1982-061 - Laserfiche WebLink

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OW . , . (a) It is in compliance with all covenants and under- takings in connection with all of its Bonds and Notes then out- standing, and the debt service reserve for such Bonds has been fully established; (b) It will, in the event of sale, apply the proceeds to either (1) redemption of outstanding Bonds or Notes in accor- dance with the provisions governing repaymc--t of Bonds or Notes in advance of maturity, or (2) replacement of the facility so disposed of by another facility, the revenues of which shall be incorporated into the System as hereinbefore provided; (c) It is certified, prior to any abandonment of use, that the facility to be abandoned is no longer economically feasible of producing Net Revenues; and (d) It is certified that the estimated Net Revenues of the remaining System facilities for the next succeeding Fiscal Year, plus the estimated Net Revenues of the facility, if any, to be added to the System, satisfy the earnings test hereinbefore provided in this subsection governing issuance of additional parity Bonds. (L) Insurance on System. The Issuer shall carry at least the following insurance coverage to the extent deemed necessary by the Issuer's Attorney: (1) Fire and extended coverage on the insurable por- tions of the System, in amounts sufficient to provide for not less than full. recovery whenever a loss from perils insured against does not exceed 80% of the full insurable value of the damaged facility; and flood damage insurance shall be carried to the full insurable value, as recommended by consulting engineers, of all property of the System which may be subject to flood damage and shall be situated in flood plain area. (2) Public liability insurance relating to the opera- tion of the System, with limits of not less than $100,000 for one person and $300,000 for more than one person involved in one accident, to protect the Issuer from claims for bodily injury and/or death, and not less than $10,000 for claims for damage to property of others which may arise from the Issuer's operation of the System. (3) If the Issuer owns or operates a vehicle in the operation of the System, vehicular public liability insurance with limits of not less than $100,000 for one person and $300,000 for more than one person involved in one accident to protect the -16-