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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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have been duly paid (unless the Authority shall, in good faith, <br />contest any of said taxes, in which event the facts concerning such <br />contest shall be set forth); also stating that all insurance <br />premiums required by the terms of the Agreement to be paid by the <br />Authority upon the Project 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. 5.09. The Authority covenants that it will not <br />acquire any property, real or personal, subject to an existing <br />mortgage or other encumbrance, except as permitted by Section 5.10. <br />Sec. 5.10. The Authority covenants that it will not incur <br />any indebtedness secured by this Agreement other than the Bonds <br />unless such additional indebtedness is payable solely from income <br />of the Authority other than the rental payments provided for in the <br />• Lease as long as any of the Bonds are outstanding. This section <br />shall not be construed to prohibit the issuance of refunding Bonds <br />and the pledging of lease rentals to be received after the <br />redemption of the Bonds. <br />Sec. 5.11. The Authority covenants that it has entered <br />into a valid and binding Lease of the Project to the Commission, <br />and that a full, true and correct copy of said Lease is on file <br />with the Trustee. The Authority covenants further that it will <br />bring suit to mandate the governing board or officials of the <br />Lessee to levy a tax to pay the rental provided in said Lease, or <br />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 />Sec. 5.12. The Authority covenants that it will not agree to <br />any modification of the terms of said Lease which would <br />substantially impair or reduce the security of the holders of the <br />Bonds described herein or agree to a termination thereof, or agree <br />to a reduction of the lease rental provided for therein which would <br />inhibit payment of debt service on the Bonds until all indebtedness <br />secured by this Agreement is fully paid, except upon compliance <br />with the provisions of Section 10.02.. The Authority further <br />-22- <br />
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