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1994-06-21 Minutes
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1994-06-21 Minutes
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after the redemption of the Bonds and payments of all amounts owed <br />• to the Credit Facility Issuer. <br />Section 712. Valid and Binding Lease. The Authority <br />covenants that it has entered into a valid and binding Lease of the <br />Project to the Commission, and that a full, true and correct copy <br />of said Lease is on file with the Trustee. The Authority covenants <br />further that it will bring suit to mandate the governing board or <br />officials of the Lessee to levy a tax to pay the rental provided <br />in said Lease, or take such other action to enforce the Lease as <br />is reasonably requested by the Trustee, if such rental is more than <br />thirty (30) days in default. The Authority further covenants that, <br />upon the receipt by the Trustee of the proceeds of the Bonds <br />secured hereby, it will forthwith proceed to construct the Project <br />in accordance with such plans and specifications referred to in <br />said Lease, and will complete such construction with all expedition <br />practicable in accordance with the plans and specifications, <br />together with such changes therein as may be authorized by the <br />Authority pursuant to this Section. The Authority further <br />covenants that it will- not authorize, approve or permit any changes <br />to be made in such plans and specifications unless all of the <br />following conditions exist: <br />(a) the proposed changes in the plans and specifications <br />are approved in writing by the South Bend Redevelopment Commission, <br />as Lessee, and, such proposed changes, together with all other <br />• changes previously made, will not increase the original cost of the <br />Project in an amount exceeding and 00/100 <br />Dollars ($ .00); <br />(b) the proposed changes in the plans and specifications <br />will not alter the character of the Project nor reduce the value <br />thereof; and <br />(c) the proposed changes in the plans and specifications <br />will not result in an increase in the cost of construction of said <br />Project exceeding the amount of the uncommitted funds of the <br />Authority on hand which are not required for the completion of the <br />Project in accordance with the plans and specifications adopted <br />prior to the execution of said Lease, interest on the Bonds during <br />the construction period, and the payment of the incidental expenses <br />incurred in connection with said Project. <br />Prior to the completion of the Project in accordance with <br />the provisions of this section, performance of additional <br />construction work or the purchase of equipment not specified in the <br />above-mentioned Lease or incorporated therein by reference to the <br />plans and specifications shall be deemed a change or modification <br />in the plans and specifications subject to the requirements of this <br />Section. <br /> <br />69 <br />
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