85-128 Ordinance - Laserfiche WebLink

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Section 8(b). Rebate Fund. There is hereby created by the Issuer and ordered maintained, as a separate deposit account in the custody of the Trustee, a trust fund designated "City of North Olmsted, Ohio - Don F. Schmidt, Doris L. Schmidt, Alan R. Kaserman and Pauline H. Kaserman Rebate Fund (hereinafter called trie "Rebate Fund"). Such Rebate Fund shall not be subject to the lien or encumbrance of the Indenture, but shall be held as in trust, for the benefit of the United States of America, and shall be subject to the claim of no other person including that of the Bondholders. Any moneys deposited therein accordance with the provisions of Section 5A.03 of the Indenture shall be used for no other purpose than payments to the United States Treasury, at the time and in the manner and amount specified in such Section 5A.03. Section 9. Covenants of Issuer. In addition to other covenants of the Issuer in the Bond Legislation and the Indenture, the Issuer further covenants and agrees as follows: (a) Payment of Bond Service Charges. The Issuer will, solely from the sources herein provided, pay or cause to be paid the Bond Service Charges on the Bonds on the dates, at the places and in the manner provided herein and in the Bonds. (b) Performance of Covenants, Authority and Actions. The Issuer will at all times faithfully observe and perform all agreements, covenants, undertakings, stipulations and provisions contained in the Boncl Legislation, the Aqreement, the Bond Purchase Agreement, the Indenture and the Bonds, and required therein to be observed and performed by the Issuer. The Issuer warrants and covenants that it is, and upon delivery of the Bonds will be, duly authorized by the Constitution and laws of the State, including parti- cularly and without limitation the Act, to issue the Bonds, to execute the Indenture, the Bond Purchase Agreement, the Agreement and the assignment of the Note, and to provide the security for payment of the Bond Service Charges in the manner and to the extent herein and in the Indenture set forth; that all actions on its part for the issuance of the Bonds and execution and delivery of the Indenture, the Bond Purchase Agreement, the Agreement and the assignment of the Note, have been or will be duly and effectively taken; and that the Bonds will be valid, binding and enforceable special obligations of the Issuer according to the terms thereof. Each provision of the Bond Legislation, Indenture, the Bond Purchase Agreement, the Agreement and the Bonds is binding upon each such officer of the Issuer as may from time to time have the authority under law to take such actions as may be necessary to perform all or any part of the duties required by such provision; and each duty of -16-