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1998-10-19 Resolution 130
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1998-10-19 Resolution 130
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7/16/2008 2:35:48 PM
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<br />• Section 4.05. All Bonds so redeemed (or purchased as authorized by Section 3.06) <br />shall be canceled and disposed of as provided in Section 2.01. Bonds so redeemed or purchased <br />shall not be reissued, nor shall any Bonds be issued in lieu thereof. <br />Section 4.06. If the amount necessary to redeem any Bonds called for redemption, <br />as aforesaid, shall have been deposited with the Trustee for the account of the owner or owners of <br />such Bonds on or before the date specified for such redemption, and if the notice hereinbefore <br />mentioned shall have been duly mailed or provision satisfactory to the Trustee shall have been made <br />for the mailing of such notice, and if all proper charges and expenses of the Trustee in connection <br />with such redemption shall have been paid or provided for, the Authority shall be released from all <br />liability on such Bonds and such Bonds shall no longer be deemed to be outstanding hereunder, and <br />interest thereon shall cease at the date specified for such redemption; and thereafter such Bonds shall <br />not be secured by the lien of this Agreement. The Trustee shall be privileged to give notice of any <br />call for redemption, but shall not be required to do so unless the amount necessary to redeem the <br />Bonds called and to pay all proper charges of the Trustee shall have been deposited with, paid to, <br />or otherwise made available to the Trustee, as aforesaid. In case any question shall arise as to <br />whether any such notice shall have been sufficiently given or any such redemption shall be effective, <br />such question shall be decided by the Trustee, and the decision of the Trustee shall be final and <br />binding upon all parties in interest. <br />• ARTICLE V. <br />Covenants of the Authority <br />Section 5.01. The Authority covenants and agrees that it will faithfully do and <br />perform, and at all times faithfully observe, any and all covenants, undertakings, stipulations and <br />provisions contained in each and every Bond issued hereunder, and will duly and punctually pay or <br />cause to be paid the principal of said Bonds and the premium, if any, and interest thereon, at the <br />times and places, and in the manner mentioned in said Bonds, according to the true intent and <br />meaning thereof. Except as in this Agreement otherwise provided, the principal, interest and <br />premiums are payable solely from Pledged Funds including the rental derived from the Project, <br />which Pledged Funds are hereby pledged to the payment thereof in the manner and to the extent <br />provided in this Agreement and in said Bonds. <br />Section 5.02. The Authority covenants that it will promptly make, execute and <br />deliver all agreements supplemental hereto, or otherwise, and take all such action as may reasonably <br />be deemed, by the Trustee or by its counsel, necessary or advisable for the better securing of any <br />Bonds issued hereunder, or as may be required to carry out the purposes of this Agreement. <br />Section 5.03. The Authority covenants that, the Authority is now well seized of the <br />Project, subject only to Permitted Encumbrances, as such term is defined in the Lease, and such other <br />encumbrances as shall be permitted by the Trustee, and has good right, full power and lawful <br />authority to make this Agreement and to pledge the lease rentals of the Project as herein provided,. <br />::ODMA\PCDOCS\SBDOCS 1\24203\2 ' 18' <br />
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