|
<br />l
<br />
<br />l
<br />I
<br />~.
<br />\...
<br />
<br />"Outstanding" or "Bonds Outstanding" mean all Bonds which have been
<br />authenticated and delivered by the Servicing Agent under this Resolution, except:
<br />
<br />(a) Bonds theretofore cancelled by the Servicing Agent or surrendered
<br />to the Servicing Agent for cancellation;
<br />
<br />(b) Bonds for the payment or redemption of which funds or eligible
<br />securities in the necessary amount shall have theretofore been deposited with the
<br />Servicing Agent (whether upon or prior to the maturity or redemption date of such
<br />Bonds), provided that, if such Bonds are to be redeemed prior to the maturity
<br />thereof, notice of such redemption shall have been given as in Article III provided
<br />or provision satisfactory to the Servicing Agent shall have been made for the
<br />giving of such notice; and
<br />
<br />(c) Bonds in lieu of or in substitution for which others have been
<br />executed, issued and delivered pursuant to the Resolution.
<br />
<br />"Payment Date" means, with respect to the Bonds, July 1, 1984, and January 1
<br />and July 1 of each year thereafter to and including January 1, 1994.
<br />
<br />"Permitted Encumbrances" means, as of any particular time, (i) liens for
<br />taxes and assessments not then delinquent, or which the Company may, pursuant to
<br />the provisions of Section 4.05 of the Agreement, permit to remain unpaid, (ii) the
<br />Lease, the Agreement, the Resolution, the Deed of Trust and any financing
<br />statements filed to perfect the security interests granted by the Deed of Trust and
<br />the Agreement, (i i 1) uti 1 ity access and other easements and ri ghts of way,
<br />restrictions and exceptions which the Company Representative certifies will not
<br />interfere with or impair the Project, (iv) such minor defects, irregularities,
<br />encumbrances and clouds on title as normally exist with respect to property similar
<br />in character to the Project and as do not, in the written opinion of the Company
<br />Representative, materially impair the property affected thereby for the purpose for
<br />which the Authority has loaned its funds, and (v) on or after the Completion Date,
<br />any 1 iens or mortgage subordinate to the Deed of Trust in a total outstanding
<br />principal amount not to exceed $2,500,000.
<br />
<br />"Permitted Investments" means:
<br />
<br />(i) Federal Securi ties.
<br />
<br />(ii) Registered state warrants or treasury notes or bonds of the State
<br />of California, including bonds payable solely out of the revenues from a revenue-
<br />producing property owned, controlled or operated by the State of California or by a
<br />department, board, agency, or authority thereof.
<br />
<br />(iii) Obligations issued by banks for cooperatives, federal land
<br />banks, federal intermediate credit banks, federal home loan banks, the Federal Home
<br />Loan Bank Board, the Tennessee Valley Agency, or any obligations, participations,
<br />or other instruments of or issued by, or fully guaranteed as to principal and
<br />interest by, the Federal National Mortgage Association; or any obligations,
<br />participations, or other instruments of or issued by a federal agency or a United
<br />States government-sponsored enterprise.
<br />
<br />EXHIBIT A
<br />4
<br />
|