2015-094 - Laserfiche WebLink

Home Browse Search

SECTION 11. ADDITIONAL COVENANTS. In addition to the covenants and restrictions provided in the Original Resolution, so long as the Series 2015 Note is outstanding, the Issuer hereby agrees to the following additional covenants and restrictions: (A) The County agrees to reimburse the Noteholder (or its agent, receiver, trustee or other representative) for all reasonable legal and collection costs in connection with the exercise of the Noteholder's remedies or the collection of payments on the Series 2015 Note upon the occurrence of an Event of Default under the Bond Resolution. (B) The County agrees to notify the Noteholder promptly if an Event of Default under the Bond Resolution should occur. (C) The failure to pay principal of or interest on any Bonds, including the Series 2015 Note, or the violation of any covenant contained in the Bond Resolution shall constitute an event of default under the Bond Resolution pursuant to which the Noteholder shall be entitled to pursue remedies as set forth in Section 17(L) of the Original Resolution. The County agrees that no other Bonds outstanding under the Bond Resolution shall contain a right to accelerate payment of amounts due with respect thereto unless a similar right is also granted to the Noteholder. (D) The County agrees to provide to the Noteholder, at no cost to the Noteholder, (i) within 180 days of the end of the County's Fiscal Year, a copy of its audited financial statements; (ii) its annual operating budget (if requested by the Noteholder), and (iii) such other financial information as the Noteholder shall reasonably request. SECTION 12. TRANSFER OF THE SERIES 2015 NOTE. The transfer of the Series 2015 Note shall be only in denominations of $100,000, and shall be restricted to Permitted Lenders. A "Permitted Lender" shall mean any bank, trust company, savings institution, finance or leasing company, or insurance company that is engaged as a regular part of its business in making loans and is authorized to do business in the State. SECTION 13. GENERAL AUTHORITY. The members of the Board of County Commissioners of the County and the officers, attorneys and other agents or employees of the County and the Clerk are hereby authorized to do all acts and things required of them by this Supplemental Resolution or the Original Resolution, or desirable or consistent with the requirements hereof or the Original Resolution, for the full punctual and complete performance hereof or thereof. Each member, employee, attorney and officer of the County is hereby authorized and directed to execute and deliver any and all papers and instruments and to be and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated hereunder. The Chairman and/or the Clerk are hereby authorized to execute such tax forms or agreements as shall be necessary to effect the transactions contemplated hereby. SECTION 14. ORIGINAL RESOLUTION TO CONTINUE IN FORCE. Except as herein expressly provided, the Original Resolution and all the terms and provisions thereof, including M