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(ii) By all necessary official action of the <br /> Authority, the Authority has duly authorized and <br /> approved the execution and delivery o,f, and the <br /> performance by the Authority of the obligations <br /> contained in the Authority Documents and the JPA <br /> Agreement and the Authority Documents and the JPA <br /> Agreement constitute the legally valid and binding <br /> obligations of the Authority enforceable against <br /> the Authority in accordance with their respective <br /> terms; <br /> (iii) The resolutions of the Authority <br /> approving and authorizing the execution and <br /> delivery of the Authority Documents, and approving <br /> the Official Statement, have been duly adopted at <br /> meetings of the governing body of the Authority, <br /> which were called and held pursuant to law and <br /> with all public notice required by law and at <br /> which a quorum was present and acting throughout <br /> and the resolutions are in full force and effect <br /> and have not been modified, amended or rescinded; <br /> (iv) The Authority is not in default, nor has <br /> it been in default, as to principal or interest <br /> with respect to an obligation issued or incurred <br /> by the Authority and the Authority is not and will <br /> not, in any manner which would materially <br /> adversely affect the transactions contemplated by <br /> the Authority Documents or the JPA Agreement, be <br /> in breach of or in default under any applicable <br /> constitutional provision, law or administrative <br /> rule or regulation of the State or the United <br /> States, or any applicable judgment or decree or <br /> any trust agreement, loan agreement, bond, note, <br /> resolution, ordinance, agreement or other <br /> instrument to which the Authority is a party or is <br /> otherwise subject, and no event has occurred and <br /> is continuing which, with the passage of time or <br /> the giving of notice, or both, would constitute, <br /> in any manner which would materially adversely <br /> affect the transactions contemplated by the <br /> Authority Documents, a default or event of default <br /> under any such instrument; <br /> (v) The authorization, execution and <br /> delivery of the Authority Documents and compliance <br /> with the provisions of each of such agreements or <br /> instruments and of the JPA Agreement do not and <br /> will not, in any manner which would materially <br /> adversely affect the transactions contemplated by <br /> the Authority Documents or the JPA Agreement, <br /> conflict with or constitute a breach of or default <br /> under any applicable constitutional provision, law <br /> 17 <br />