2. SR 05-14-2007 - Laserfiche WebLink

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(d) Lessor shall establish a Project Fund under the Bond Resolution. Proceeds of the issuance and sale of the Bonds, less amounts allocated to capitalized interest and Costs of Issuance, shall be deposited into the Project Fund, in accordance with the provisions of this Lease and the Bond Resolution. (e) Lessor shall, within a reasonable time after execution of this Lease, secure a building permit and begin construction of the Facilities, in conformity with the mutually- approved Plans. Lessor shall cause the Facilities to be substantially completed with all reasonable dispatch in a workmanlike manner and in conformity with the Plans, and shall use its best efforts to complete the same within fifteen months after approval of the Plans by both parties in accordance with Section 2.01(a) hereof. Lessor hereby appoints the City as its agent for the purpose of construction of the Facilities and the City may perform the same itself or through its agents, and may make or issue such contracts, orders, receipts and instructions, and in general do or cause to be done all such other things as it may consider requisite or advisable for the completion of the Facilities and for fulfilling Lessor's obligations under this Article. Lessor and Lessee agree that the City shall have full authority and the sole right under this Lease to supervise and control, directly or indirectly, all aspects ofthe construction of the Facilities. (f) Disbursements from the Project Fund are to be made to the City or to its order in accordance with this Article and the Bond Resolution; provided that: (I) Disbursements will be made to acquire Equipment only if (i) Lessee requests such disbursement in writing; (ii) Lessor acquires the Equipment in compliance with Minnesota Statutes, Section 471.345, or Lessee undertakes such acquisition on behalf of Lessor in compliance that statute; and (iii) Bond Counsel determines that acquisition of the requested Equipment from proceeds of the Bonds will not cause interest on the Bonds to be includable in gross income of the holders thereof for federal income tax purposes; and (2) The Authority shall be entitled to withdraw money from the Project Fund in payment of any item constituting a Cost of Issuance on or after the date of issuance of the Bonds. The Authority agrees that it will pay promptly all expenses constituting Costs of Issuance, whether or not reimbursed therefor from the Project Fund, but subject to the terms of paragraphs (g) and (h) of this Section. (g) If proceeds of the Bonds, including interest earnings thereon, are not sufficient to pay the Project Costs in full, then Lessee shall pay all costs in excess of the moneys available therefor. Lessee shall make any such payments to Lessor or third party contractors designated by Lessor promptly upon receipt of written demand given by Lessor from time to time accompanied by reasonable evidence of the costs then due. If Lessee makes any payments pursuant to this paragraph (g), it shall not be entitled to any reimbursement therefor from the Authority or the City except as otherwise provided in paragraph (h) of this Section, nor shall it be entitled to any diminution in or postponement of the payment of Basic Rent, Additional Rent, or the payment of any other amounts payable under this Lease. (h) If total Project Costs as of the Completion Date (excluding the cost of any Equipment) exceed the Maximum Bond Amount, and the City receives a Landfill Grant, Lessor shall cause the City to apply proceeds of the Landfill Grant promptly upon receipt from the County from time to time to reimilurse Lessee rornav nrindnal of and interest on the Bonds to the extent nrovirled herein. Landfill Grant nroceerls will he annlied to reduce total debt