1998-11-09-PEDC - Laserfiche WebLink

Home Browse Search

409 -- (c) That all calculations of average annual principal and interest requirements made pursuant to this section shall be made as of/md from the date of the Additional Bonds then proposed to be issued. (d) No installment, series or issue of Additional Bonds shall be issued or delivered unless: (i) The President/md the Secretary of the Board of the Issuer sign a written certificate to the effect that the Issuer is not in default as to any covenant, condition or obligation in connection with all outstanding Bonds Similarly Secured, and the resolutions authorizing same, and that the Debt Service Fund/md the Reserve Fund each contains the amount then required to be therein; (ii) An independent certified public accountant, or independent finn of certified public accountants, signs a written certificate to the effect that, during either the next preceding fiscal year, or any twelve consecutive calendar month period ending not more than ninety days prior to the date of the then proposed Additional Bonds, the Pledged Revenues were, in her, his or its opinion, at least equal to 1.50 times the average annual principal and interest requirements of the Debt Service (computed on a fiscal year basis) of all Bonds Similarly Secured to be outstanding after the issuance of then pwposed Additional Bonds; __ (iii) The governing body of the City by official action approves the issuance of the Bonds, as required by the Act. Section 22. GENERAL COVENANTS. The Issuer further covenants and agrees that in accordance with and to the extent required or permitted by law: (a) Performance. It will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Resolution and in every Bond; it will promptly pay or cause to be paid the principal of and interest on every Bond on the dates/md in the places and manner prescribed in this Resolution/md the Bonds; and it will, at the times and in the manner prescribed, deposit or cause to be deposited the amounts required to be deposited into the Funds created hereby; and any registered owner of the Bonds may require the Issuer, its officials and employees to carry out, respect or enforce the covenants and obligations of this Resolution, by all legal/md equitable means, including specifically, but without limitation, the use and filing of mandamus proceedings, in any court of competent jurisdiction, against the Issuer, its officials and employees, or by the appointment of a receiver in equity. (b) Legal Authority. It is a duly created and existing industrial development Corporation, and is duly authorized under the laws of the State of Texas, including the Act, to create and issue the Bonds; that all action on its part for the creation and issuance of the Bonds has been duly and effectively taken, and that the Bonds in the hands of the registered owners thereof are and will be -- valid and enforceable special obligations of the Issuer in accordance with their terms. 20