1994-05-17 Resolution 91 - Laserfiche WebLink

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Project in an amount exceeding and 00/100 ., Dollars ($ .00), then by the original purchaser of the Bonds, or if the purchaser is more than one investment house, by the manager of such syndicate; (b) the proposed changes in the plans and specifications will not alter the character of the Project nor reduce the value thereof; and (c) the proposed changes in the plans and specifications will not result in an increase in the cost of construction of said Project exceeding the amount of the uncommitted funds of the Authority on hand which are not required for the completion of the Project in accordance with the plans and specifications adopted prior to the execution of said Lease, interest on the Bonds during the construction period, and the payment of the incidental expenses incurred in connection with said Project. Prior to the completion of the Project in accordance with the provisions of this section, performance of additional construction work or the purchase of equipment not specified in the above - mentioned Lease or incorporated therein by reference to the plans and specifications shall be deemed a change or modification in the plans and specifications subject to the requirements of this Section. • Except for changes made in the plans and specifications pursuant to this Section, 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. 5.14 The Authority covenants that the proceeds from the sale of the Bonds, proceeds received from lease rentals payable according to the Lease, any other amounts received by the Authority in respect to property directly or indirectly financed with any proceeds of such Bonds, and proceeds from interest earned on the investment and reinvestment of such proceeds and amounts, shall not be invested or otherwise used in a manner which would cause such Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code and the Arbitrage Regulations. Any such investment or other use by the Trustee shall comply with Section 148 of the Code and such regulations or rules adopted pursuant to said Section 148, as may be applicable and any restrictions stated in the arbitrage is -27-