Agenda - Council - 07/12/2022 - Laserfiche WebLink

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time Outstanding that so long as any of the Tax-Exempt Bonds remain Outstanding, it will not knowingly take any action so that money on deposit in any fund or account in connection with the Tax-Exempt Bonds, whether or not such money was derived from the proceeds of the sale of the Tax-Exempt Bonds or from any other sources, will be used in a manner which, to its knowledge, will cause any of the Tax-Exempt Bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of the Code. Pursuant to such covenants, the Issuer obligates itself to comply, to the best of its knowledge,throughout the term of the Tax-Exempt Bonds, with the requirements of Section 148 of the Code and any regulations promulgated thereunder. The Trustee shall not be responsible or liable for any loss suffered in connection with any investment made in accordance with the terms of this Indenture. The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with the money representing income or principal payments due on, or sales proceeds due in respect of,Permitted Investments in such funds and accounts, or to credit to Permitted Investments intended to be purchased with such money, in each case before actually receiving the requisite money from the payment source,or to otherwise advance funds for account transactions. The legal obligation to pay the purchase price of Permitted Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Indenture, (a)any such crediting of funds or assets shall be provisional in nature, and the Trustee shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto; and (b) nothing in this Indenture shall constitute a waiver of any the Trustee's rights as a securities intermediary under Section 9-206 of the Uniform Commercial Code. Notwithstanding the foregoing, Permitted Investments shall not include any Derivative. Ratings of Permitted Investments referred to herein shall be determined at the time of initial purchase of such Permitted Investments and without regard to ratings subcategories. The Trustee shall have no responsibility to monitor the ratings of Permitted Investments after the initial purchase of such Permitted Investments, including at the time of reinvestment of earnings thereof. The Issuer and the Company acknowledge that regulations of the Comptroller of the Currency grant the Issuer and the Company the right to receive brokerage confirmations of security transactions as they occur. The Issuer and the Borrower specifically waive such right to notification to the extent permitted by law and acknowledge that they will receive periodic transaction statements that will detail all investment transactions. SECTION 5.17. Additional Funds and Accounts. In addition to the funds and accounts specifically authorized under this Article, the Trustee shall have the authority to create and maintain such other funds and accounts as it may deem necessary for proper administration hereunder. (The remainder of this page is intentionally left blank.) 51 735810810