92-046 Ordinance - Laserfiche WebLink

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obligations of the Issuer and the Bond Service Charges thereon shall be payable solely from the Revenues, (ii) the payment of the Bond Sen+ice Charges on the Series 1992 Bonds shall be secured by the assignment of and the grant of a security interest in the Revenues and by the Indenture, and (iii) payments due on the Series 1992 Bonds also shall be secured by the Series 1992 Note delivered by the Borrower to the Trustee pursuant to the Agreement. The Series 1992 Bonds shall also be secured by the Guaranty. Notwithstanding anything to the contrary in the Bond Legisladon, any of the Series 1992 Bonds, or the Indenture, the Series 1992 Bonds do not and shall not represent or constitute a debt or pledge of the faith and credit or the taxing power of the Issuer or of the State or any polidcal subdivision, municipality or other local agency thereof. Section 8. Federal Tax Election. This Legislative Authority hereby elects to have the $10 million limitadon specified in Section 144(a)(4) of the Code applied to the Series 1992 Bonds. Section 9. Public Hearing on Project and Prior Issue. This Legislative Authority, following publication of notice, held a public hearing on December 20, 1983 pursuant to and in compliance with, Section 103(k) of the Code (predecessor to Section 147(f)) respecting the Project and the Prior Issue. Section 10. Covenants and Agreements of Issuer. In addition to the other covenants and agreements of the Issuer in this Bond Legislation and the Indenture, the Issuer covenants and agrees that: (a) Arbitrage Provisions and Issuer Informadon Return. The Issuer will restrict the use of the proceeds of the Series 1992 Bonds in such manner and to such extent as may be necessary so that the Series 1992 Bonds will not constitute arbitrage bonds under Section 148 of the Code or its predecessor, to the extent applicable. The Executive or Fiscal Officer, or any other officer having responsibility for the issuance of the Series 1992 Bonds, alone or in conjunction with the Borrower or any officer, employee, agent of or consultant to the Borrower shall give: (i) an appropriate certificate of the Issuer for inclusion in the transcript of proceedings for the Series 1992 Bonds setting forth the reasonable expectations of the Issuer regarding the amount and' use of all of the proceeds of the Series 1992 Bonds, the facts, estimates and circumstances on which they are based and other facts and circumstances relevant to the tax treatment of interest on the Series 1992 Bonds, as provided by the Bonower, all as of the date of delivery of and payment for the Series 1992 Bonds; and (u) the statement setting forth the information required by Secdon 149(e) of the Code, which shall be based on the relevant information provided by the Bonower. -7-