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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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. public accountants, covering .the operations of the Authority to the <br />completion of construction, and showing the receipts and <br />disbursements for such period, and the assets and liabilities of <br />the Authority at the expiration. of such period. Such financial <br />statements and reports shall be available at all reasonable times <br />for the inspection of any Bondholder or his authorized agent. <br />If the Authority shall fail to obtain and furnish such <br />audit and report, the Trustee may, in its discretion, procure such <br />audit and report, and pay for the same from the Operation and <br />Reserve Fund, unless there are not sufficient funds in said Fund, <br />in which case all moneys paid by the Trustee for such audit and <br />report, together with interest thereon at the highest rate of <br />interest on any. of the Bonds when sold, whether or not then <br />outstanding, shall be repaid by the Authority upon demand, and <br />shall constitute an additional indebtedness of the Authority <br />secured by the lien of this Agreement, prior and paramount to the <br />lien hereunder of said Bonds and premium and interest thereon. The <br />Trustee, however, shall not be obligated to obtain such audit and <br />report unless fully indemnified against the expense thereof and <br />furnished with means therefor. <br />(d) On or before the expiration of ninety (90) days <br />after the end of each calendar year, file with the Trustee a <br />certificate signed by its President or Vice President, and its <br />Secretary-Treasurer, stating that all taxes then due on the Project <br />• have been duly paid (unless the Authority shall, in good faith, <br />contest any of said taxes, in which event the facts concerning such <br />contest shall be set forth); also stating that all insurance <br />premiums required by the terms of the Agreement to be paid by the <br />Authority upon the Project have been duly paid. <br />The Authority further covenants that all books, documents and <br />vouchers relating to the properties, business and affairs of the <br />Authority shall at all times be open to the inspection of such <br />accountants or other agents as the Trustee may from time to time <br />designate. <br />Sec. 5.08. The Authority covenants that. it will not <br />guarantee, endorse or otherwise become surety for or upon the <br />indebtedness of others except by endorsement of negotiable <br />instruments for deposit or collection in the ordinary course of <br />business, and that it will not sell its accounts receivable. <br />Sec. 5.09. The Authority covenants that it will not <br />acquire any property, real or personal, subject to an existing <br />mortgage or other encumbrance, except as permitted by Sec. 5.11. <br />Sec. 5.10. The Authority covenants that it will not incur <br />any indebtedness secured by this Agreement other than the Bonds <br />-21- <br />
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