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advisor or underwriter for the Bonds, and First Southwest Company (Jim Manire) will <br />review the Bonds for the City. <br />(b)(c)Simultaneous with or following issuance of the Bonds, in accordance with <br />the Bond Documents (“Bond Documents”), LRC shall pay bond counsel, First Southwest <br />Company, underwriting and other issuance costs, fund any required reserves, capitalized <br />interest, escrow costs, and any other appropriate costs and, unless otherwise agreed by the <br />Property Owner and LRC, place no less than 93.75% of the proceeds of the Bonds <br />(“Bonds Proceeds”) into the Construction Fund, which shall be used for eligible Project <br />Costs as defined in Section 5(a) hereof. <br />(c)(d)Except for customary escrow costs and the like, if any, the Construction <br />Fund shall only be used for the eligible Project Costs. <br />(d)(e)Property Owner shall deposit funds (“Owner’s Funds”) into the <br />Construction Fund as defined in Section 5(a) in the amount of the total estimated cost of <br />the URA Public Improvements based on the engineer’s estimate plus a contingency in the <br />amount of 15% of the engineer’s estimate, less the amount of the Bond Proceeds <br />deposited into the Construction Fund. Upon such deposit of amounts required by <br />subsections (e) and, if applicable (f) of this Section, and subject to Property Owner’s <br />compliance with its obligations herein, such deposit by Property Owner shall be deemed <br />to have satisfied any Property Owner’s obligation under the City’s subdivision <br />regulations for posting a financial guarantee to assure completion of the URA Public <br />Improvements. However, such deposit shall not serve as a financial guarantee or security <br />for completion of other public improvements apart from the URA Public Improvements <br />3 <br />14 <br />