14-Deliberate and act on a Resolution approving a PEDC Resolution

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Section 15. ADDITIONAL OBLIGATIONS. In addition to the right to issue obligations of inferior lien, the Issuer reserves the right to issue Additional Obligations which, when duly authorized and issued in compliance with law and the terms and conditions hereinafter appearing, shall be on a parity with the Bonds herein authorized, payable from and equally and ratably secured by a lien on and pledge of the Pledged Revenues. The Additional Obligations may be issued in one or more installments, provided, however, that none shall be issued unless and until the following conditions have been met: (a) The Chairman of the Board shall have executed a certificate stating (A) that, to the best of such person's knowledge and belief, the Issuer is not then in default as to any covenant or requirement contained in any resolution authorizing the issuance of outstanding Parity Obligations, and (B) either (1) payments into all special funds or accounts created and established for the payment and security of all outstanding Parity Obligations have been made and that the amounts on deposit in such special funds or accounts are the amounts then required to be on deposit therein or (2) the application of the proceeds of sale of such obligations then being issued will cure any such deficiency. (b) The Designated Financial Officer signs and delivers to the Board a written certificate reflecting that for (i) the Fiscal Year next preceding the adoption of the resolution authorizing the proposed Additional Obligations or (ii) a consecutive twelve (12) month period out of the eighteen (18) month period next preceding the month in which the resolution authorizing the proposed Additional Obligations is adopted, the Pledged Revenues and interest earnings thereon were equal at least to 1.50 times the Average Annual Debt Service requirements on all Parity Obligations to be outstanding after the issuance of the proposed Additional Obligations; provided, however, that in the event an increase in the rate of the Sales Tax becomes effective prior to the date of a resolution authorizing the issuance of Additional Obligations, such certificate or report shall calculate the Pledged Revenues for the calculation period as if such increased rate were in effect during the calculation period. (c) The resolution authorizing the Additional Obligations provides that the Debt Service Fund be augmented by amounts adequate to accumulate the sum required to pay the principal and interest on such obligations as the same shall become due. SECTION 16. REFLJNDING BONDS. The Issuer reserves the right to issue refunding bonds to refund all or any part of the Parity Obligations (pursuant to any law then available) upon such terms and conditions as the Board may deem to be in the best interest of the Issuer, and if less than all such Parity Obligations then Outstanding are refunded, the conditions precedent (for the issuance of Additional Obligations) set forth in Section 14 hereof shall be satisfied, and shall give effect to the refunding. SECTION 17. SUBORDINATE DEBT. Except as may be limited by a resolution adopted in connection with a subsequent issuance of Parity Obligations, the Issuer shall have the right to issue or create any debt payable from or secured by a lien on all or any part of the Pledged Revenues for any lawful purpose without complying with the provisions of Section 14 or 15 hereof, provided the pledge and the lien securing such debt is subordinate to the pledge and lien established, made 19 0 0 0 13.1