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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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• (a) At such times as the Trustee shall reasonably request, furnish <br />statements in reasonable detail showing the earnings, expenses and financial condition of the <br />Authority. <br />(b) From time to time furnish to the Trustee such information as to the <br />property of the Authority as the Trustee shall reasonably request. <br />(c) On or before the expiration of ninety (90) days after the end of each <br />calendar year, file with the Trustee a certificate signed by its President or Vice President, and <br />its Secretary-Treasurer, stating that all taxes then due on the Project have been duly paid <br />(unless the Authority shall, in good faith, contest any of said taxes, in which event the facts.. <br />~~ - ~ concerning such contest shall be set forth); also stating that all insurance premiums required <br />by the terms of this Agreement to be paid by the Authority upon the Project have been duly <br />paid. <br />The Authority further covenants that all books, documents and vouchers relating to <br />the properties, business and affairs of the Authority shall at all times be open to the inspection of <br />such accountants or other agents as the Trustee may from time to time designate. <br />Section 5.08. The Authority covenants that it will not guarantee, endorse or <br />otherwise become surety for or upon the indebtedness of others except by endorsement of negotiable <br />• instruments for deposit or collection .in the ordinary course of business, and that it will not sell its <br />accounts receivable. <br />Section 5.09. The Authority covenants that it will not acquire any property, real or <br />personal, subject to an existing mortgage or other encumbrance, except as permitted by Section 5.10. <br />Section 5.10. The Authority covenants that it will not incur any indebtedness other <br />than the Bonds secured by this Agreement unless such additional indebtedness is payable solely from <br />income of the Authority other than the rental payments provided for in the Lease as long as any of <br />the Bonds are outstanding. This section shall not be construed to prohibit the issuance of refunding <br />bonds and the pledging of lease rentals to be received after the redemption of the Bonds. <br />Section 5.11. The Authority covenants that it has entered into a valid and binding <br />Lease of the Project to the Commission, and that a full, true and correct copy of said Lease is on file <br />with the Trustee. The Authority covenants further that it will bring suit to mandate the governing <br />board or officials of the Lessee to levy a tax to pay the rental provided in said Lease, or take such <br />other action to enforce the Lease as is reasonably requested by the Trustee, if such rental is more <br />than sixty (60) days in default. <br />The Authority covenants that it will not agree to any modification of the terms of said <br />Lease which would substantially impair or reduce the security of the holders of the Bonds described <br />herein or agree to a termination thereof, or agree to a reduction of the lease rental provided for <br />therein which would inhibit payment of debt service on the Bonds until all indebtedness secured by <br />::ODMA\PCDOCS\SBDOCS 1\24203\2 -20- <br />
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