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No. 2956 a supplemental bond resolution supplementing/amending Resolution No. 1965, adopted March 21, 2003
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No. 2956 a supplemental bond resolution supplementing/amending Resolution No. 1965, adopted March 21, 2003
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IL Obligations to the Bond Bank pursuant to the tenns hereof The City has taken, or will take, all <br />proceedings required by law to enable it to execute and deliver the Amended Qualified <br />Obligations and all other documents which are necessary for the Bond Bank to undertake its <br />Refunding Program. The parties to this Agreement acknowledge that the Qualified Entity's <br />obligation to modify the Call Rights and to execute and deliver the Amended Qualified <br />Obligations and the Bond Bank's obligation to pay the AEDA Call Rights Modification Fee and <br />the SBCDA Call Rights Modification Fee (collectively, the "Call Rights Modification Fee ") and <br />return the Prior Qualified Obligations, all as described herein, are expressly contingent upon the <br />Qualified Entity taking all steps and receiving all approvals required by laws of the State, if any, <br />to modify the Call Rights, to execute and deliver the Amended Qualified Obligations and to <br />execute all other documents which are necessary for the Bond Bank to undertake its Refunding <br />Program. <br />Section 4. Subject to Section 8, the Qualified Entity agrees to pay the Bond Bank, on <br />each interest payment date for the Amended Qualified Obligations, reasonable fees and charges <br />attributable to the administration of the Amended Qualified Obligations acquired by the Bond <br />Bank. To the extent the Amended Qualified Obligations are subject to rebate, the Qualified <br />Entity agrees to pay the Bond Bank for prompt payment to, or to evidence to the Bond Bank the <br />payment to, the United States of the rebate determined by the Qualified Entity to result from the <br />investment of moneys held by the Qualified Entity that constitute gross proceeds of the Original <br />Qualified Obligations or the Amended Qualified Obligations. The Qualified Entity agrees to <br />provide documentation to the Bond Bank relative to the computation of the rebate and payment <br />of such rebate when required. <br />Section 5. Simultaneously with the delivery to the Bond Bank of the Amended <br />Qualified Obligations, which shall be substantially in the forms set forth in -the respective <br />Supplemental Resolutions., and each registered in the name of the Bond Bank; the Qualified <br />Entity shall furnish to the Bond Bank: (a) transcripts of the proceedings related to the respective <br />Amended, Qualified Obligations; (b) the unqualified approving opinion of Baker & Daniels LLP, <br />bond counsel to the Qualified Entity, in form satisfactory to the Bond Bank, which shall set <br />forth, among other things, that (1) the Qualified. Entity is duly organized and validly existing <br />under the laws of the State with the right and power to execute and deliver and to perform its <br />obligations under the Purchase Agreement and its Amended SBCDA Qualified Obligations; (ii) <br />the Purchase Agreement and the Amended SBCDA Qualified Obligations, together with the <br />performance by the Qualified Entity of its respective obligations thereunder, have been duly <br />authorized, executed and delivered by the Qualified Entity and, assuming the due authorization, <br />execution and delivery thereof by the other parties thereto, each constitutes the legal, valid and <br />binding agreement of the Qualified Entity, enforceable in accordance with its respective terms; <br />and (iii) the interest on the Amended SBCDA Qualified Obligations is excludable from gross <br />income for federal income tax purposes under Section 103 of the Code (under existing law); <br />subject to such enforcement limitations customarily contained in such opinions; (c) the <br />unqualified approving opinion of Baker & Daniels LLP, bond counsel toJhe Qualified Entity, in <br />form satisfactory to the Bond Bank, which shall set forth, among other things, that (i) the <br />Qualified Entity is duly organized and validly existing under the laws of the State with the right <br />and power to execute and deliver and to perform its obligations under the Purchase Agreement <br />and its Amended AEDA Qualified Obligations; (ii) the Purchase Agreement and the Amended <br />AEDA Qualified Obligations, together with the performance by the Qualified Entity of its <br />4 <br />INDS01 BJB 1301170x2 <br />
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