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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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unless either (a) the Project cannot be completed without <br />unreasonable delay which would threaten a default in the payment <br />of .principal or interest on the Bonds without such additional <br />indebtedness, and such additional indebtedness is payable only from <br />the Operation and Reserve Fund (to the extent that such Fund is not <br />needed to pay necessary incidental expenses of the Authority) and <br />from property and income of the Authority remaining or received <br />after all Bonds authorized herein have become due and payable and <br />sufficient funds have been provided to pay all principal and <br />interest due on such Bonds and all fees of the Trustee then due and <br />payable, or (b) such additional indebtedness is payable soley from <br />income of the Authority other than the rental payments provided for <br />in the Lease as long as any of the Bonds are outstanding. This <br />section shall not be construed to prohibit the issuance of <br />refunding Bonds and the pledging of lease rentals to be received <br />after the redemption of the Bonds. <br />Sec. 5.11. The Authority covenants that the proceeds of <br />the Bonds deposited in the Construction Account shall be used for <br />the following purposes: <br />(First) The payment of the balance, if any, of the purchase <br />price of the real estate herein specifically described; <br />(Second) The payment of the cost of construction of the <br />Project on said real estate in accordance with the provisions of <br />Section 5.12 hereof. The cost of erection shall include but not <br />be limited to the items set forth in Sec. 3.01 hereof. <br />(Third). Any balance in excess of one hundred fifty percent <br />(150%) of the amount of any disputed claims of contractors and work <br />to be repaired remaining after the completion of the Project in <br />accordance with Sec. 5.13 hereof may be obligated within a period <br />of one (1) year thereafter for any one or more of the following <br />purposes upon written request of the Lessee: <br />(a) For the purchase of equipment for said Project; or <br />(b) For the improvement of said Project. ' <br />(Fourth) Any balance in excess of one hundred fifty percent <br />(1500 of the amount of any. disputed claims of construction and <br />work to be repaired remaining unobligated after one (1) year from <br />the filing. of the affidavit referred to in Sec. 3.01 shall be <br />transferred to the Sinking Fund as provided in Sec. 3.01. <br />(Fifth) Any balance remaining after payment of all <br />obligations authorized by Subsection .(Third) above, shall be <br />transferred to the Sinking Fund within ten (10) days after the last <br />payment of such obligations. <br />-22- <br />
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