11-25-1991 HRA Meeting - Laserfiche WebLink

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!f }} tf- r- • : ■ ■C-:- 'h-< .p":\-i< ■iA-. ARTICLE VI LEASE-PURCHASE PAYMENTS; FEES AND EXPENSES Section 0.1. Lgasg-Pureha.<» P^ymenta. City Sh%il pay Lease-Purchase Payments with respect to the Project# at tht- times and in the amounts as set forth in Exhibit C. The Lease-Purchase Payments shall be payable to the Trustee on behalf of the Authority In lawful money of the United States of America. Amounts already on deposit in the Bond Fund as of each Payment Date may be credited against the Lease-Purchase Payment otherwise due on such date. Section 6.2. Lease-Purchasg Payments to bg Onganditianai. Except as provided in Section 6.4# the obligation of Ci*- ' to make Lease-Purchase Payments due with respect to the Project or any other payments required hereunder shall be absolute and unconditional in all events. Notwithstanding any dispute between City and Authority or any other person# City sha..x make all Lease-Purchase Payments and other payments required hereunder when due and shall not withhold any Lease-Purchase Payment or other payment pending final resolution of such dispute nor shall City assert any right of set-off or counterclaim against its obligation to make such Lease-Purchase Payments or other payments required under this Lease. City's obligation to make Lease-Purchase Payments or other payments during the Lease Term shall not be abated through accident or unforeseen circumstances. Section 6.3. current Expense. The obligations of the City under this Lease# including its obligation to pay the Lease-Purchase Payments due with respect to the Project in any Fiscal Year for which this Lease is in effect# shall constitute a current expense of the City for such Fiscal Year and shall not constitute an indebtedness of the City within the meaning of the Constitution and laws of the State. Nothing herein shall constitute a pledge by the City of any taxes or other moneys# other than moneys lawfully appropriated from time to time by or for the benefit of Authority’s annual budget and the proceeds or Met Proceeds of the Project and Land# to the payment of any Lease-Purchase Payment or other amount coming due hereunder. Section 6.4.Inn The City shall have in whole but not inthe right to cancel and terminate this Lease# part# at the end of any Fiscal Year of the City# in the manner and subject to the terms specified in this Section and Section 6.6# if the City's governing body does not appropriate moneys sufficient to pay the Lease-Purchase Payments coming due in the next Fiscal Year. Lack of a sufficient appropriation shall be evidenced by a specific provision in the budget of the City# which prohibits the expenditure of the City funds for this purpose. The City may effect such termination by giving the Authority a written notice of termination and by paying to the Authority any Lease-Purchase 6-1