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1994-06-21 Minutes
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1994-06-21 Minutes
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Bodily injury insurance in an amount not less than One <br />Million Dollars ($1,000,000) for injuries, including accidental <br />death, to any one (1) person, and in an amount not less than One <br />Million Dollars on account of one (1) accident; and <br />Property damage insurance in an amount not less than Five <br />Hundred Thousand Dollars on account of any one (1) accident and in <br />an amount not less than Five Hundred Thousand Dollars ($500,000) <br />in the aggregate during each policy period, each of which shall be <br />not longer than one year. <br />The Authority further covenants that all contracts-for <br />the construction of said Project will or do require the contractor <br />to carry such insurance as will protect the contractor from <br />liability under the Indiana Workers' Compensation and Workers' <br />Occupational Diseases Acts. Certificates of the insurance coverage <br />required under Subsections (a) and (b) of this section and the <br />preceding sentence shall be furnished to the Trustee and the Credit <br />Facility Issuer. <br />Section 802. The Authority covenants that, after the <br />completion of the Project, it will carry or cause to be carried: <br />(a) Insurance on the Project against physical loss or <br />damage thereto, however caused, with such exceptions as are <br />ordinarily required by insurers of buildings or facilities of a <br />• similar type, which insurance shall be in an amount at least equal <br />to the greater of (i) the option to purchase price under the Lease, <br />or (ii) one hundred percent (100%) of the full replacement cost of <br />the Project as certified by a registered architect, a registered <br />engineer, or a professional appraisal engineer selected by the <br />Authority with the approval of the Trustee, on the effective date <br />of such insurance and on or before April 1 of each year thereafter <br />(such appraisal may be based on a recognized index of conversion <br />factors); provided that such certification shall not be required <br />so long as the amount of such insurance shall be in an amount at <br />least equal to the option to purchase price under the Lease; such <br />insurance may contain a provision for a deductible in an amount not <br />exceeding $25,000; a blanket public institutional property <br />insurance form may be used if: (i) the insurance on the Project <br />is not less than the amount required by this Section 802; (ii) the <br />Commission subordinates its claim for damage or destruction to <br />other buildings or improvements to claims for damage or destruction <br />of the Project; and (iii) the insurance proceeds related to damage <br />to or destruction of the Project are payable to the Trustee; and <br />(b) Rent or rental value insurance in an amount least <br />equal to the full rental value of the Project for a period of two <br />(2) years against physical loss or damage of the type insured <br />against under Section 802 (a) above; and <br />~~ <br />72 <br />
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