1990-05-15 Resolution 22 - Laserfiche WebLink

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If the Authority shall fail to obtain and frocure such • audit and report, the Trustee may, in its discretion, p audit and report, .and pay for the same from the Operation and Reserve Fund, unless there are not sufficient funds in said Fund, in which case all moneys paid by the Trustee for such audit and report, together with interest thereon at the highest rate of interest on any of the Bonds when sold, whether or not then outstanding, shall be repaid by the Authority upon demand, and shall constitute an additional indebt rdorsand paramountttorthe secured by the lien of this Agreement, p lien hereunder of said Bonds and premium and interest thereon. The Trustee, however, shall not be obligated to obtain such audit and report unless fully indemnified against the expense thereof and furnished with means therefor. (d) On or before the expiratfile with nthe TruOstee ya after the end of each calendar year, .and its certificate signed by its President or Vice President, Secretary-Treasurer, stating that all taxes then due on the Project have been duly paid (unless the Authority shall, in good faith, contest any of said taxes, in which event the facts concerning such contest shall be set forth); also stating that all insurance premiums required by the terms of the Agreement to be paid by the Authority upon the Project have been duly p The Authority further covenanes tbusines sands ~a afairs not the • vouchers relating to the propert , Authority shall at all times be open to the inspection of such accountants or other agents as the Trustee may from time to time designate. Sec. 5.08. In order to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes and as an inducement to purchasers of the Bonds, the Authority represents, covenants and agrees that, to the extent necessary: (a) 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 Preperal financed by said proceeds other than as a member of the g 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 financed by Bond rsuanteto a leasel have actual or beneficial use of such property p a management or incentive payment contract, an arrangement such as a take-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. -21-