1982-061 - Laserfiche WebLink

Home Browse Search

. ,.� ,F , 4b product, services and facilities of the System and apply the same as herein provided, or reduce the number of such Bonds and Notes the written consent of the holders of which are required by this Section for such modification or'amendment, without the consent of the holders of all such Bonds and Notes. 4.02 Creation of Superior Liens. The Issuer covenants that it will not issue any other Bonds, certificates or obliga- tions of any kind or nature or create or cause or permit to be created any debt, lien, pledge, assignment or encumbrance or charge payable from or enjoying a lien upon the Gross Revenues ra„;ing prior and superior to the lien created by this Instrument for the benefit of the holders of the Bonds and the Notes. 4.03 Arbitrage. No use will be made of the proceeds of the Bonds, the Notes or the Gross Revenues which will cause the Bonds or. the Notes to be "arbitrage bondst'within the meaning of the Internal Revenue Code. The Issuer at all times while the Bonds, the Notes and the interest thereon are outstanding will comply with the requirements of Section 103(c) of the Internal Revenue Code and any valid and applicable rules and regulations of the Internal Revenue Service issued thereunder. 4.04 Defeasance. If, at any time, the Issuer shall have paid, or shall have made provision for payment of, the principal, interest and redemption premiumis, 1f any, with respect to the Bonds and the Notes, then, and in that event, the pledge of and lien on the Gross Revenues in favor of the holders of the Bonds and the Notes shall be no longer in effect. For purposes of the preceding sentence, deposit by the Issuer of direct obliga- tions of, or obligations the principal of and interest on which are guaranteed by, the United States of America, none of which shall be redeemable prior to maturity at the option of the obligor (collectively, the "Government Securities"), or bank certificates of deposit fully secured as to principal and interest by Government Securities (or deposit of any other securities or investments which may be authorized by law from time to time and sufficient under such law to effect such a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the holders of the Bonds and the Notes, in an aggregate prin- cipal amount which, together with interest to accrue thereon, will be sufficient to make timely payment of the principal of and redemption premiums, if any, and interest on the Bonds and the Notes in accordance with their terms, the paying agents' fees and expenses with respect thereto and any other expenses occasioned by escrow arrangements or provision for redemption, shall be con- sidered "provision for payment. Nothing herein shall be deemed to require the Issuer to call any of the outstanding Bonds or -20-