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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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have been provided to pay all principal and interest due on the Bonds and all fees of the Trustee then due and <br />• payable, or (ii) such additional indebtedness is payable solely from income of the Authority other than the rental <br />payments provided for in the Lease as long as any of the Bonds are outstanding. This covenant shall not be <br />construed to prohibit the issuance of refunding bonds and the pledging of lease rentals to be received after the <br />redemption of the Bonds. <br />Covenants of the Authority <br />In the Trust Agreement, the Authority makes certain covenants to the Trustee for the benefit of <br />Bondholders, including but not limited to the following. <br />Books of Record and Account. The Authority covenants that proper books of record and account will be <br />kept in which full, true and correct entries will be made of all dealings or transactions of or in relation to the <br />properties, business and affairs of the Authority. The Authority will from time to time furnish the Trustee such <br />information as to the property of the Authority as the Trustee reasonably requests and such other information and <br />reports as the Trust Agreement requires. <br />Use of Proceeds of Bonds. The Authority covenants that the proceeds of the Bonds held in the Construction <br />Account will be used for the following purposes: <br />(i) the payment of the balance, if any, of the purchase price of the real estate for the Project; <br />(ii) the payment of the costs of the financed improvements; <br />(iii) any balance in excess of 150 % of the amount of any disputed claims of contractors and work <br />to be repaired remaining after completion may be obligated within a period of one year thereafter, upon <br />written request of the Lessee, for the purchase of equipment for the improvements or for further <br />• improvements; <br />(iv) any balance in excess of 150 % of the amount of any disputed claims and work to be repaired <br />remaining unobligated after one year from the filing of the Affidavit of Completion will be transferred to <br />the Sinking Fund; and <br />(v) any balance remaining after payment of all obligations authorized by clause (iii) above will <br />be transferred to the Sinking Fund within ten days after the last payment of such obligations. <br />Tax Covenants. In order to preserve the exclusion of interest on the Bonds from gross income for federal <br />income tax purposes, the Authority represents, covenants and agrees that, among other things, it will not take any <br />action or fail to take any action with respect to the Bonds that would result in the loss of the exclusion from gross <br />income for federal income tax purposes of interest on the Bonds pursuant to Section 103 of the Code, nor will the <br />Authority act in any other manner which would adversely affect such exclusion. <br />Insurance <br />Insurance Required During Construction of Improvements. During the construction period, the Authority <br />is required to carry or cause other persons to carry for its benefit builder's risk insurance in the amount of 100 % <br />of the insurable value of the improvements against physical loss or damage thereto, and bodily injury and property <br />damage insurance. All construction contracts will require the contractor to carry such insurance as will protect the <br />contractor from liability under Indiana Worker's Compensation and Worker's Occupations Diseases Acts. <br />• C -5 <br />
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