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10-82 Issue Hospital Improvement Bonds
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10-82 Issue Hospital Improvement Bonds
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Last modified
5/14/2013 3:04:38 PM
Creation date
8/21/2003 6:59:00 AM
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Office Of Council
Document Type
Ordinances
Date
8/21/2003
Date Adopted
2/16/1982
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be disposed of as provided in the supplemen- <br />tal indenture executed in connection with the <br />issuance of such Parity Obligations and <br />applied in the -manner provided in the evi- <br />dence submitted to the Trustee pursuant to <br />paragraph (c) (I0) of this section." <br /> <br />Section 9. Covenants of the Issuer. The Issuer <br /> <br />hereby covenants with the holders of the Bonds that it shall <br /> <br />comply with and fulfill the covenants of the Issuer set <br /> <br />forth in Section 10 of the Bond Legislation, provided that <br /> <br />said Section 10 is amended in the manner set forth in this <br /> <br />Section 9 in order to make the covenant set forth in the <br /> <br />present clause (a) thereof reflect the issuance of the <br /> <br />Series 1982 Bonds to finance the construction of. the 1982 <br /> <br />Project, and in order to add to the covenant set forth in <br /> <br />the present clause (b) thereof to be observed by the Issuer <br /> <br />for the protection of the holders of the Bonds. According- <br /> <br />ly, Section 10 of the Bond Legislation, which now reads ~n <br /> <br />ims entirety as follows: <br /> <br /> "Section 10. Covenants of Issuer. The <br />Issuer, by the issuance of the Improvement Bonds, <br />shall covenant with the holders of the Bonds and <br />the Trustee (a) that it will promptly and econom- <br />ically construct the Project with the moneys in <br />t]~e Construction Fund, provided that the aggregate <br />cost of the Project will not exceed the moneys <br />available therefor in the Construction Fund; (b) <br />that, within its power so to do, it will at all <br />times prescribe and charge such rates for the <br />services rendered by the Hospital Facilities to <br />the users thereof, or will provide by lease or <br />contract with others for the charging of such <br />rates and the making of payments to the Issuer of <br />rentals or other considerations for the use and <br />operation of the Hospital Facilities, and will so <br />restrict the expenditures of the Issuer for the <br />operation and maintenance of the Hospital Facili- <br />ties, as shall result in Hospital Facilities <br />revenues at least adequate, after meeting such <br />operation and maintenance expenses of the Issuer <br />above provided, to provde for (i) the payment <br />provided by this legislation to be made into the <br />Debt Service Fund, Debt Service Reserve Fund, or <br />other Special Funds; (ii) proper improvement and <br />replacement reserves and (iii) sufficient earnings <br />to permit the issuance of Additional Bonds requir- <br />ed for the construction of necessary or advisable <br />additions, enlargements, replacements, extensions <br />and improvements." <br /> <br />-33- <br /> <br /> <br />
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