Agenda - Council - 08/13/2013 - Laserfiche WebLink

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improvements being financed by such proposed Additional Bonds are to be placed in service, or, if no improvements are to be financed thereby, beginning with the first Fiscal Year after the Fiscal Year in which the proposed Additional Bonds are to be issued, will be at least 130% of the maximum amount of payments due under the Lease, plus principal and interest payable in any Fiscal Year on the School's Indebtedness (including such requirements for the proposed Additional Bonds but excluding such requirements for any Indebtedness to be refinanced thereby); or (2) received the prior written consent of the Majority Bondholder to the issuance of such Additional Bonds; (c) the Trustee has received a certificate of the Company Representative to the effect that there is no Event of Default then existing under the Loan Agreement or this Indenture; (d) the Trustee has received an opinion of Bond Counsel to the effect that the issuance of such Additional Bonds will not cause interest on any Outstanding Tax -Exempt Bonds to become included in gross income for federal income tax purposes; (e) the Trustee has received original executed counterparts of the agreement supplementing and amending the Loan Agreement and the Lease, and the supplemental indenture supplementing and amending the Indenture; (f) the Trustee has received a request and authorization to the Trustee on behalf of the Issuer and signed by its Issuer Representatives to authenticate and deliver such Additional Bonds to the purchasers therein identified, upon payment to the Trustee, but for the account of the Issuer, of a sum specified in such request and authorization, plus accrued interest thereon, if any, to the date of delivery; (g) the Trustee has received an executed opinion of Bond Counsel to the effect that (i) the Additional Bonds have been duly authorized, executed, and delivered, and constitute the binding limited obligations of the Issuer, enforceable in accordance with their terms, subject to normal bankruptcy exceptions, and (ii) the interest on such Additional Bonds is not includable in gross income for federal income tax purposes (unless it is intended that such interest be includable in gross income for federal income tax purposes); and (h) the Trustee has received written confirmation from any Rating Agency then maintaining a rating on the Bonds that the rating on the Bonds will not be adversely affected by the issuance of the Additional Bonds. (The remainder of this page is intentionally left blank.) I8 56U[1797v1