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04-26-2023 Council Packet
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04-26-2023 Council Packet
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77060900v2 <br /> <br /> <br /> 8 <br /> <br />to the same plan of financing, and (iii) reasonably expected to be paid from substantially the same <br />source of funds. <br />(h) There is no action, suit, proceeding, inquiry, or investigation at law or in equity or <br />before or by any court, public board or body pending, or, to the best knowledge of the Governmental <br />Lender, threatened against or affecting the Governmental Lender wherein an unfavorable decision, <br />ruling or finding would adversely affect (i) the transactions contemplated by, or the validity or <br />enforceability of, the Governmental Note, the Funding Loan Agreement or this Agreement or (ii) <br />the exclusion from gross income of interest on the Governmental Note for purposes of federal <br />income taxation. <br />(i) In connection with the authorization, issuance and sale of the Governmental Note, <br />the Governmental Lender has complied in all material respects with all provisions of the laws of <br />the State, including the Act. <br />(j) The Governmental Lender has not assigned or pledged and will not assign or <br />pledge its interest in this Agreement for any purpose other than to secure the Governmental Note <br />under the Funding Loan Agreement. The Governmental Note constitute the only Governmental <br />Note or other obligations of the Governmental Lender in any manner payable from the revenues to <br />be derived from this Agreement, and except for the Governmental Note, no Governmental Note or <br />other obligations have been or will be issued on the basis of this Agreement. <br />(k) The Governmental Lender is not in default under any of the provisions of the laws <br />of the State, which default would affect the issuance, validity or enforceability of the Governmental <br />Note or the transactions contemplated by this Agreement or the Funding Loan Agreement. <br />(l) The Governmental Lender covenants and agrees that it will take or cause to be <br />taken all required actions to preserve the exclusion from gross income for federal income tax <br />purposes of interest on the Governmental Note. All of the amounts received upon the sale of the <br />Governmental Note shall be allocated to, and shall be used, for the purpose of financing the <br />aggregate basis of land and building costs within the meaning of Section 42(h)(4)(B) of the Code. <br />To the extent within the reasonable control of the Governmental Lender, and provided that the <br />Governmental Lender shall be under no duty to enforce compliance, the amounts received upon <br />the sale of the Governmental Note and interest and other investment earnings on those amounts <br />shall be allocated and used for financing Project Costs of each building and related land in the <br />Project Facilities so that the aggregate basis of each such building and related land, within the <br />meaning of Section 42(h)(4) of the Code, shall be financed fifty percent (50%) or more from those <br />amounts. <br />(m) No member of the Governmental Lender, nor any other official or employee of the <br />Governmental Lender, has any interest (financial, employment or other) in the Borrower, in the <br />Project Facilities or in the transactions contemplated hereby, by the other Funding Loan Documents <br />or by the Funding Loan Agreement. <br />(n) The Governmental Lender used no broker in connection with the execution hereof <br />and the transactions contemplated hereby. <br />Section 4.2 No Liability of Governmental Lender; No Charge Against Governmental Lender’s <br />Credit. Any obligation of the Governmental Lender created by, arising out of, or entered into in <br />contemplation of this Agreement, including the payment of the principal of, premium if any, and interest <br />on the Governmental Note, shall not impose or constitute a debt or pecuniary liability upon the
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