HomeMy WebLinkAbout0072 (C) In the event that the Company has acquired and
installed, prior to such removal and disposal of items of
equipment from the Project or the Mortgaged Property other
than under preceeding subsection (A) of this Section, an
additional item or items of machinery or equipment or made
additions, modifications, or improvements to the Project
or the Mortgaged Property with its own funds, free of all
liens and encumbrances, which have become part of the Project
or the Mortgaged Progerty, either by virtue of the first ~
paragraph of Section 4.01 or by virtne of not being tagged
or suitably identified pursnant to the second paragraph of
Section 4.01, the Company ~ay take credit to the extent of
the amount so spent by it against the requirement that it
either substitute and install other machinery and equipment
having equal or greater utility as part of such an air and
water pollution control ~acility or that it make payment
into the Bond Fund. Provided, however, that ths Company
may take such credit only so long as the fair market value
of the Project is not less than the outstanding principal
balance of all Bonds and Concurrent Parity Bonds. ~
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The removal froM the Project or the Mortgaged Property f
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of any portion of the equipment made a~part of the Project
or the ~ortgaged Property and the substitution, payment or
credit therefor pursuant to the provisions of this Section
shall not entitle the Company to any delay, abatement or
diminution of the install~ents payable under Section 3.03
hereof. The Company will promptly report to the Trustee
within thirty (30) days of each calendar quarter each such =
removal, substitution, sale and other disposition of any s
item of equipment havi~g a depreciated value (calculated ;
in accordance with generally accepted accounting practice
followed by the Company) of more than $50,000 or, when the
aggregate of any such removed, substituted, sold or disposed
of items of equipment aggregate $150,000, each such zemoval,
substitution, sale and other disposition of any item of equipment
having a depreciated value (calculated as above) of more
than $5,000.
Section 4.03. II~SURANCE AFTER COMPLETION OF CONSTRUCTION.
Simultaneously with delivery of the Bonds, the Company will
cause to be furnished to the Trustee the insurance policies
or certificates_of insurance necessary to comply with the
requireir~ents of Section 2.02 hereof, unless the Company has
been permitted by the Tssuer and the Trustee to be a self-
insurer pursuant to Section 2.02.
After the construction period, the Company shall,
unless authorized to self-insure by the Issuer and~the Trustee,
take out and continuously raaintain in effect while any of
the Bonds sha11 be outstanding and unpaid, the following
insurance on the Mortgaged Property and the Project written
on the standard forms of poZicy with respect thereto and
having deductible ar~ounts not exceeding those custor.~ary in ' -
sir.iilar circur.mstances, paying as the same become due all
preriiums with respect thereto:
(A) Insurance to the extent of the cost of the ~Iortgaged
Property including the Project (other than foundations),
including the equipment less the accumulated depreciation
thereon, against loss thereto from or damage by vandalism
and fire and other causes in accordance with uniform standard
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