1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

• such other encumbrances as shall•be permitted by the Trustee and the Credit Facility Issuer; that it will not commit or suffer any waste of said property; and that it will at all times, directly or through other appropriate governmental entities, operate the property and keep and maintain said property and all buildings, structures, apparatus and appurtenances thereon or thereof in good repair, working order and condition, and will from time to time make, or cause to be made, all needful and proper. repairs, renewals and replacements. Section 705. Compliance with Laws. The Authority covenants that until all indebtedness secured by this Agreement is fully paid, it will faithfully observe and comply with the terms of all applicable laws and ordinances of-the State of Indiana and any political or municipal subdivision thereof. Section 706. Failure to Pay Taxes. If the Authority should at any time fail to pay in apt season any tax, assessment or other charge upon the Project, or any part thereof, or fail to pay promptly when payable any license fee, franchise or corporation tax, or like statutory charge, the Trustee may, without obligation to inquire into the validity thereof, pay such tax, assessment, fee or other charge, but without prejudice to the rights of the Trustee arising hereunder in consequence of such default, and the amount of every payment so made at any time by the Trustee, with interest thereon at the highest rate of interest on any one of the Bonds • when sold, whether or not then outstanding, from the date of payment, shall constitute an additional indebtedness of the Authority secured by the lien of this Agreement, prior or paramount to the lien hereunder of any of said Bonds and the premium and interest thereon. Section 707. Books and Records. The Authority covenants that proper books of record and account will be kept in which full, true and correct entries will be made of all dealings or transactions of or in relation to the properties, business and affairs of the Authority, and that it will: (a) At such times as the Trustee or the Credit Facility Issuer shall reasonably request, furnish statements in reasonable detail showing the earnings, expenses and financial condition of the Authority. (b) From time to time furnish to the Trustee and the Credit Facility Issuer such information as to the property of the Authority as the Trustee shall reasonably request. (c) On or before the expiration of one hundred twenty (120) days after the Affidavit of Project Completion is filed with the Trustee pursuant to Section 302, furnish to the Trustee a full audit and report, certified by independent certified public accountants, covering the operations of the Authority to the • 65