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1994-06-21 Minutes
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1994-06-21 Minutes
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action on its part for the issuance of the Bonds and the execution <br />and delivery of this Indenture has been duly and effectively taken; <br />and that the Bonds in the hands of the owners thereof as shown on <br />the Bond Register are and will be valid and enforceable obligations <br />of the Authority according to the import thereof. Anything <br />contained in this Indenture to the contrary notwithstanding, it is <br />hereby understood that none of the covenants of the Authority <br />contained in this Indenture are intended to create a general or <br />primary obligation of the Authority. <br />Section 703. Ownership; Instruments of Further. <br />Assurance. The Authority represents that the pledge and assignment <br />of the Lease to the Trustee and the Credit Facility Issuer hereby <br />made are valid and lawful. The Authority covenants that, except <br />as to that part of the Project which may hereafter be acquired by <br />it, the Authority has heretofore acquired the Project, subject only <br />to Permitted Encumbrances, as defined in the Lease, and such other <br />encumbrances as shall be permitted by the Trustee, and has good <br />right, full power and lawful Authority to make this Agreement and <br />to pledge the lease rentals of the Project as herein provided, and <br />that it has and will preserve all of its interest in all such <br />property, subject to Permitted Encumbrances, as such term is <br />defined in the Lease, and such other encumbrances as shall be <br />permitted by the Trustee, and will warrant and defend the same to <br />the Trustee against the claims of all persons whatsoever. The <br />Authority covenants that it will do, execute, acknowledge and <br />• deliver or cause to be done, executed, acknowledged and delivered, <br />such indentures supplemental hereto and such further acts, <br />instruments and transfers as the Trustee or the Credit Facility <br />Issuer may reasonably require for the better assuring, <br />transferring, mortgaging, conveying, pledging, assigning and <br />confirming unto the Trustee, the Lease and all payments thereon and <br />thereunder pledged hereby to the payment of the principal of, and <br />premium, if any, and interest on, the Bonds and amounts owed to the <br />Credit Facility Issuer. <br />Section 704. Pavment of Taxes. The Authority covenants <br />that it will promptly, and before they .shall become delinquent, pay <br />or cause to be paid all lawful taxes, charges and assessments at <br />any time levied or assessed upon or against the Project, or any <br />part thereof, or upon the use of the same, or upon the income or <br />profits thereof, and all license fees, franchise taxes and other <br />like statutory charges; provided, however, that no such tax, charge <br />or assessment shall be required to be paid so long as the validity <br />of the same shall be in good faith contested by the Authority; <br />further, that it will not suffer any lien or charge to be enforced <br />or to exist against the Project or any part thereof, or upon the <br />Lease and the rentals paid thereunder or any moneys held in Trust <br />by the Trustee pursuant to the terms of this Indenture, except the <br />lien and charge to secure the Bonds and to secure the Credit <br />Facility Issuer upon such Lease and moneys, and except for <br />Permitted Encumbrances, as such term is defined in the Lease, and <br />• <br />64 <br />
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