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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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i` <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 Parking Facility to the <br />Commission, and that a full, true and correct copy of said Lease <br />is on file with the Trustee. The Authority covenants further that <br />it will bring suit to mandate the governing board or officials of <br />the Lessee to levy a tax to pay the rental provided in said Lease, <br />or take such other action to enforce the. Lease as is reasonably <br />requested by the Trustee, if such rental is more than sixty (60) <br />days in default. <br />The Authority covenants that it will not agree to any <br />modification of the terms of said Lease which would substantially <br />impair or reduce the security of the holders of the Bonds described <br />herein or agree to a termination thereof, or agree to a reduction <br />of the lease rental provided for therein which would inhibit <br />payment of debt service on the Bonds until all indebtedness secured <br />by this Agreement is fully paid, except upon compliance with the <br />provisions of Sec. 10.02. The Authority further covenants that any <br />modification permitted by this paragraph will be made only after <br />a copy thereof has been filed with the Trustee. <br />Sec. 5.12. The Authority covenants that whenever there are <br />sufficient funds held by the Trustee in the Sinking Fund and/or <br />Operation and Reserve Fund to pay the principal, redemption <br />premiums and interest to the next interest. payment. date on all <br />outstanding Bonds, it will call all outstanding Bonds for <br />redemption and hereby consents and directs the Trustee to call all <br />outstanding Bonds for redemption. <br />• -19- <br />
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