04-14-2021 Council Packet - Laserfiche WebLink

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13068670v2 33 ARTICLE VI PARTICULAR COVENANTS OF THE ISSUER The Issuer covenants and agrees, so long as any Bonds shall be outstanding and subject to the limitations on its obligations herein set forth, that: Section 6.01 Payment of Bonds. It will faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in this Indenture and the Bond Resolution and in each and every Bond executed, authenticated and delivered hereunder; will pay, from Loan Repayments by the Corporation and other amounts received or held by the Trustee hereunder, the principal of, premium (if any) on and interest on every Bond issued hereunder on the dates, at the places and in the manner prescribed in such Bonds in any coin or currency which, on the respective dates of payment of such principal and interest, is legal tender for the payment of public and private debts; and will cause such amounts received to be deposited with the Trustee prior to the due date of each installment of principal and interest and prior to the maturity of any Bond in amounts sufficient to pay such installment or Bond to the end that the Trustee may cause to be placed in any other bank of payment specified herein and in the Bonds, on time, money required for payment of principal, premium and interest; provided, however, that the principal of and interest on any Bond is not and shall not be deemed to represent a debt or pledge the faith or credit of the Issuer or grant to the Holder of any Bond any right to have the Issuer levy any taxes or appropriate any funds to the payment of principal of or interest on the Bonds, such payment to be made solely and only out of the moneys received pursuant to the Loan Agreement, and the funds and accounts established and maintained with the Trustee pursuant to the requirements of this Indenture and appropriated to the payment of the Bonds by the Indenture. Section 6.02 Authorized Issuer Representative. The Issuer hereby authorizes the Authorized Issuer Representative to take any and all actions on behalf of the Issuer in connection with the Bonds as may be necessary or desirable over the term of the Bonds. Section 6.03 Authority of the Issuer. The Issuer is authorized, pursuant to the Constitution and laws of the State of Minnesota to issue the Bonds, to loan the proceeds thereof to the Corporation, to execute this Indenture and assign and pledge to the Trustee the Trust Estate, including the Loan Repayments, and to make the covenants as herein provided. All necessary action and proceedings on its part to be taken for the execution and delivery of this Indenture have been duly and effectively taken. Section 6.04 Concerning the Loan Agreement. The Issuer will cooperate or permit the Trustee to take such action as may be necessary or advisable to enforce the covenants, terms and conditions of the Loan Agreement if such action shall, in the Trustee’s discretion, be deemed to be in the best interest of the Issuer or the Bondholders. Section 6.05 To Observe All Covenants and Terms – Limitations on Issuer’s Obligations. The Issuer will faithfully observe and perform all the conditions, covenants and requirements hereof. Under the Act, and it is expressly agreed that, the Issuer has no obligation to levy taxes for, or make any advance or payment or incur any expense or liability from its general funds in performing, any of the conditions, covenants or requirements of the Bonds or this Indenture or