Title: Draft, Trust Agreement Dated Feb. 9, 1998
Full Citation
Permanent Link: http://ufdc.ufl.edu/WL00004052/00001
 Material Information
Title: Draft, Trust Agreement Dated Feb. 9, 1998
Physical Description: Book
Language: English
Spatial Coverage: North America -- United States of America -- Florida
Abstract: Jake Varn Collection - Draft, Trust Agreement Dated Feb. 9, 1998 (JDV Box 108)
General Note: Box 16, Folder 14 ( Trust Agreement - 1998 ), Item 2
Funding: Digitized by the Legal Technology Institute in the Levin College of Law at the University of Florida.
 Record Information
Bibliographic ID: WL00004052
Volume ID: VID00001
Source Institution: Levin College of Law, University of Florida
Holding Location: Levin College of Law, University of Florida
Rights Management: All rights reserved by the source institution and holding location.

Full Text

r I. J dL 11:RM HGN NO.215 P.4/7

February 9, 1998 For Discussion Purposes Only Subject to Reision
I facilities and land acquisition, but such funding shall not be a condition precedent to the

2 effectiveness of the AGREEMENT.

3 3.D. Trust Aareement. The DISTRICT, consistent with this AGREEMENT and

4 a mutually agreeable Trust Agreement, substantially in the form of Exhibit 5, shall create

5 a Trust (with a atal Financial Insttiti) of One Hundred Million and 00/100 dollars

6 ($100,000.00C000) for the benefit of and use by the AUTHORITY for the development of

7 PROJECTS as part of the funding described in subparagraph 3.B. (the "Initial Funding

8 Requirement"). The Trust shall be funded no later than ninety (90) days following the later

9 of the following events: 1) the date upon which the DISTRICT approves the PLAN, 2) the

10 date upon which the DISTRICT's BASIN BOARDS have given all necessary approvals to

11 provide funding of the Trust, and 3) the date upon which the INTERLOCAL AGREEMENT

12 has become effective. The Initial Funding Requirement may be comprised of an initial

13 cash amount of not less than $ [VERIFY AMOUNT] (available by [DATE]

14 consistent with Exhibit 4) and a $ [VERIFY AMOUNT] Credit Facility, su

15 as a mutually agreeable letter of credit or surety bond from a financial institution. he

16 dit- ty shall permit the AUTHORITY to draw amounts only to the extent the

17 AUTHORITY is entitled lt funding under this AGREEMENT and associated FUNDING

18 AGREEMENTS for specific projects under this AGREEMENTd nd nly t the ete'mhe

19 DEITrCT has rdiu -ppruil Chmount t-li TNe AU HORITY is so entitled

20 -under Exhihit+ The Credit Facility shall have a term of five 5 years from date of its

13 *0d ..I;11 ?II (4.15724L1

FEB.11.1998 11:82P HGN NO.21 P .5i/

February 9, 1998 For Discussion Purposes Only Subjec to Revision
I establishment. Terms and conditions of the Credit Facility shall be reasonably acceptable
2 to the AUTHORITY and the DISTRICT. All earnings on amounts held by the Trustee and

3 all costs and expenses of the DISTRICT associated with the Credit Facility shall be

4 deducted from the total amount of the subsequent year's funding requirement as set forth

5 in Exhibit 4. The DISTRICT shall annually deposit any necessary funds to achieve the ..

6 annual funds (in accordance with Exhibit 4 and subparagraph 3.D.) to the Trust by April /! DIW C

7 1 of each fiscal year until the Trust balance equals(he total appropriation through 2007 jW -

8 according to Exhibit4. The Trustee shall disburse to the AUTHORITY consistent with the Th '^ 4

S9 Trust Agreement fr the proceeds in the Truse amou i consistent with this T~. m<

10 AGREEMENT and the FUNDING AGREEMENTSstarting fiscal year 1999 and thereafter \ w -

11 to 2007 Should the DISTRICT fall to deposit funds for PROJECTS in violation of this

12 AGREEMENT and the FUNDING AGREEMENTS, the Trustee taditpel of

13 tl: C11iO

14 Agreea t to di burse all remaining funds in the Trust to the AUTHORITY s me

16 AG"e'"M--T. Such proceeds shall be sed by the AUTHORITY exclusively for

17 PROJECTS. Should the'AGREEMENT terrin te for any reason, under paragraph 21,

18 other than the DISTRICTS failure to fund the sum specified in subparagraph 3.B., then

19 the Trust Agreement, any FUNDING AGREEMENTS d any obligation of the DISTRICT

20 pursuant to this subparagraph shall terminate and any re gaining undisbursed funds, after

14 Am 15724.1

96t LE 18:131

- '933

00O 'd

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