10-82 Issue Hospital Improvement Bonds

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the purchaser or purchasers for the purchase price of the Parity Obligations, and such purchaser or purchasers shall be under no obligation to see to the application thereof. The proceeds of the sale of any of the Parity Obligations shall, however, be held in trust and, except for Parity Obliga- tions issued for the purpose of refunding of outstanding Bonds, disposed of only for the pay- ment of the expenses of the issuance thereof, the payment of interest thereon during the acquisition or construction of the proposed new facilities and the balance paid into the Construction Fund td ~e disbursed for the cost of acquiring or construct- ing the proposed new facilities as provided in this legislation and in the Indenture. The pro- ceeds of Parity Obligations issued for the purpose of refunding outstanding Bonds shall be disposed of as provided in the supplemental indenture executed in connection with the issuance of such Parity Obligations and applied in the -manner provided in the evidence submitted to the Trustee pursuant to paragraph (j) of this section~ is hereby amended to read in its entirety as follows: (a) "Section 8. Additional Bonds. The Issuer shall have the right from time to time to issue Additional Bonds (hereinafter in this Section referred to as "Parity Obli- gations'') for the purpose only of (i) pro- viding any necessary additional funds to complete payment of the costs of constructing any project financed with the proceeds of a prior issuance of Parity Obligations, pro- vided that the aggregate principal amount of any issuance of Parity Obligations for such purpose shall not exceed ten percent (10X) of the aggregate principal amount of such prior issuance of Parity Obligations, (ii) making replacements, extensions and improvements to the Hospital Facilities, or (iii) refunding for any lawful purpose any outstanding Bonds where the retirement of the Bonds thereby to be refunded will be full accomplished not later than during the fifth calendar year next succeeding the calendar year in which such Parity Obligations are issued, which Parity Obligations shall be payable from the special funds hereinabove established and shall be secured by a lien upon the revenues of the Hospital Facilities on a parity with the Bonds then outstanding. (b) As used in this section the following phrases shall have the meanings set forth below: (i) 'Net Annual Income' shall mean one half of the difference resulting by subtract- ing from the aggregate gross income received by the operator of the Hospital Facilities from the operation of the Hospital Facilities during the two complete fiscal years of such operator immediately preceding the date of the -27-