HomeMy WebLinkAbout1704 . • ~ • ~ • • • ~ ,
~
~ <1
~ Ttie Payi~g Agent for this bond shall be responsible ONLY for the perfonaeace ot
the duties and obligations specifically imposed upon it under the provisions o!
thie SBCTION and S~CTION XII hereof and for its a+n negligence or rrillt'nl de-
isult in the performance of auch duties at~d obligations.
SSCTION VII: That in the event a successor Paying Agent is appointed by the
iurc ereunder in accordance With the provisions of SECTION VI hereof, the
(~urch shall give notice of the name and address of such successor Paying Agent
to the holders of Ghe bonds of this b~~d issue in Lhe same man~er as that pro-
vided for the giving of notice of an early redemption of bonds of th is bond
issue ih SECTION IX hereof.
SECTIOH 9III: Zhat it is hereby coveaented and agreed that as lot~g as eny of
i~onas o3` tt~is issue have not matured and ere outstanding and uapaid:
(1) The Church ~ill not sell, mortgage or in any aanner encwnber the
buildings or structures, or property upon xhich such are situated,
or any improvement the purchase, constrnction, acquisition or
repaid of Whict~ Was financed riith the proceeda derived frnm
the sale ~f bonds issued hereunder.
(2) The Church Will keep the buildings, equipaent and fixtures pur-
chased, constructed or repaired With proceeds derived from the
sale of bonds issued her8under insured to 80i6 of value agai~st
loss by fire, explosion, ~rindsLorm, hail and flood; and that
such evidence of such insurance shall be kept by the Church
and made available to any bond holder for inspection during
• reasonable hours. In the event of damage or destruction of
su~h property and recovery therefor under such insurance, the
. Church ~rill as soon as possi~le replace or repair such property,
or use the aioney received under the insurance policy to retire
the bonds issued hereunder.
( 3) If in the event the property of the chun:h is required to be
sold in order to meet outstanding liabilities, the proceeds from
` tt:e saie of the property Will be used to pay off any outstanding
bcn3s after any first n~ortgage requirements have been met but
before any other'liahilities rill be satisfied.
(1~) The Church Will not authorise or issue additional bonds EXCEPT
for one or more of the folloWing purposes:
k (a) to finance the construction of additional buildings
or improvements of the addition ta or the repair of
existing buildings and improvements and the ftir-
nishing and equipping thereof.
(b} to finance the purchase of additional real property,
facilities and/or equipment.
(c) to finance the establishment of missioa churches of like
faith, and
(d) to finance the establisha~e~t of church recreational
or encampment facilities. (The xord "establishn~ent"
as used herein shall be considered to include, among
other things, the purchase of real property, cot~-
~ struction of buildings and improvements and t.he fur-
nishing and equipping thereof.)
~ (e) total outstanding indebtedness shall no±
' exceed 66 2/3~ of the depreciated replacement value
~ of property. ~
(5) The Church ~rill, unless hereinafter provided to the contrary,
use and expend proceeds derived from the aele of the bonds
issued hereunder only for the purposes of paying the fees
atnd costs incurred by the Church in the issuance and sale
oi the bonds issusd hereunder the fees and costs incurred
_ B00lc~~~ Pl'~GE~,~~2
_3_
~ ~ - = - ~ ~ ~~,~r