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Insurance Reserve Fund <br /> <br /> An Insurance Reserve Fund will be created and held <br />by the Trustee in the amount of $50,000. Moneys in such Fund <br />may be used for the repair, reconstruction or replacement of <br />any damaged or destroyed portion of the Project not covered by <br />insurance because of deductible amounts or replacement cost <br />limitations on the amount of insurance obtained or for the <br />loss of rental income not insured against because of the <br />deductible amount. Excess amounts will be paid to the City <br />semiannually. <br /> <br />Investments <br /> <br /> Any moneys in the Lease Fund will be invested (and, <br />upon the written request of the City, will be invested as <br />directed) by the Trustee in Permitted Investments which will <br />mature on or before the date needed. Any moneys in the <br />Certificate Reserve Fund may be invested (and, upon the <br />Written'Request of the City, shall be invested as directed) by <br />the Trustee in Permitted Investments which will mature on or <br />before the date of the last scheduled Base Rental Payment. <br />Any moneys held by the Trustee in the Insurance Reserve Fund <br />may be invested (and, upon the Written Request of the City, <br />shall be invested as directed) by the Trustee in Permitted <br />Investments which will mature within the earlier of one year <br />or the date of the last scheduled Base Rental Payment. <br /> <br />Construction of Capital Project I <br /> <br /> The City has obtained in the name of the Corporation <br />competitive bids for the construction of Capital Project I. <br />The Corporation will enter into a contract providing for the <br />complete construction of Capital Project I with S.J. Amoroso <br />Construction Co., Inc. of Foster City, California. The <br />Corporation and the City agree that Capital Project I will be <br />constructed in accordance with the plans and specifications <br />prepared by the Engineers and approved by the City, and that <br />Capital Project I will be substantially completed in <br />accordance with said plans and specifications within the time <br />set forth in said construction contract. <br /> <br /> The City agrees that upon substantial completion of <br />Capital Project I it will take possession of and occupy <br />Capital Project I under the terms and provisions of the <br />Facility Lease. The time within which the contractor is <br />required to complete Capital Project I will be extended for a <br />period equal to any extensions of time to which the contractor <br />is entitled under its construction contract (except extensions <br />resulting from acts of the Corporation) and any delays in <br /> <br /> B-IO <br /> 1685S <br /> <br /> <br />