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1988-06-17 Resolution 8
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1988-06-17 Resolution 8
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7/17/2008 11:50:07 AM
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Authority; further, that it will nat suffer any lien or charge to <br />• be enforced or to exist against the Facility or any part thereof, <br />or upon the Lease or the Pledged Funds, except the lien and <br />charge of the Bonds secured hereby upon such Lease and Pledged <br />Funds, and except for Permitted Encumbrances, as such term is <br />defined in the Lease and such other encumbrances as shall be <br />permitted by the Trustee; that it will not commit or suffer any <br />waste of said property; and that it will at all times operate the <br />property and keep and maintain said property and all buildings, <br />structures, apparatus and appurtenances thereon or thereof in <br />good repair, working order and condition, and will from time to <br />time make all needful and proper repairs, renewals and <br />replacements. <br />.Sec. 5.05. The Authority covenants that until all <br />indebtedness secured by this Agreement is fully paid, it will <br />faithfully observe and comply with the terms of all applicable <br />laws and ordinances of the State of Indiana and any political or <br />municipal subdivision thereof. <br />Sec. 5.06. If the Authority should at any time fail to <br />pay in apt season any tax, assessment or other charge upon the <br />Facility, or any part thereof, or fail to pay promptly when <br />payable any license fee, franchise or corporation tax, or like <br />statutory charge, the Trustee may, without obligation to inquire <br />into the validity thereof, pay such tax, assessment, fee or other <br />charge, but without prejudice to the rights of the Trustee <br />arising hereunder in consequence of such default, and the amount <br />• of every payment so made at any time by the Trustee, with <br />interest thereon at the highest rate of interest on any of the <br />Bonds when sold, whether or not then outstanding, from the date. <br />of payment, shall constitute an additional indebtedness of the <br />Authority secured by the lien of this Agreement, prior and <br />paramount to the lien hereunder of any of said Bonds and the <br />premium and interest thereon. <br />Sec. 5..07. The Authority covenants that proper books of <br />record and account will be kept in which full, true and correct <br />entries will be made of all dealings or transactions of or in <br />relation to the properties, business and affairs of the <br />Authority, and that it will: <br />(a) At such times as the Trustee shall reasonably <br />request, furnish .statements in reasonable detail <br />showing the earnings, expenses and financial condition <br />of the Authority. <br />(b) From time to time furnish to the Trustee such <br />information as to the property of the Authority as the <br />Trustee shall reasonably request. <br />(c) On or before the expiration of ninety (90) <br />days after the end of each calendar year, .file with the <br />Trustee a certificate signed by its President or Vice <br />• President, and its Secretary-Treasurer, stating that <br />.all taxes then due on the Facility have been duly paid <br />-17- <br />
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