1991-080 - Laserfiche WebLink

Home Browse Search

of the United States of America as the Underwriter may designate; (G) On the date of acceptance hereof and on the Closing Date, except as disclosed in the Official Statement, no action, suit, proceedings, or investigation is or will be pending or, to the knowledge of the Issuer, threatened against the Issuer (i) in any way affecting the existence of the Issuer or in any way challenging the respective powers of the several offices of the officials of the Issuer or the titles of the officials holding their respective offices; or (ii) seeking to restrain or enjoin the issuance or delivery of any of the Bonds, or the collection of the Gross Revenues, the Racetrack Funds and Jai Alai Fronton Funds, and the Sales Tax (all as defined in the Resolution) or in any way contesting or affecting the validity or enforceability of the Instruments or the Bonds, or contesting in any way the completeness or accuracy of the Official Statement, or contesting the powers of the Issuer or its authority with respect to the Instruments or the Bonds; (iii) questioning or affecting the validity of any of the proceedings relating to the authorization, sale, execution, issuance or delivery to the Underwriter of the Bonds; or (iv) in which a final adverse decision would (a) materially adversely affect the ability of the Issuer to issue the Bonds or (b) declare any of the Instruments or the Bonds to be invalid and unenforceable in whole or in material part; (H) The Bonds, when delivered and sold to the Underwriter as provided herein, will have been duly authorized and executed and will constitute validly issued and binding obligations of the Issuer in conformity with, and entitled to the benefit and security of, the Act and the Resolution; (I) The Instruments are in full force and effect; (J) The Issuer has good and lawful authority to manage and operate the Sandridge Golf Course facility (the "Project") and to establish and collect the Gross Revenues and to perform all of its obligations under the Resolution; (K) From the time of the Issuer's acceptance hereof through the Closing Date, except as described in the Official Statement, the Issuer will not have incurred any material liabilities, direct or contingent, or entered into any material transaction with respect to its operations and there shall not have been any material adverse change in the condition, financial or physical, of the Issuer other than changes in the ordinary course of business or in the normal operation of the facilities operated by the Issuer; and 5