1998-10-19 Resolution 130 - Laserfiche WebLink

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. ~ • Section 5.13. The Authority covenants that whenever there aze sufficient funds held by the Trustee in the Sinking Fund and/or Operation and Reserve Fund to pay the principal, redemption premiums and interest to the next interest payment date on all outstanding Bonds, it will call all outstanding Bonds for redemption and hereby consents and directs the Trustee to call all outstanding Bonds for redemption. Section 5.14. No person or entity or any combination thereof, other than the Authority or a governmental unit (other than the federal government) will use proceeds of the Bonds or property financed by said proceeds other than as a member of the general public. No person or entity or any combination thereof, other than the Authority or a governmental unit (other than the federal government) will own property fmanced by Bond proceeds or will have~actual or beneficial use of such property pursuant to a lease, a management or incentive payment contract, an arrangement such as atake-or-pay or other type of output contract or any other type of arrangement that differentiates that person's or entity's use of such property from use by the public at large of such property. ARTICLE VI. Insurance • Section 6.01. The Authority covenants that it will carry or cause to be carried: (a) Insurance on the Project against physical loss or damage thereto, however caused, with such exceptions as aze ordinarily required by insurers of buildings or facilities of a similaz type, which insurance shall be in an amount equal to one hundred percent (100%) of the full replacement cost of the Project as certified by a registered architect, a registered engineer, or a professional appraisal engineer selected by the Authority with the approval of the Trustee, on the effective date of such insurance and on or before April 1 of each year thereafter (such appraisal may be based on a recognized index of conversion factors); and (b) Rent or rental value insurance in an amount equal to the full rental value of the Project for a period of two (2) years against physical loss or damage of the type insured against under Section 6.01(a) above. Section 6.02. Such insurance policies shall be maintained in good and responsible insurance companies satisfactory to the Trustee, and shall be countersigned by an agent of the insurer who is a resident of the State of Indiana. A copy of such policies, together with a certificate of the Insurance Commissioner certifying that the persons countersigning such policies are duly qualified in the State of Indiana as resident agents of the insurers on whose behalf they have signed, and the azchitect's or engineer's certificates referred to in Section 6.01(a) shall be deposited with the Trustee. Such schedule shall contain the names of the insurers, the amounts of each policy, the chazaeter of ::ODMA\PCDOCS\SBDOCSI\24203\2 -23-