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Res13 15263
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Res13 15263
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Last modified
8/28/2013 12:22:50 PM
Creation date
5/23/2013 9:38:47 AM
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Public Finance Authority
Date
5/20/2013
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being expressly understood that the Trustee shall only receive and hold such documents as <br /> repository for examination and copying by any owner at such Owner's expense during business <br /> hours on Business Days. <br /> Section 5.12. Protection of Security and Ri�hts of Authority. <br /> The City will preserve and protect the security and the rights of the Authority to <br /> the Installment Payments hereunder and wilt warrant and defend such rights against all claims <br /> and demands of all persons. In connection therewith, the Authority and the City shall not amend <br /> this Installment Purchase Contract except as set forth in Section 8.11 hereof <br /> Section 5.13. Payment of Taxes and Compliance with Governmental <br /> Regulations. <br /> The City will pay and dischazge all taxes, assessments and other governmental <br /> charges, if any, which may hereafter be lawfully imposed upon the Enterprise or any part thereof <br /> or upon the Gross Revenues when the same shall become due. The City will duly observe and <br /> conform with all valid regulations and requirements of any governmental authority relative to the <br /> operation of the Enterprise or any part thereof, but the City shall not be required to comply with <br /> any regulations or requirements so long as the validity or application thereof shall be contested in <br /> good faith. <br /> Section 5.14. Amount of Rates and Char�es. <br /> (a) The City will, at all times while any of the Bonds remain Outstanding,fix, <br /> prescribe and collect rates, fees and charges in connection with the Entecprise so as to yield <br /> Gross Revenues at least sufficient, after making reasonable allowances for contingencies and <br /> errors in the estimates, to pay the following amounts in the order below set forth: <br /> (I) All Maintenance and Operation Costs of the Enterprise; <br /> (2) The Installment Payments and all payments (including payments of <br /> interest and under reimbursement agreements) with respect to <br /> related Parity Obligations issued or incurred after the date hereof <br /> as they become due and payable; <br /> (3) Amounts necessary to bring the amount of funds in the Reserve <br /> Fund or in reserve funds established for Parity Obligations up to <br /> the respective Reserve Requirement within one year of a draw <br /> thereon; and <br /> (4) All payments required to meet any other obligations of the City <br /> which aze charges, liens, encumbrances upon, or which are <br /> otherwise payable from the Gross Revenues during such Fiscal <br /> Yeaz. <br /> 17 <br /> 338529_1.DOC <br />
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