Agmt15 Raymond James and Assoc. Port of RWC sale of refunding bonds

Browse Search

(b) tf so provided in the applicable Supplemental lndenture and in the written agreement between the Port and a credit provider,a Repayment Obligation(other than a Repayment Ubligation with respect to a credit facility on deposit in the Reserve Fund or any Parity Reserve Fund) may be accorded the status of an obli�etion payable from the Net Revenues on a parity with the Bonds solely for purposes of securin�such Repayment Obligation under this lndenture;provided, that such RepaymentObligation meet the conditionsand requirementsof Section 2.2(c)hereof(with reference to Bonds beinb construed to mean Parity Repayment Obligation�,as appropriate,and eny provision not applicable to Parity Repayment Obligations beina disregarded) at the time of entering into such Repayment Oblig�tion. ARTICLE lI THE BUNDS Scction 2.1. nuthorization of Bonds. The Aonds in an unlimited principal amount are hereby authorized to be issued by the Port at any time under and subject to the terms hereof in order to �noncc or refin�nce the acquisition,cot�struction.or improvementof Projects. Section 2.2. Conditions for the Issuance of t3onds. "The Port may at any time issue a 5eries of the Bonds payeble from the Net Revenues and secured by a lien and charge upon the Net Revenues equal to and on a parity with the lien and charge securing the Outstanding Bonds,the Contracts,and the Parity Repayment Obligations,but only subject to the following specific conditions,which are hcreby made conditions precedent to the issuance of any such Series of the Bonds: (a) The Pon shall be in compliancewith all agreements,conditions�covenantsand terms contained herein and in all Supplemental Indentures,Contracts,and agreements creatin�Parity Repayment Obligations required to be observed or performed by it,and a Ce�tificate of the Port to that ef�'ect shall have been filed with the Trustee(this condition shall not apply where the purpose of the Series of Bonds proposed to be issued is to cure any such non-compliance). (b) The issuance of such Series of the Bonds shall have been duly suthorized pursuant to the Law and a11 applicable Iaws,and the issuance of such Series of the Bonds shall have been provided for by a Supplementa!Indenture duly entered into by the Port and the Trustee,which Supplemental lndenture shall specify the following: (i) The purpose for which such Series of tl�e Bonds are to be issued and the accounts or funds into which the proceeds thereof are to be deposited,includin�a provision requiring the proceeds of such Series of the Bonds to be applied solely for (i)thc financing of the acquisition, construction, or. improvement of a Project, including payment of allowed costs incidenta! to or connected with such financing, andlor(ii)the refinancingof the acquisition,constn�ction,or improvement of a Project, including payment of allowed costs incidental to or connected with such refinancing; (ii) The authorized principal amount of such Series of the Bonds; (iii) The dated date and the maturity date or dates of the Bonds of such Series; jzoea.�z�93i.000s I 8