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1994-06-21 Minutes
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1994-06-21 Minutes
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completion of construction, and showing the receipts and <br />• disbursements for such period, and the assets and liabilities of <br />the Authority at the expiration of such period. Such financial <br />statements and reports shall be available at all reasonable times <br />for the inspection of any Bondholder or his authorized agent. <br />If the Authority shall fail to obtain and furnish such <br />audit and report, the Trustee .with the written consent of the <br />Credit Facility Issuer shall procure such audit and report, and pay <br />for the same from the Operation and Reserve Fund, unless there are <br />not sufficient funds in said Fund, in which case all moneys paid <br />by the Trustee for such audit and report, together with interest <br />thereon at the highest rate of interest on any of the Bonds when <br />sold, whether or not then outstanding, shall be repaid by the <br />Authority upon demand, and shall constitute an additional <br />indebtedness of the Authority secured by the lien of this <br />Agreement, prior and paramount to the lien hereunder of said Bonds <br />and premium and interest thereon. The Trustee, however, shall not <br />be obligated to obtain such audit and report unless fully <br />indemnified against the expense thereof and furnished with means <br />therefor. <br />(d) On or before the expiration of ninety (90) days <br />after the end of each calendar year, file with the Trustee and the <br />Credit Facility Issuer a certificate signed by its President or <br />Vice President, and its Secretary-Treasurer, stating that all taxes <br />• then due on the Project have been duly paid (unless the Authority <br />shall, in good faith, contest any of said taxes, in which event the <br />facts concerning such contest shall be set forth); also stating <br />that all insurance premiums required by the terms of the Agreement <br />to be paid by the Authority upon the Project have been duly paid. <br />The Authority further covenants that all books, documents <br />and vouchers relating to the properties, business and affairs of <br />the Authority shall at all times be open to the inspection of such <br />accountants or other agents as..the Trustee may from time to time <br />designate. <br />Section 708. Tax Covenants. In order to preserve the <br />exclusion of interest on the Bonds from gross income for federal <br />income tax purposes and as an inducement to purchasers of the <br />Bonds, the Authority represents, covenants and agrees that, to the <br />extent necessary: <br />(a) No person or entity or any combination thereof, <br />other than the Authority or a governmental unit (other than the <br />federal government) will use proceeds of the Bonds or property <br />financed by said proceeds other than as a member of the general <br />public. No person or entity or any combination thereof, other than <br />the Authority or a governmental unit (other than the federal <br />government) will own property financed by Bond proceeds or will <br />have actual or beneficial use of such property pursuant to a lease, <br />• 66 <br />
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