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1994-06-21 Minutes
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1994-06-21 Minutes
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• such other encumbrances as shall•be permitted by the Trustee and <br />the Credit Facility Issuer; that it will not commit or suffer any <br />waste of said property; and that it will at all times, directly or <br />through other appropriate governmental entities, operate the <br />property and keep and maintain said property and all buildings, <br />structures, apparatus and appurtenances thereon or thereof in good <br />repair, working order and condition, and will from time to time <br />make, or cause to be made, all needful and proper. repairs, renewals <br />and replacements. <br />Section 705. Compliance with Laws. The Authority <br />covenants that until all indebtedness secured by this Agreement is <br />fully paid, it will faithfully observe and comply with the terms <br />of all applicable laws and ordinances of-the State of Indiana and <br />any political or municipal subdivision thereof. <br />Section 706. Failure to Pay Taxes. If the Authority <br />should at any time fail to pay in apt season any tax, assessment <br />or other charge upon the Project, or any part thereof, or fail to <br />pay promptly when payable any license fee, franchise or corporation <br />tax, or like statutory charge, the Trustee may, without obligation <br />to inquire into the validity thereof, pay such tax, assessment, fee <br />or other charge, but without prejudice to the rights of the Trustee <br />arising hereunder in consequence of such default, and the amount <br />of every payment so made at any time by the Trustee, with interest <br />thereon at the highest rate of interest on any one of the Bonds <br />• when sold, whether or not then outstanding, from the date of <br />payment, shall constitute an additional indebtedness of the <br />Authority secured by the lien of this Agreement, prior or paramount <br />to the lien hereunder of any of said Bonds and the premium and <br />interest thereon. <br />Section 707. Books and Records. The Authority covenants <br />that proper books of record and account will be kept in which full, <br />true and correct entries will be made of all dealings or <br />transactions of or in relation to the properties, business and <br />affairs of the Authority, and that it will: <br />(a) At such times as the Trustee or the Credit Facility <br />Issuer shall reasonably request, furnish statements in reasonable <br />detail showing the earnings, expenses and financial condition of <br />the Authority. <br />(b) From time to time furnish to the Trustee and the <br />Credit Facility Issuer such information as to the property of the <br />Authority as the Trustee shall reasonably request. <br />(c) On or before the expiration of one hundred twenty <br />(120) days after the Affidavit of Project Completion is filed with <br />the Trustee pursuant to Section 302, furnish to the Trustee a full <br />audit and report, certified by independent certified public <br />accountants, covering the operations of the Authority to the <br />• <br />65 <br />
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