Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

Browse Search

__ _. ARTICLE V COVENANTS OF THE AUTHORITY AND THE TRUSTEE Section 5.01. Compliance with Indenture. The Authority will not suffer or pe�mit any material default by it to occur hereunder, but will faithfully comply with, keep, observe and perform all the ag�eements, conditions, covenants and terms hereof required to be complied . with, kept, observed and performed by it. Section 5.02. Observance of Laws and Regulations. The Authority will faithfully comply with, keep, observe and perform all valid and lawful obligations or regulations now or hereaRer imposed on it by contract, or prescribed by any law of the United States of America or of the State of California, or by any officer, board or commission having jurisdiction or control, as a condition of the continued enjoyment of each and every franchise, right or privilege now owned or hereafter acquired by it, including their right to exist and carry on their respective businesses, to the end that such franchises, rights and privileges shall be maintained and preserved and shall not become abandoned, forfeited or in any manner impaired. Section 5.03. Prosecution and Defense of Suits. The Authority will promptly, upon request of the Trustee or any Owner, take such action from time to time as may be necessary or proper to remedy or cure any cloud upon or defect in the lien on the Revenues or any part thereof, whether now existing or hereafter developing, will p�osecute all actions, suits or other proceedings as may be appropriate for such purpose and will indemnify and save the Trustee and every Owner harmless from all cost, damage, expense or loss, including attorneys' fees, which they or any of them may incur by �eason of any such cloud, defect, action, suit or other proceeding. Section 5.04. Accounting Records and Statements. The Trustee will keep proper accounting records in which correct entries shall be made of all transacti�ns of the Trustee relating to the receipt, deposit and disbursement of the Installment Payments, and such accounting records shall be available for inspection by the Authority or any Owner or his or her agent duly authorized in writing on any Business Day upon reasonable notice at reasonable hours and under reasonable conditions prescribed by the Trustee. So long as any Bonds are Outstanding, the Trustee will furnish each month to the Authority and any Owner who may so request in writing (at the expense of such Owner) a statement covering the receipts, deposits and disbursements of the Installment Payments for the preceding monthly period; provided; that the Trustee shall not be obligated to deliver an accounting for any fund or account that (i) has a balance of zero, or (ii) has not had any activity since the last repo�ting date. Section 5.05. Further Assurances. Whenever and so often as requested to do so by the Trustee or any Owner, the Authority will promptly execute and deliver or cause to be executed and delivered all such other and further assu�ances, documents or instruments and promptly do or cause to be done all such other and fu�ther things as may be necessary or reasonably required in order to fu�ther and more fully vest in the Trustee and the Owners all advantages, benefits, interests, powers, privileges and rights conferred or intended to be conferred upon them by this Indenture. Section 5.06. Against Encumbrances. The Authority hereby covenants that there is no pledge of or lien on Revenues senior to the pledge and lien securing the Bonds. The Authority will not make any pledge of or place any lien on the Revenues, provided that the • 26