148-02 Water System Mortgage Revenue Bonds

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(¢) the amount needed to redeem by optional redemption on the earliest redemption date for which notice of redemption of the Series 1991 Bonds can be duly given to the Holders thereof in accordance with the Indenture, as determined by the Fiscal Officer ia the Certificate of Award, shall be deposited by the Trustee upon receipt to the credit of the appropriate account of the Bond Fund created by Section 5.06 of the Original Indenture and applied to the optional redemption of the Outstanding Series 1991 Bonds on such earliest redemption date; (d) the amount needed to advance refund the portion of the Series 2002 Notes related to the replacement of water mains in Hilliard Road, as det~mined by the Fiscal Officer ia the Certificate of Award, shall be retained by the Fiscal Officer and deposited to the credit of the appropriate account of the Issuer's Bond Retirement Fund and applied to the payment of such portion of the Series 2002 Notes at their earliest possible date; (e) the amount, if any, provided to pay the purchase price of those Series 1995 Bonds offered by their Holders for purchase pursuant to and in accordance with the Tender Offer Solicitation, and accepted of the Issuer under the terms authorized herein, as determined by the Fiscal Officer in the Certificate of Award, shall be deposited to the credit of the Tender Offer Account of the Bond Fund created in the Second Supplemental Indenture and applied to the payment of such purchase price;. (f) the mount, if any, as determined by the Fiscal Officer ia the Certificate of Award, to purchase of the surety bond to satisfy the Bond Reserve Requirement for the Series 2002 Bonds and, if applicable, the Bond Reserve Requirement for the Series 1995 Bonds pursuant to the Surety Bond Substitution shall be deposited by the Trustee upon receipt to the credit of the appropriate account of Construction Fund in accordance with the written instructions of the Fiscal Officer; and (g) the balance of the proceeds of the Series 2002 Refunding Bonds shall be deposited by the Trustee upon receipt to the appropriate account of the Construction Fund and applied first to pay Financing Costs related to the issuance and sale of the Series 2002 Refunding Bonds and thereafter to any lawful purpose for which moneys in the Construction Fund may be applied. Section 6. Incorporation of the Series 1991 Bond Legislation and Series 1995 Bond Legislation. It is further understood and acknowledged that the Series 2002 Refunding Bonds are being issued pursuant to the terms of the Series 1991 Bond Legislation, the Original Indenture, the Series 1995 Bond Legislation, the First Supplemental Indenture and the Series 2002 Refunding Bond Legislation and are subject to all the terms and conditions of the Series 1991 Bond Legislation,' the Original Indenture, the Series 1995 Bond Legislation and the First Supplemental Indenture, except as such terms and conditions are inconsistent with the terms and conditions of this Series 2002 Refmading Bond Legislation and the Second Supplemental Indenture. All terms, conditions, covenants and warranties contained in the Series 1991 Bond Legislation and the Series 1995 Bond Legislation, including, without limitation, Section 10 thereof, except as otherwise to the contrary provided herein, are incorporated in this Series 2002 Refunding Bond Legislation and shall apply with like force and effect to this Series 2002 Refunding Bonds as if originally made in connection therewith. Section 7. Representations, Warranties and Covenants of Issuer. In addition to other covenants of the Issuer herein, the Issuer, by issuance of the Series 2002 Refunding Bonds, reaffirms and confirms the covenants and agreements contained in the Original Indenture and the First Supplemental Indenture with respect to the Holders of the Series 2002 Refundiag Bonds. The Issuer represents and warrants that it is duly authorized by the Constitution and the laws of the State of Ohio, particularly Article XVIII of the Constitution of Ohio and the Charter, to issue the Series 2002 Refunding Bonds authorized hereby and to execute the Second Supplemental Indenture, and to pledge the Special Funds and the Water Revenue Fund and the Water Reserve Fund in the manner and to the extent in the Indenture set forth. All of the obligations and duties of the Issuer and its officers in its behalf, under the Series 2002 Refunding Bonds, the Series 2002 Refunding Bond Legislation and the Indenture .are hereby established as duties specifically enjoined by law and resulting fi:om an office, trust or station of the Issuer and its officers within the meaning of Section 2731.01, Ohio Revised Code.