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<br />t <br /> <br />, <br /> <br />. <br /> <br />proper members, officers, agents or employees) faithfully <br />perform and abide by all of the covenants, undertakings and <br />provisions contained in this Resolution or in any Bond issued <br />hereunder, including the following covenants and agreements for <br />the benefit of the Bondholders which are necessary, convenient <br />and desirable to secure the Bonds and will tend to make them <br />more marketaþle; provided, however, that the Covenants do not <br />require the Agency to expend any funds other than the Tax <br />Revenues: <br /> <br />Covenant 1. Complete Redevelopment Proiect; <br />Amendment to Redevelopment Plan. The Agency covenants and <br />agrees that it will diligently carry out and continue to <br />completion in a sound and economical manner, with all <br />practicable dispatch, the Redevelopment Project Area in <br />accordance with its duty to do so under and in accordance with <br />the Law and the Redevelopment Plan. The Redevelopment Plan may <br />be amended as provided in the Law but no amendment shall be <br />made unless it will not substantially impair the security of <br />the Bonds or the rights of the Bondholders, as shown by an <br />Opinion of Counsel, based upon a certificate or opinion of an <br />Independent Financial Consultant appointed by the Agency. <br /> <br />Covenant 2. Use of Proceeds, Management and <br />Operation of Properties. The Agency covenants and agrees <br />that the proceeds of the sale of the Bonds will be deposited <br />and used as provided in this Resolution and that it will manage <br />and operate all properties owned by it comprising any part of <br />the Redevelopment Project Area in a sound and businesslike <br />manner. <br /> <br />Covenant 3. No Priority. The Agency covenants <br />and agrees that it will not issue any obligations payable, <br />either as to principal or interest, from the Tax Revenues which <br />have any lien upon the Tax Revenues prior or superior to the <br />lien of the Bonds herein authorized and the interest coupons <br />appertaining thereto. Except as permitted by Section 17 <br />hereof, it will not issue any obligations, payable as to <br />principal or interest, from the Tax Revenues, which have any <br />lien upon the Tax Revenues on a parity with the Bonds <br />authorized herein and the interest coupons appertaining <br />thereto. Notwithstanding the foregoing, nothing in this <br />Resolution shall prevent the Agency (i) from issuing and <br />selling pursuant to law, refunding obligations payable from and <br />having any lawful lien upon the Tax Revenues, if such refunding <br />obligations are issued for the purpose of, and are sufficient <br />for the purpose of, refunding all of the outstanding Bonds or <br />Parity Bonds, or (ii) from issuing and selling obligations <br />which have, or purport to have, any lien upon the Tax Revenues <br />which is junior to the Bonds and the interest coupons <br />appertaining thereto, or (iii) from issuing and selling bonds <br />or other obligations which are payable in whole or in part from <br /> <br />02-22-83 <br />4141P/2306/00 <br /> <br />-20- R-.3 7 <br /> <br />3A <br />