106-83 Bonds for Hospial - Laserfiche WebLink

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Service Fund pursuant to the Bond Legislation and the Indenture, and will furnish an annual audit made by the Auditor. Section 11. Indenture. In order better to secure the payment of Bond Service Charges, there shall be executed, acknowledged, and delivered (after approval as to the form and correctness thereof by the Legal Officer) by the Executive, the Fiscal Officer and the President of the Board of Trustees of the Lakewood Hospital, in the name and on behalf of the Issuer, an Indenture in substantially the form on file with the Clerk, which is hereby approved, with such changes therein not inconsistent with this Bond Legislation and not substantially adverse to the Issuer as may be approved by the officers executing the same on behalf of the Issuer. The approval of such changes by said officers, and that such are not substantially adverse to the Issuer, shall be conclusively evidenced by the execution of the Indenture by such offi- cers. This Bond Legislation shall constitute a part of the Indenture as therein provided and for all purposes of said Indenture, including, without limitation thereto, application to this Bond Legislation of the provisions in the Indenture relating to amendment, modification, supplementation and severability, and including those provisions reflecting the public purposes for which the Series 1983 Bonds are to be issued. Section 12. Letter of Credit~ Reimbursement Agreement~ and Security Agreement. In order to enable the Issuer to obtain the Letter of Credit and thereby secure the payment of Bond Service Charges as the same shall become due and payable, the Executive, the Fiscal Officer and the President of the Board of Trustees of the Lakewood Hospital are hereby authorized and directed, in the name and on behalf of the Issuer, to execute and deliver (after approval as to the form and correctness thereof by the Legal Officer) the Reimbursement Agreement, which shall provide for reimbursement to the Bank by the City on demand of any amounts drawn under the Letter of Credit and other amounts owing to the Bank under the Letter of Credit and shall further provide that amounts owing to the Bank thereunder shall bear interest from the date incurred at a rate equal to the Prime Rate plus two percent (2%) per annum, and the Security Agreement, pursuant to which the Issuer shall secure its obligations under the Reimbursement Agreement by a pledge of the Available Net Revenues. The Reimbursement Agreement and the Security Agreement shall be substantially in the respective forms on file with the Clerk, which are hereby approved with such changes therein not inconsistent with this Bond Legislation and not substantially adverse to the Issuer as may be approved by the officers executing the same on behalf of the Issuer. The approval of any such changes and the determination that such changes are not substantially adverse to the Issuer shall be conclusively evidenced by the execution of the Reimbursement Agreement and the Security Agreement by such officers. -30-