1988-001SWDD - Laserfiche WebLink

Home Browse Search

I c The foregoing conditions shall not apply with respect to Additional Parity Bonds the proceeds of which will be used to complete a project a substantial portion of the cost of which has been or will be paid out of the proceeds of Bonds issued hereunder. Each resolution authorizing the issuance of Additional Parity Bonds shall recite that all of the covenants herein contained will be applicable to such Additional Parity Bonds. Additional Parity Bonds may not be issued hereunder at any time at which the District is in default in performing any of the covenants and obligations assumed hereunder, or all payments herein required to have been made into the accounts and funds, as provided hereunder, have not been made to the full extent required. R. COMPLETION OF 1988 PROJECT. The District will complete the 1988 Project in an economical and efficient manner and as soon as practicable. S. MANAGER OF FACILITIES. The District in operating the System will employ a manager of demonstrated ability and experience and will require all employees who may have possession of moneys derived from operation of the System to be covered by a fidelity bond written by a responsibility indemnity company in an amount sufficient to protect the District from loss. T. USE OF FACILITIES. The District will, to the full extent permitted by law, require persons within the limits of the District who can use the System to utilize the same and to cease the use of all other means and methods similar to the System. U. ARBITRAGE. No use will be made of the proceeds of the Bonds or the funds on deposit hereunder, from time to time, which, if reasonably expected on the date of issuance of the Bonds, would cause the Bonds to be "arbitrage bonds" within the meaning of the Internal Revenue Code of 1986, as amended as of the date of issuance of the Bonds (the "Code"). The District at all times while the Bonds are outstanding or any interest or redemption premium with respect thereto remains unpaid will comply with the requirements of Section 148 of the Code and any valid and applicable rules and regulations promulgated thereunder. V. FUNDS AND ACCOUNTS. The designation and establishment of the various funds and accounts created herein does not require the establishment of any completely independent, self - balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets as provided herein. W. POWER TO ISSUE BONDS AND PLEDGE PLEDGED FUNDS. The District is duly authorized under all applicable laws to create and 23