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9 revisions | Phil at Jul 05, 2023 06:10 PM | |
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206Special Meeting for all amounts paid or incurred during said construction. In addition thereto the Board of Regents shall carry use and occupancy insurance in an amount not less than the maximum requirements for one year's bond service. The said policies shall be written in companies approved by the Trustee and shall have an endorsement in favor of the Trustee and shall have an endorsement in favor of the Trustee and the policies or a certificate evidencing the same shall be deposited with the Trustee. All moneys collected on said insurance as a result of the loss or damage of the insured property shall be paid to the Trustee and may be used at the discretion of the Board of Regents for the repair or replacement of said damage and any part thereof not so used shall be used to retire Revenue Bonds. In addition thereto, the Board of Regents shall require the contractors erecting said structure to furnish completion bonds which shall likewise carry an endorsement in favor of the Trustee. TRUST AGREEMENT VIII The Board of Regents agrees to keep a complete and full set of books and records showing the cost of construction, equipping and furnishing The Center and showing all receipts and disbursements growing out of or in any wise connected with the operation of | 206 |