2006 - 11-13-06 Regular Meeting - Laserfiche WebLink

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0 BOOK 21 PAGE 3/28 and statutes, and in accordance with the requirements of all regularly constituted authorities having jurisdiction over same. The Board of Education shall cause the 2006 School Project to be located entirely on real property subject to the Deed of Trust and will ensure that (a) the 2006 School Project does not encroach upon nor overhang any easement or right of way and (b) the 2006 School Project, when erected, will be wholly within the building restriction lines, however established, and will not violate applicable use or other restrictions contained in prior conveyances or applicable protective covenants or restrictions. (b) The Board of Education shall comply with all provisions of any agreements entered into by the County in connection with the financing of the 2006 School Project relating to the acquisition, construction and equipping of the 2006 School Project including, without limitation, the Installment Financing Contract. (c) Both the Board of Education and the County and their respective representatives and agents shall have the right to enter upon and inspect the Site and the 2006 School Project from time to time, during and after construction, and shall mutually cooperate in coordinating with any contractor or subcontractor during such inspections. (d) Payment of the Costs of Acquisition and Construction shall be made from the moneys deposited in the Acquisition and Construction Fund established by the Trustee under that certain Indenture of Trust, dated as of January 1, 2004, as amended by Supplemental Indenture, Number 1, dated as of December 1, 2006, each by and between the Corporation and First-Citizens Bank & Trust Company (the "Trustee"), and as provided in Section 3.11 of the Installment Financing Contract, as amended. In the Installment Financing Contract, the procedures for payments of Costs of Acquisition and Construction to be paid from the Acquisition and Construction Fund require submission of a requisition by the County to the Trustee. The Board of Education shall submit requests to the County for payment of costs of the 2006 School Project, and the Board of Education covenants that it will not submit any such requests for any costs other than costs of the 2006 School Project. (e) The Board of Education shall use its best efforts to cause the acquisition, construction and equipping of the 2006 School Project to be completed. In the event that (i) the amount of funds made available by the County is not sufficient to complete the 2006 School Project and (ii) the County chooses to cause the Board of Education to revise the plans and specifications for the 2006 School Project to the end that an alternative project having a cost not in excess of the funds made available by the County will be completed, then the Board of Education agrees to revise the plans and specifications for the 2006 School Project to the end that such alternative project having a cost not in excess of the funds made available by the County will be completed. Upon completion of the 2006 School Project, the Board of Education shall prepare and deliver to the County for delivery to the Trustee a certificate of completion in the manner prescribed by Section 3.11 of the Installment Financing Contract. Section 3. Consent of the County and the Corporation. The County hereby recognizes and covenants that the Board of Education shall have the right to make any changes in the description of the 2006 School Project or of any component or components thereof subject to 3