CC PACKET 05261987 - Laserfiche WebLink

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maturing .bonds payable from the Revenue Bond Account, if •.moneys • in the Liquor Store Fund,"-are at any time insufficient 'for- the payment in.- full of the principal and. interest due thereon, which refunding obligations shall be payable from the Revenue Bond Account on a parity with the outstanding bonds payable therefrom, but shall not mature earlier than the final maturity of all bonds then outstanding. Nothing herein shall require , the holder of any bond to accept a refunding' obligation in exchange therefor. 3 .06 . Additional Bonds. The City. hereby agrees that it will not issue any additional obligations payable from the Net Revenues of the Store or , constituting alien or charge thereon superior to or on a parity with the bonds previously issued unless it has first retired, or placed in escrow with a depository bank, moneys or securities sufficient to discharge the outstanding bonds pursuant' to Section 6 hereof prior to' the issuance of such additional obligations or unless the Net Revenues of the Store in the last complete fiscal year immediately preceding the issuance of such additional obligations shall have been at least equal to 125% of the maximum amount of principal and interest to come due in any future fiscal year, during the remaining term of the outstanding bonds, on all of the outstanding bonds and on the additional obligations then proposed to be issued. • Notwithstanding the above provisions, nothing in this resolution shall be construed to preclude the City from issuing additional bonds, whether constituting a general obligation of the City or payable solely from liquor store revenues , for construction, reconstruction or improvement of the Store, provided such additional bonds are expressly made a lien and charge on the Net Revenues of the Store .subordinate and junior to= that of tho. bonds payable from the Revenue Bond Account. Section 4 . Covenants. The City of St. Anthony hereby certifies and represents to and covenants and agrees with the purchaser and holder from time to time of each bond payable from the Revenue Bond Account as follows: . 4 .01 . Ownership and Operation. As long as any bonds payable from the Revenue Bond Account are outstanding, the City will continue its ownership and operation of the Store as a revenue-producing utility and convenience, in the manner authorized and subject. to the restrictions imposed by the statutes and laws. of the State of Minnesota.. The City. will . maintain. the buildings, furnishings, equipment and merchandise constituting the Store in good condition, and free from all liens, provided that purchase money liens may be cr-eated on merchandise acquired for resale , or such merchandise may. be acquired subject _to , liens existing at the time of acquisition. The City will not authorize the establishment or operation of • -16-