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1994-06-21 Minutes
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1994-06-21 Minutes
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• payable on obligations of states and their instrumentalities and <br />political subdivisions, to the effect that the proposed investment <br />will not cause the Bonds to be classified as "arbitrage bonds" <br />within the meaning of Section 148 of the Code. <br />Without limiting the generality of the foregoing, the <br />Authority agrees that there shall be paid from time to time all <br />amounts required to be rebated to the United States pursuant to <br />Section 148(f) of the Code. This covenant shall survive payment <br />in full or defeasance of the Bonds. <br />Notwithstanding any provision of this Section, if the <br />Authority shall provide to the Trustee an opinion of nationally <br />recognized Bond counsel to the effect that any action required <br />under this Section is no longer required, or to the effect that <br />some further action is required, to maintain the exclusion from <br />gross income of the interest on the Bonds pursuant to Section 103 <br />of the Code, the Authority may rely conclusively on such opinion <br />in complying with the provisions hereof. <br />Section 709. No Guarantees. The Authority covenants <br />that it will not guarantee, endorse or otherwise become surety for <br />or upon the indebtedness of others except by endorsement of <br />negotiable instruments for deposit or collection in the ordinary <br />course of business, and that it will not sell its accounts <br />receivable. <br />• Section 710. No Encumbrances. The Authority covenants <br />that it will not acquire any property, real or personal, subject <br />to an existing mortgage or other encumbrance, except as permitted <br />by Sec. 5.11. <br />Section 711. No Additional Indebtedness. The Authority <br />covenants that it will not incur any indebtedness secured by this <br />Indenture other than the Bonds unless the Credit Facility consents <br />thereto and either (a) the Project cannot be completed without <br />unreasonable delay which would threaten a default in the payment <br />of principal or interest on the Bonds without such additional <br />indebtedness, and such additional indebtedness is payable only from <br />the Operation and Reserve Fund (to the extent that such Fund is not <br />needed to pay necessary incidental expenses of the Authority or to <br />otherwise pay the principal of and the interest on the Bonds) and <br />from property and income of the Authority remaining or received <br />after all Bonds authorized herein have become due and payable and <br />sufficient funds have been provided to pay all principal and <br />interest due on such Bonds and all fees of the Trustee then due and <br />payable, or (b) such additional indebtedness is payable solely from <br />income of the Authority other than the rental payments provided for <br />in the Lease as long as any of the Bonds are outstanding. This <br />section shall not be construed to prohibit the issuance of <br />refunding Bonds and the pledging of lease rentals to be received <br />• <br />68 <br />
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