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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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• <br />• <br />together with a certificate of the Insurance Commissioner <br />certifying that the persons countersigning such policies are duly <br />qualified in the State of Indiana as resident agents of the <br />insurers on whose behalf they have signed,. and the architect's or <br />engineer's certificates referred to in Sec. 6.01(a) shall be <br />deposited with the Trustee. Such schedule shall contain the names <br />of the insurers, the amounts of each policy, the character of the <br />risk insured against, the expiration date of_ each policy, the <br />premium paid thereon, and any other pertinent data. <br />expense t ereo <br />Sec. 6.03. In case the Authority shall at any time refuse,. <br />neglect or fail to obtain and furnish such certificate or to effect <br />insurance as aforesaid, the Trustee may, in its discretion, procure <br />such certificate and/or such insurance, and all moneys paid by the <br />Trustee for such certificate and/or insurance, together with <br />interest thereon at the highest rate of interest on any of the <br />Bonds when sold, whether or not then outstanding, shall be repaid <br />by the Authority upon demand, and shall constitute an additional <br />indebtedness of the Authority secured by the lien of this <br />Agreement, prior and paramount to the lien hereunder of said Bonds <br />and interest thereon. The Trustee, however, shall not be obligated <br />to effect such insurance unless fully indemnified against the <br />h f and furnished with means therefor. <br />Sec. 6.04. The insurance policy required by Section 6.01(a) <br />shall be for the benefit, as their interests shall appear, of the <br />-Trustee, the Authority, and other .persons having an insurable <br />.interest in the insured property. Such policy shall clearly <br />indicate that any proceeds under the policy shall be payable to the <br />Trustee, and the Trustee is hereby authorized to demand, collect <br />and receipt for and recover any and all insurance moneys which may <br />become due and .payable under said policy of insurance and to <br />prosecute all necessary actions in the .courts to recover any such <br />insurance moneys. The Trustee may, however, accept any settlement <br />or adjustment which the officers of the Authority may deem it <br />advisable to make with the insurance companies. Any proceeds of <br />rent. or .rental value insurance received by the Trustee representing <br />the annual rentals payable under the Lease shall be deposited by <br />it forthwith to the credit of the Sinking Fund. <br />Sec. 6.05. The proceeds <br />Trustee shall be applied <br />reconstruction of the damaged <br />opinion of an independent <br />engineer, construction manage <br />engineer, construction manager <br />to the Trustee (i) the cost <br />reconstruction shall not excee <br />to be received by reason of si <br />amounts available therefor, az <br />reconstruction can be complete <br />of such insurance received by the <br />to the repair, replacement or <br />or destroyed property, if in the <br />registered architect, .registered <br />or contractor, which architect, <br />or contractor shall be acceptable <br />of such repair, replacement or <br />3 the amount of insurance proceeds. <br />ch damage or destruction and other <br />d (ii) such repair, replacement or <br />3 within the period covered by the <br />-20- <br />
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