1998-10-19 Resolution 130 - Laserfiche WebLink

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• RATINGS Ratings of the Refunding Bonds being offered herein have been applied for by the Authority. The Authority has furnished to bond rating agencies, at their request, supplemental information relating to the finances of the Authority which has not been included in this Official Statement. There is no assurance that said agencies will grant ratings, nor what ratings may be granted; nor for what definitive period such ratings would be in effect, changed or withdrawn. LITIGATION To the knowledge of the Authority and the Commission, no litigation or administrative action or proceeding is pending or threatened, restraining or enjoining, or seeking to restrain or enjoin, the levy and collection of taxes to pay the rent to be paid under the Lease, or contesting or questioning the proceedings or authority under which the Lease was authorized, or the validity of the Lease. To the knowledge of the Authority and the Commission, no litigation or administrative action or proceeding is pending or threatened concerning the issuance, validity and delivery of the Refunding Bonds. Certificates to such effect will be delivered at the time of the original delivery of the Refunding Bonds. VERIFICATION OF MATHEMATICAL CALCULATIONS Concurrently with the delivery of the Refunding Bonds, McGladrey & Pullen, a firm of Certified Public Accountants, will deliver a report on the mathematical accuracy of computations contained in schedules provided to them relating to (i) the cash flow from the Qualified Obligations deposited in the Escrow Account for defeasance of the 1992 Bonds being refunded and (ii) the yield on the Qualified Obligations and on the Refunding Bonds. The report of McGladrey & Pullen will include the statement that the scope of its engagement is limited. to verifying the mathematical .accuracy. of the computations contained in such schedules provided to it and that it has no obligation to update its report because of events occurring, or data or information coming to its attention, subsequent to the date of such report. LEGAL OPINIONS AND ENFORCEABILITY OF REMEDIES The various legal opinions to be delivered concurrently with the delivery of the Refunding Bonds express the professional judgment of the attorneys rendering the opinions on the legal issues explicitly addressed therein. By rendering a legal opinion, the opinion giver does not become an insurer or guarantor of that expression of professional judgment, of the transaction opined upon, or of the future performance of parties to such transaction. Nor does the rendering of an opinion guarantee the outcome of any legal dispute that may arise out of the transaction. The remedies available to the bondholders upon a default under the Trust Agreement, or to the Authority under the Lease, are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including specifically Title 11 of the United States Code (the federal bankruptcy code), the remedies provided in the Trust Agreement and the Lease may not be readily available or may be limited. Under federal and State of Indiana (the "State") -15-