1981-040 CRA - Laserfiche WebLink

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their terms and the terms of this Resolution. The Agency shall at all times, to the extent permitted by law, defend, preserve and protect the pledge .of the Pledged Revenues, the Mortgage loan Participation, the loan and Funds and Accounts under this Resoluti.on and all the rights of the Bondholders under this Res.olution against all claims and demands of all persons whom&oever. 905. Accounts and Reports. (A) The Agency shall keep. proper books of record and acc.ount in which complete and c.orrect entries shall be made of its transactions relating to the loan, the Mortgage loan- Participation, Pledged Revenues, and all Funds and Accounts established by this Resolution, which shall at all reasonable times be subject to inspection by the Trustee and the H.olders of an aggregate .of rot less than five percent (5%) in principal amount of the Bonds then Outstanding .or their representatives duly authorized in writing. (B) The Agency sha 11 annually, with i n one hundred and twenty (120) days after the close of each Fiscal Year, fi le with the Trustee a copy of an annua 1 report regard ing its Mortg age loan Program f.or such Fi sca 1 Year, accompanied by an Accountant's Certificate, setting forth in co~lete and reasonable detail the following matters relating to the Program: (i) the operat ions and accomp li shments of the Program; (i i) receipts and expenditures of the Program during such Fiscal Year in accordance with the categories .or classificati.ons established by the Agency for its .operating and capital outlay purposes; (iii) the assets and liabilities of the Program at the end of such Fiscal Year, including the status of the Mortgage loan Participation, the loan and the Funds and Accounts estab.lished by this Resolution; and (iv) a schedule .of its Bonds Outstanding at the end of such Fiscal Year, to~ether with a statement of the amounts paid, redeemed and issued during such Flscal Year. A copy of each such annual rep.ort and Accountant's Certificate shall be mailed by the Agency to the Trustee, Standard & Poor's Corporation, and each Bondholder who shall have fi led his name and address with the Agency f.or such purpose. 906. Special Hazard Insurance Premiums. The Agency cause the Trustee to shall pay when due the premiums on the policy of Special Hazard Insurance. If the Agency's existing Special Hazard Insurance shall be cancelled for any reason, then the Agency shall direct the Trustee to exercise its best efforts to obtain a comparable replacement policy from a properly licensed issuer with a total coverage equal to the then existing coverage of the cancelled Special Hazard Insurance. 907. Personnel and Servicing .of MortQages. The Agency shall at all times app.oint, retain and employ competent supervisory personnel f.or the purpose .of carrying .out its Mortgage loan Program and shall establish and enf.orce reasonable rules, regulations and standards for the construction and completi.on .of all Residential Construction and for the making of Mortgage loans. The Agency shall cause all such Residential Construction to be accomplished in an efficient and econ.omical manner. All persons employed by the Agency shall be qualified for their respective positions. Nothing herein 47 . . . . .