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<br />7t?-4ð
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<br />Project all or any portion of additions, betterments, extensions, improvements or replacements,
<br />or such other real or personal property, to be financed, acquired or constructed or otherwise
<br />made subject to the Installment Purchase Contract, by the preparation, execution and delivery
<br />of such Additional Bonds, and (iii) make such other revisions to the Installment Purchase
<br />Contract as are necessitated by the issuance of such Additional Bonds (provided, however, that
<br />such other revisions shall not prejudice the rights of the Owners of Outstanding Bonds as
<br />granted them under the terms of this Indenture).
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<br />(d) No Default of Authority. The Trustee shall have received a Certificate of the
<br />Authority that no Event of Default under the Indenture relating to the Authority exists (or any
<br />event which, once all notice or grace periods have passed, would constitute an Event of
<br />Default).
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<br />(e) No Default of City. The Trustee shall have received a certificate of the City that
<br />no Event of Default under the Indenture relating to the City, which includes an Event of Default
<br />under the Installment Purchase Contract, exists (or any event which, once all notice or grace
<br />periods have passed, would constitute an Event of Default).
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<br />(f) Opinion Regarding Supplemental Indenture. The Trustee shall have received an
<br />opinion of Bond Counsel substantially to the effect that (i) the Supplemental Indenture and the
<br />amendments to the Installment Purchase Contract comply in all respects with the requirements
<br />of the Indenture, (ii) the Supplemental Indenture and said amendments to the Installment
<br />Purchase Contract have been duly authorized, executed and delivered by each of the
<br />respective parties thereto (provided that said opinion of Bond Counsel, in rendering the
<br />opinions set forth in this clause (ii), shall be entitled to rely upon one or more other opinions of
<br />counsel, including counsel to any of the respective parties to said Supplemental Indenture or
<br />said amendments to the Installment Purchase Contract), (iii) assuming that no Event of Default
<br />has occurred and is continuing, the Indenture, as amended by the Supplemental Indenture, and
<br />the Installment Purchase Contract, as amended by the respective amendments thereto,
<br />constitute the legal, valid and binding obligations of the respective parties thereto, enforceable
<br />against said parties in accordance with their respective terms (except to the extent that
<br />enforcement thereof may be limited by bankruptcy, insolvency, moratorium, debt adjustment or
<br />other laws affecting creditors' rights generally, and except to the extent that enforcement
<br />thereof may be limited by general principles of equity, regardless of whether enforcement is
<br />sought in a legal or equitable proceeding) and (iv) the execution of the Supplemental Indenture
<br />and the amendments to the Installment Purchase Contract, and performance by the parties
<br />thereunder, will not result in the inclusion of the interest on any Bonds in the gross income of
<br />the Owners of the Bonds for purposes of federal income taxation.
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<br />(g) Reserve Requirement. Upon the execution and delivery of such Additional
<br />Bonds, the amount on deposit in the Reserve Fund, or in a reserve fund established under such
<br />Supplemental Indenture taking into account the execution of the Additional Bonds, shall be at
<br />least equal to the Reserve Requirement.
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<br />Parity Ob/ígations. In addition to Additional Bonds described above and the installment
<br />payments due under the 2005 Installment Purchase Contract, the City may also issue or incur
<br />Parity Obligations payable from Net Revenues on a parity with the Installment Payments to
<br />provide financing for the Enterprise, subject to the following specific conditions:
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<br />(a) No Default. No Event of Default may occur and be continuing under the
<br />Installment Purchase Contract.
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<br />(b) Debt Service Coverage. The Net Revenues, calculated in accordance with
<br />Generally Accepted Accounting Principles, either (í) as shown by the books of the City for the
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