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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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(a) At such times as the.. Trustee shall reasonably <br />request, furnish statements in reasonable detail showing the <br />• earnings, expenses and financial condition 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 Trustee <br />shall reasonably request. <br />(c) 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 <br />Facility have been duly paid (unless the Authority shall, in <br />good faith, contest any of said taxes, in which event the <br />facts concerning such contest shall be set forth); also <br />stating that all insurance premiums required by the terms of <br />this Agreement to be paid by the Authority upon the Facility <br />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. 5.9. The Authority covenants that it will not acquire <br />any. property, real or personal, subject to an existing mortgage or <br />other encumbrance, except as permitted by Sec. 5.10. <br />Sec. 5.10. The Authority covenants that it will not incur any <br />indebtedness other than the Bonds secured by this Agreement. unless <br />such additional indebtedness is payable solely from income of the <br />Authority other than the rental payments provided for in the Lease <br />as long as any of the Bonds are .outstanding. This section shall <br />not be construed to prohibit the issuance of refunding bonds and <br />the pledging of lease rentals to be received after the redemption <br />of the Bonds. <br />Sec. 5.11. The Authority covenants that it has entered into <br />a valid and binding Lease of the Facility to the Commission, and <br />that a full, true and correct copy of said Lease is on file with <br />the Trustee. The Authority covenants further that it will bring <br />suit to mandate the governing board or officials of the Lessee to <br />-18- <br />
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