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1992-04-30 Resolution 52
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1992-04-30 Resolution 52
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9/9/2008 2:30:34 PM
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7/18/2008 4:56:30 PM
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• Sec. 5.05. The authority covenants that until all <br />indebtedness secured by this Agreement is fully paid, it will <br />faithfully observe and comply with the terms of all applicable laws <br />and ordinances of the State of Indiana and any political or <br />municipal subdivision thereof. <br />Sec. 5.06. If the Authority should at any time fail to pay <br />in apt season any tax, assessment or other charge upon the Parking <br />Facility, or any part thereof, or fail to pay promptly when payable <br />any license fee, franchise. or corporation tax, or like statutory <br />charge, the Trustee may, without obligation to inquire into the <br />validity thereof, pay such tax, assessment, fee or other charge, <br />but without prejudice to the rights of the Trustee arising <br />hereunder in consequence of such default, and the amount of every <br />payment so made at any time by the Trustee, with interest thereon <br />at the highest rate of interest on any of the Bonds when sold, <br />whether or not then outstanding, from the date of payment, shall <br />constitute an additional indebtedness of the Authority secured by <br />the lien of this Agreement, prior and paramount to the lien <br />hereunder of any of said Bonds and the premium and interest <br />thereon. <br />Sec. 5.07. The Authority covenants that proper books of <br />record and account will be kept in which full, true and correct <br />entries will be made of all dealings or transactions of or in <br />relation to the properties, business and affairs of the Authority, <br />and that it will: <br />(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 />Parking Facility have been duly paid (unless the Authority <br />shall, in good faith, contest any of said taxes, in which <br />event the facts concerning such contest shall be set forth); <br />also stating that all insurance premiums required by the terms <br />of this Agreement to be paid by the Authority upon the Parking <br />Facility 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 />• -18- <br />
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