1998-11-09-Minutes - Laserfiche WebLink

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410 (e) Further Encumbrance. It, while the Bonds or any Additional Bonds are outstanding and unpaid, will not additionally encumber the Pledged Revenues in any manner, except as permitted in this Resolution in connection with Additional Bonds, unless said encumbrance is made junior and subordinate in all respects to the liens, pledges, covenants and agreements of this Resolution; but the right of the Issuer to issue revenue bonds payable from a subordinate lien on the Pledged Revenues, in accordance with the provisions of the Act, is specifically recognized and retained. (d) Sale or Disposal of Project. It, while the Bonds or any Additional Bonds are outstanding and unpaid, will not sell, convey, mortgage, or in any manner transfer title to, or otherwise dispose of the Project, if any title of the Project is vested in the Issuer, or any significant or substantial part thereof, without the approval of the governing body of the City. (e) Collection of Sales Tax. (i) The Issuer hereby confirms the earlier levy by the City of the Sales Tax at the rate voted at the election held by and within the City on May 1, 1993, and the Issuer hereby warrants and represents that the City has duly and lawfully ordered the imposition and collection of the Sales Tax upon all Sales, uses and transactions as are permitted by and described in the Act throughout the boundaries of the City as such boundaries existed on the date of said election and as they may have been expanded thereafter. (ii) For so long as any Bonds or Additional Bonds are outstanding, the Issuer covenants, agrees and warrants to take and pursue all action permissible under applicable law to cause the Sales Tax, at said rate or at a higher rate if permitted by applicable law, to be levied and collected continuously, in the manner and to the maximum extent permitted by applicable law, and necessary or desirable, and to cause no reduction, abatement or exemption in the Sales Tax or rate of tax below the rate stated, confirmed and ordered in subsection (e)(i) of this Section to be ordered or permitted so long as any Bonds or Additional Bonds shall remain outstanding. (iii) If the City shall be authorized hereafter by applicable law to apply, impose and levy the Sales Tax on any taxable items or uansactiuns that are not subject to the Sales Tax on the date of the adoption hereof, the Issuer, to the extent it legally may do so, hereby covenants and agrees to use its best efforts to cause the City to take such aetiun as may be required by applicable law to subject such taxable items or transactions to the Sales Tax. (iv) The Issuer agrees to take and pursue all action permissible under applicable law to cause the Sales Tax to be collected and remitted and deposited as herein required and as required by the Act, at the earliest and most frequent times permitted by applicable law. (v) The Issuer agrees and covenants at all times to use its best efforts to cause the City to comply with the Transfer Agreement. 21