34-70 Revenue bonds to improve hospital

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restrict t!~: c×],cnditurcs of the Issue~- for tho ol;cration ~u~d mr~J~ Hospitll ]"utilities, ~s shall result ~n t~ospital Faciliti(:s rcven~ adequ:itu, ~I'tcr lnuetin~] such oI, era%~on and m~intcn;~nce expens~,s o. above provided, to provide for (i) the p:~5~;~ent provid~d by this 1, be ]:~ade into thc Debt Service Fund, Debit Service Reserve Fund~ o~ other ~;peci~l F~u]:is; (ii) proper improvement ~:nd replacement ruses'yes and (iii)~suf~ficicut uurnin;~s to pe:~'::it the issu[:nce of Additional bonds required for t?~e construc- tion of necess~y or advisable additions, enlargements, replacements, extensions and i:nprovemcnts. ~t cn'.ulcc of thc [~i:;l::tion to Section ll. The Indenture, In order to secure the payment of the principal of a~ud interest on the Bonds as the same shall become due and the 3£xecutive and the Fiscal Officer of the Issuer are hereby authorized and directed in its name and on its beh~_!f to make, execute, ackno:.~'ledge and deliver to the Trustee, in trust for the purchasers and subsequent holgcrs of the Bonds) a good and sufficient Indenture constituting a prior pledge of and !iez upon the Pledged Revenues for so long as any of such Bonds shall remain outstan.di~u and unpaid in such form and containing such terms, covenants and. conditions not inconsistent with this resolution as shall be approved by the Original Purchaser of the Improvement ~ Bonds and by the Legal Officer. ~ / Provision shall be made therein that, in case the Issuer shall be 'in default in the payment of any Bonds or interest thereon, or in default for more than 30 days in m~ng any other pa~nnent required by this legislatibn~ the Indentu~'e or the Bonds or for more than 60 days in performing any of the covenants or requirements of the Indenture, the Bonds, or of this legislation~ the Trustee may elect to, and upon request of the owners or holders of 25 percent in a~ount of the outstanding Bonds shall, declare the entire a~....ount of outstanding Bonds due and payable, and proceed to enforce the Indenture; ]~ut such provision shall be subject to the condition that~ if at any time within six months after the principal of said Bonds shall have been so declared due and payable, e_ll sums payable' under the Indenture, except the princip-~l of Bonds thereby secured which have not reached their maturity dates, shall have been duly paid and all existing defaults shall have been made good, then and in eve~7 such case such payment shall constitute a waiver of such default and. its consequences and an automatic rescission and annulment of such decl~-ation; but no such waiver shall extend to or affect any sub- sequent default nor impair any rights consequent thereon. The Indenture shall contain covenants ~nd provisions as to remedies of the Trustee and bondholders; and shall provide for the appointment of a receiver with powers customary in general equity cases to operate the Hospital Facilities, and to .apply the revenues thereof to the payment of the Bonds and interest thereon, in accordance ~ith this legislation, the Bonds, and the Indenture, in event of litigaticn involving the operation or administration of the Hospitu! Facilities or default by the issuer in perfo~.~.nce of the te~ur, s and conditions of this le~,islation, the Bonds, or the Indenture. The Indenture shall contain covenants by the Issuer that: (a) It will segregate the Pledged Revenues from all other funds of thc Issuer, will keep or cause to be kept proper - 13 -