207
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6 revisions | Phil at Jul 06, 2023 05:58 PM | |
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207Special Meeting The Center and furnishing and equipping the same, the intent being that the funds derived from this bond issue shall be last disbursed so as to insure the completion of The Center, including the necessary furniture and equipment, free and clear of all encumbrances and obligation at the time of the final disbursement of said funds. The money used to pay on the construction of The Ceenter other than interest on the Revenue Bond shall be disbursed by the Trustee on (a) Certificate of the Architect certifying to the performance of the contract and the amount due thereon plus (b) a written order of the Board of Regents or person named by it authorizing the said payment. Disbursements may be made for furniture and equipment upon the written order of the Board of Regents or persons named by it. XI The proceeds of the Revenue Bonds may be invested by the Trustee in United States Government Bonds, Notes, Certificates or Bills maturing not later than February 1, 1962. The income received from the investment of said funds shall be retained by the Trustee in a separate account known as "Interest Reserve Fund" and used to pay interest on the Revenue Bonds | 207 |