11-25-1991 HRA Meeting - Laserfiche WebLink

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I.V. .i- i. ■1 rr i ■\ u' H. '-fi':. public liability insurance wi^h respect to the Land and the Project naming the Trustee as _any|insured, in an . nount not less than s Section 7.8. Arivanr^s. If City shall fail to perform any of its obligations under this Lease, Authority or Trustee may, but shall not be obligated to, take such action as may be necessary to cure such failure, including the advancement of money, nnd City shall be obligated to repay all such advances on demanc with interest at the maximum rate permitted by law or 12%, whichever is less, from the date of the advance to the date of repayment. Section 7.9. Liens. City shall not, directly or Indirectly, create, incur, assume or suffer to exist any mortgage, pledge, lien, charge, encumbrance or claim on or with respect to the Project, other than the respective rights of Authority and City as herein provided and Permitted Encumbrances. Except as expressly provided in this Article, City shall promptly, at its own expense, take such act'nn as may be necessary duly to discharge or remove any such mortgage, pledge, lien, charge, encumbrance or claim if the same shall arise at any time. City shall reimburse Authority for any expense incurred by it in order to discharge or remove any such mortgage, pledge, lion, charge, encumbrance or claim. Section 7.10. Financial Statements. City shall provide Trustee, within 180 days of the end of each Fiscal Year, with a copy of its annual audited financial statements. /\ Sect ion 7.11. Arbitrage Rebate. ,»The CitV has, bv resolution, allocated to the Authority a portion of the Citv*s small issuer exemntion under Section 148(f) (4) (D) of the Code, in the amount of $4,i'j(),00^. Therefore arbitrage reoate is not applicable to the Bonds, but i^ ^or any reason arbitrage rebate becoawa applicable. Authority and City will comply will all provisions of the Arbitrage and Rebate Certificate, dated as of Che date of delivery of the Bonds, and o.^scctt.^d bv Authority and City. City shall oav. or reimburse to Authority. aJ1 costs and expenses incurred by Authority in complying with al^ provisions of the Arbitrage and Rebate Certificate, including the amount of rebatable arbitrage (or penalty in lieu thereof) required at any time to be paid by Authority to the United States. 7-4