1933 RES CITY COUNCIL AUTHORIZED IN RES NO 1895 PROCESSING OF GRANT APPLICATION

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: - --6- ~ r d. 7he GranteeJ3orro.,rer agrees that upon ninety (90) days written notice it tvill, at its own expense, issue in exchange for the Bonds held by the riovernment, coupon bonds of equal aggregate principal amount in denominations satisfactory to the 6overnment maturing as provided in the Bond Specification which Bonds shall be substantially in the form required by the Government. e. Simultaneously with the delivery of any Bonds and/or Notes to the Government, the Grantee/6orrciver shall furnish ' to the Governm2nt from Bond and/or Note Counsel satisfactory to the Government an opinion t•ahich shall express its general. approval of all of the Bonds and/or Notes, and specifically and unqualifiedly the Bonds and/or Notes then being delivered to the Government and shall state that said Bonds and/or hotes have been issued pursuant to all requirem'ents of law and that said Bonds and/or Notes, when delivered and paid for, will constitute binding and legal obligations payable and secured in accordance with the tenor thereof and the terms and conditions of this Agreement. f. The Grantee/Qorro,•;er shall include in the proceedings for the authorization, issuance, sale and security of the Bonds and/or Notes, provisions for the payment of the principal of and interest on the Bonds and/or Notes and for the security thereof of the nature required to assure such payment and to safeguard the loan hereunder, including, in case the Bonds and/or Notes are payable in whole or in part from any special sources of revenues, provisions designed to assure the pro- duction of such revenues and the app1ication tnereof to the extetit required for the payment and security of the Bonds and/or Notes and interest thereon, including the maintenance of reasonable reserves. g.So long as the Government holds any of the Bonds and/or Notes, the Grantee/6orroti•ier shall furnish operating statements ' for the Project, and any facilities, the revenues of whicfi are pledged to payment of the Bonds and/or Notes, in such form and substance for such periods as may be requested by the Govern- ment. . . h. The Grantee/Borrower sha11 during construction and i:here- after so long as the Government holds any Bonds and/or Notes, carry insurance, and during construction require each contrac- tor and subcontractor to carry insurance, of such types and in such amounts as the Government may specify with insurance carriers acceptable to the Government. ` -i. If required by the Government, the Grantee/Borrot•ier will ' enter into a Trust Agreement designating a bank acceptable to the Governn:ent as Trustee and containing such other terms and provisions as may be satisfactory to the Government. ~ . . ~ 1 , i ~ i