Laserfiche WebLink
M.V. Ord. 85-23 <br />12 <br />(i) to the Bond Fund created by the Indenture, <br />any accrued interest paid by the Original Purchaser; and <br />(ii) to the Project Fund created by the Indenture, <br />the balance of the proceeds of the Project Bonds. <br />Section 7. Security for the Bonds. To the extent <br />provided in, and except as otherwise permitted under the <br />Indenture, the Bonds shall be equally and ratably payable solely <br />from the Revenues and shall be secured by an assignment of <br />certain of, and a grant of a security interest in certain of the <br />Revenues, and by the Indenture. The Bonds also shall be secured <br />by the Notes qiven by the Company to the Trustee pursuant to the <br />Agreement and by the Mortgage, and the Project Bonds shall be <br />secured by the Letter of Credit. <br />Anything in this Bond Legislation, the Bonds or the <br />Indenture to the contrary notwithstanding, neither this <br />Ordinance, the Bond, the Indenture nor the Purchase Agreement <br />shall constitute a debt or a pledge.of the faith and credit of <br />the Issuer, the State or any political subdivision thereof, and <br />the Bonds are payable solely from the Revenues, and the Bonds <br />shall contain a statement to such effect. Nothing herein or in <br />the Indenture, however, shall be deemed to prohibit the Issuer, <br />of its own volition, from using to the extent that it is <br />authorized by law to do so, any other resources for the <br />fulfillment of any of the terms, conditions or obligations of <br />the Indenture, the Bond Legislation or any of the Bonds. <br />Section 8. Covenants and Agreements of Issuer. In <br />addition to the other covenants and agreements of the Issuer in