in order to ensure that moneys sufficient to pay such Project Costs, and necessary financing expenses, will be available for this purpose when required. Authority shall, on or before . 1991, deposit or cause to be deposited with the Trustee the sum of S_ _ _ _ _ _ _ _ from the proceeds of the Bonds. S ■ of such moneys shall be deposited in the Construction Fund and S_ _ _ _ _ _ _ _ of such moneys shall be depositfd in the Bond Fund. All such moneys shall be administered by the Trustee as provided in the Trust Indenture. City reserves the right to modify or add items to the Project, any such changes to be subject to the written approval of Authority, which written approval shall not be unreasonably withheld. No such change in the Project shall increase the amount of moneys required to be deposited by Authority pursuant to this Lease, or alter the schedule of Lease-Purchase Payments, but if any change increases the Project Costs beyond the amount available in the Construction Fund to pay it. City shall deliver to the Trustee moneys sufficient to pay such excess Project Costs for deposit in the Construction Fund. The moneys on hand from time to time in the Construction Fund held by the Trustee shall be made available to City for payment of the Project Costs, in the manner provided in the Trust Indenture. In the event the moneys in the Construction Fund are not sufficient to pay the entire Project Costs, City shall either deposit sufficient additional funds with the Trustee to pay such additional cost or reduce the scope of the Project so that the moneys in the Construction Fund are sufficient to pay the remaining Project Costs. Such reduction shall not alter the schedule of Lease-Purchase Payments. 3-1 ■5