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2020_0518_CCPacket
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2020_0518_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
5/18/2020
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Attachment B <br />(b) On the terms and conditions set forth in the Construction Continuing Covenant <br />Agreement, the Funding Loan shall be originated and funded on the Delivery Date by the Initial <br />Funding Lender and disbursed to the Fiscal Agent for deposit in the Project Account of the Project <br />Loan Fund in the amount of $0 and the Refunding Fund in the amount of $4,346,852. Following <br />the initial advance of the Funding Loan on the Delivery Date, advances of the Funding Loan shall <br />be made on a draw-down basis. The remaining proceeds of the Funding Loan shall be advanced <br />by the Initial Funding Lender in installments directly to the Fiscal Agent for deposit to the Project <br />Account upon receipt of an Advance Request and the satisfaction of the conditions to such advance <br />set forth in the Construction Continuing Covenant Agreement and the form of requisition attached <br />as Exhibit E hereto. Upon the advancement of the proceeds of the Funding Loan in accordance <br />with the terms hereof, the principal amount of the Governmental Note in a principal amount equal <br />to the amount so advanced shall be deemed to be increased automatically and without further acts <br />on the part of the Governmental Lender or the Fiscal Agent. The initial installment of the Funding <br />Loan shall be in the amount of $4,346,852, representing the initial advance of the Funding Loan <br />which amount shall be advanced by the Initial Funding Lender and deposited into the Project <br />Account of the Project Loan Fund or the Refunding Fund in accordance with Sections 2.11 and <br />4.02 hereof. Notwithstanding anything in this Funding Loan Agreement to the contrary, no <br />additional amounts of the Funding Loan may be drawn down and funded hereunder after the <br />Advance Termination Date. Any extension of the Advance Termination Date shall be subject to <br />the receipt by the Fiscal Agent of (i) the prior written consent of the Initial Funding Lender and <br />Freddie Mac (each acting in its sole and absolute discretion) and (ii) an opinion of Bond Counsel <br />(which shall also be addressed to the Funding Lender Representative) to the effect that such <br />extension will not adversely affect the tax-exempt status of interest earned on the Governmental <br />Note. <br />(c) The Fiscal Agent shall maintain in its books a log which shall reflect the principal <br />amount of the Governmental Note advanced by the Initial Funding Lender from time to time (i) in <br />accordance with the provisions of subsection (b) above, or (ii) during the Construction Phase, with <br />respect to interest due on the Funding Loan and other amounts due to the Initial Funding Lender, <br />in accordance with the immediately following sentence (the Ð Record of Advances Ñ). The Initial <br />Funding Lender shall give the Fiscal Agent notice of any advances made directly by the Initial <br />Funding Lender as permitted under the Construction Continuing Covenant Agreement, and the <br />Fiscal Agent shall enter the amounts of such advances in the Record of Advances. The principal <br />amount due on the Governmental Note shall be only such amount as has been advanced by the <br />Initial Funding Lender as reflected in the Record of Advances and not otherwise prepaid pursuant <br />to the terms of this Funding Loan Agreement. The records maintained by the Fiscal Agent in such <br />regard will be conclusive evidence of the principal amount of the Governmental Note (absent <br />manifest error). The Fiscal Agent shall notify the Governmental Lender, the Freddie Mac <br />Seller/Servicer, Freddie Mac, and the Borrower if any advance of the proceeds of the Funding <br />Loan is not made by the Initial Funding Lender when due hereunder. <br />(d) The Funding Loan shall bear interest and be payable on each Interest Payment Date <br />at (i) the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent <br />Phase Interest Rate during the Permanent Phase. Interest shall accrue on the principal amount of <br />the Funding Loan which has been advanced hereunder and is outstanding as reflected on the <br />Record of Advances. <br /> 17 <br />12502516v3 <br /> <br />
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