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1994-06-21 Minutes
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1994-06-21 Minutes
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• Adjustment Period shall consist of one Rate Period in an Adjustable <br />Long Mode of a duration of one year plus one day. <br />Section 604. Effect of Notices. Failure by the Trustee <br />or the Tender Agent to give any notice, or any defect therein, <br />shall not extend the period for making elections or in any way <br />change the rights of the owners of such Bonds to elect to have <br />their Bonds purchased on any Demand Date or extend the period for <br />making such elections. Any notice mailed as provided herein shall <br />be conclusively presumed to have been given, whether or not the <br />owner of such Bonds receives the notice. <br />ARTICLE VII <br />GENERAL COVENANTS <br />Section 701. Pavment of Principal Premium if any and <br />Interest. Subject to the limited source of payment hereinafter <br />referred to, the Authority covenants that it will promptly pay the <br />principal of, premium, if any, and interest on every Bond issued <br />under this Indenture at the place, on the dates and in the manner <br />provided herein and in said Bonds according to the true intent and <br />meaning thereof. The principal of, and interest and premium, if <br />any, on the Bonds are payable solely from (a) rentals paid pursuant <br />to the Lease (b) moneys and investments held by the Trustee under, <br />• and to the extent provided in, this Indenture and (c) amounts drawn <br />under the Credit Facility. Nothing in the Bonds or in this <br />Indenture shall be considered as assigning or pledging any funds <br />or assets of the Authority (except the moneys and the Lease pledged <br />under this Indenture). <br />Section 702. Performance of Covenants; Legal <br />Authorization. The Authority covenants that it will faithfully <br />perform on its part at all times any and all covenants, <br />undertakings, stipulations and provisions contained in this <br />Indenture, in any and every Bond executed, authenticated and <br />delivered hereunder and in all proceedings of its members <br />pertaining thereto; provided, however, that except for the matters <br />set forth herein relating to payment of the Bonds, the Authority <br />shall not be obligated to take any action or execute any instrument <br />pursuant to any provision hereof until it shall have been requested <br />to do so by the Trustee, or shall have received the instrument to <br />be executed and at the option of the Authority shall have received <br />from the party requesting such execution assurance satisfactory to <br />the Authority that the Authority shall be reimbursed for its <br />reasonable expenses incurred or to be incurred in connection with <br />taking such action or executing such instrument. The Authority <br />represents that it is duly authorized under the Constitution and <br />laws of the State of Indiana, including particularly the Act and <br />the Bond Resolution, to issue the Bonds authorized hereby, to <br />• execute this Indenture, to pledge and to assign the Lease; that all <br />63 <br />
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