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1990-12-17 Resolution 26
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1990-12-17 Resolution 26
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7/17/2008 2:02:19 PM
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• ARTICLE V. <br />Covenants of the Authority <br />Sec. 5.01. The Authority covenants and agrees that it will <br />faithfully do and perform, and at all times faithfully observe, any <br />and all covenants, undertakings, stipulations and provisions <br />contained in each and every Bond issued hereunder, and will duly <br />and punctually pay or cause to be paid the principal of said Bonds <br />and the premium, if any, and interest thereon, at the times and <br />places, and in the manner mentioned in said Bonds, according to the <br />true intent and meaning thereof. Except as in this Agreement <br />otherwise provided, the principal, interest and premiums are <br />payable soley from Pledged Funds including the rental derived from <br />the Project, which Pledged Funds are hereby pledged to the payment <br />thereof in the manner and to the extent provided in this Agreement <br />and in said Bonds. <br />Sec. 5.02. The Authority covenants that it will promptly <br />make, execute and deliver all agreements supplemental hereto, or <br />otherwise, and take all such action as may be reasonably be deemed, <br />by the Trustee or by its counsel, necessary or advisable for the <br />better securing of any Bonds issued hereunder, or as may be <br />required to carry out the purposes of this Agreement. <br />Sec. 5.03. The Authority covenants that, except as to that <br />. part of the Project which may hereafter be acquired by it, the <br />Authority has heretofore acquired the Project, subject only. to <br />Permitted Encumbrances, defined in the Lease, and such other <br />encumbrances as shall be permitted by the Trustee, and has good <br />right, full power and lawful authority to make this Agreement and <br />to pledge the lease rentals of the Project as herein provided, and <br />that it has and will preserve all of its interest in all such <br />property, subject to Permitted Encumbrances, as such term is <br />defined in the Lease, and such other encumbrances as shall be <br />permitted by the Trustee, and will warrant and defend the same to <br />the Trustee against the claims of all persons whatsoever. <br />Sec. 5.04. The Authority covenants that it will promptly, <br />and before they shall become delinquent, pay or cause to be paid <br />all lawful taxes, charges and assessments at any time levied or <br />assessed upon or against the Project, or any part thereof, or upon <br />the use of the same, or upon the income or profits thereof, and all <br />license fees, franchise taxes and other like statutory charges; <br />provided, however, that no such tax, charge or assessment shall be <br />required to be paid so long as the validity of the same shall be <br />in good faith contested by the Authority; further, that it will not <br />suffer any lien or charge to be enforced or to exist against the <br />Project or any part thereof, or upon the Lease or the Pledged <br />Funds, except the lien and charge of the Bonds secured hereby upon <br />• -19- <br />
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