1992-04-30 Resolution 52 - Laserfiche WebLink

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i` • Authority shall at all times be open to the inspection of such accountants or other agents as the Trustee may from time to time designate. Sec. 5.08. The Authority covenants that it will not guarantee, endorse or otherwise become surety for or upon the indebtedness of others except by endorsement of negotiable instruments for deposit or collection in the ordinary course of business, and that it will not sell its accounts receivable. Sec. 5.9. The Authority covenants that it will not acquire any property, real or personal, subject to an existing mortgage or other encumbrance, except as permitted by Sec. 5.10. Sec. 5.10. The Authority covenants that it will not incur any indebtedness other than the Bonds secured by this Agreement unless such additional indebtedness is payable solely from .income of the Authority other than the rental payments provided for in the Lease as long as any of the Bonds are outstanding. This section shall not be construed to prohibit the issuance of refunding bonds and the pledging of lease rentals to be received after the redemption of the Bonds. Sec. 5.11. The Authority covenants that it has entered into a valid and binding Lease of the Parking Facility to the Commission, and that a full, true and correct copy of said Lease is on file with the Trustee. The Authority covenants further that it will bring suit to mandate the governing board or officials of the Lessee to levy a tax to pay the rental provided in said Lease, or take such other action to enforce the. Lease as is reasonably requested by the Trustee, if such rental is more than sixty (60) days in default. The Authority covenants that it will not agree to any modification of the terms of said Lease which would substantially impair or reduce the security of the holders of the Bonds described herein or agree to a termination thereof, or agree to a reduction of the lease rental provided for therein which would inhibit payment of debt service on the Bonds until all indebtedness secured by this Agreement is fully paid, except upon compliance with the provisions of Sec. 10.02. The Authority further covenants that any modification permitted by this paragraph will be made only after a copy thereof has been filed with the Trustee. Sec. 5.12. The Authority covenants that whenever there are sufficient funds held by the Trustee in the Sinking Fund and/or Operation and Reserve Fund to pay the principal, redemption premiums and interest to the next interest. payment. date on all outstanding Bonds, it will call all outstanding Bonds for redemption and hereby consents and directs the Trustee to call all outstanding Bonds for redemption. • -19-