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Parity Obligations will recite that all of the covenants herein <br />contained will be applicable to such Additional Parity Obligations. <br />(4) The Issuer shall not be in default in performing any <br />• <br />of the covenants and obligations assumed hereunder., and all pay- <br />ments herein required to have been made into the accounts and <br />funds, as provided hereunder, shall have been made to the full <br />extent required. <br />0® <br />(5) The Issuer covenants that it will not issue Designated <br />Maturity Bonds (as defined in Subsection 2 K(2)(ii) hereof) as <br />Additional Parity Obligations as long as Bonds insured by a <br />Municipal Bond Insurer remain outstanding unless (i) the Issuer <br />obtains the consent of such Municipal Bond Insurer to such <br />issuance, which consent shall not be unreasonably withheld or (ii) <br />the Issuer. covenants at the time of issuanc, of such Designated <br />Maturity Bonds either to establish a credit facility which insures <br />payment of the principal of such Bonds on the date of maturity <br />thereof or to refund such Bonds, in either case at a date not later <br />than five years preceding the stated maturity thereof. The <br />foregoing covenant relating to Designated Maturity Bonds shall also <br />apply to any installments of bonds originally issued under this <br />Resolution after the initial installment, which are not required to <br />meet the above stated parity test. <br />K. ARBITRAGE. No use will be made of the proceeds of <br />the Bonds which, if such use were reasonably expected on the date <br />of issuance of the Bonds, would cause the same to be "arbitrage <br />bonds" within the meaning of the Internal Revenue Code of 1954. <br />The Issuer at all times while the Bonds and the interest thereon <br />are outstanding will comply with the requirements of Section <br />103(c) of the Internal Revenue Code of 1954 and any valid and <br />applicable rules and regulations promulgated thereunder. <br />L. PAYMENT FROM SALES TAX AND INVESTMENT INCOME. The <br />Issuer will duly and punctually pay or cause to be paid from the <br />Sales Tax and the Investment Income, the principal of, and interest <br />and premium, if any, on the Bonds. <br />-38- <br />