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HomeMy WebLinkAbout1504 SECTION VIII: This instrument is not i~tended as a mortgage, however, as long as any o t~e onds and interest coupons of this series or of any subsequent series have not matured and remain outstanding a~d unpaid, the Issuer hereby covenants and agrees as follows: (1~ The Issuer will not sell or encumber the property of the Issuer which is described in Exhibit "C", attached hereto . and made a part hereof, except as may be hereinafter provided. (2) ?he Issuer will keep its buildings, equipment and fixtures insured to 80x of value against loss by fire, explosion, windstorm, hail and flood; and evidence of such insurance shall be held by the Issuer and made available to ar~y bond- holder for inspection during reasonable hours. In the event of damage or destruction of such property and recovery - therefor under such insurance, the Issuer will, as soon a~ possible, replace or repair such property, or use the money received under the insurance policy to retire the bonds issued hereunder. ~ (3) In the event the property of the Issuer is required to be sold in order to meet outstanding liabilities, the pro- ceeds from the sale of the property will be used to pay any outstanding bonds and interest coupons after prior first mortgage requirements have been met but before any other liabilities will be satisfied. (4) The Issuer will not authorize or issue additional general revenue bonds EXCEPT (a) To finance the construction of additional buildings or . improvements of ~he addition to or the repair of existing buildings and improvements and the furnishing and equipping . thereof, or to refund debt incurred for such purposes, (b) To finance the purchase of additional r~al property, facilities and/or equipment, ~ (c) To finance the establishment of mission churches of like faith, and ~ (d) To finance the establishment of church recreational or en- ~ ca~ment facilities. (The word "establishment" as used herein shall be considered to include, among other things, the purchase of real prnperty, construction of butldings and improvements ~i and the furnishings and equipping thereof.) - i ~ (5) The Issuer, will, unless hereinafter provided to the contrary, - ~ use and expend proceeds derived from the sale of the bonds issued i hereunder only for the purpose of paying the fees and costs incurred ~ by the Issuer in the issuance and sale of the bonds issued here- j under, and~the fees and costs incurred by the Issuer in the design, ~ improvement, construction, erection, furnishing and equipping of a ~ building or buildings on such real property which is described in said Exhibit "C", attached hereto. (6) The Issuer will establish a Building Fund Account in a local bank ~ and the Treasurer or a duly authorized officer of the Issuer is ~ hereby instructed and directed to deposit from time to time in such ~ Account the proceeds derived from the sale of-the bonds, issued hereunder as the same are realized. The money deposited in such account will not be used or expended except for the purposes author- ~ ized in this resolution or for the redemption of the bonds issued hereunder and that withdrawals from such Account shall be by check ~ or draft of the Issuer sianed hv at least two officers of th~ Issuer. ~ ~ ~ ~ ~ - ~ UR - BOOK~4~ PACE1504 -3- - } ~ k~-~ ~ , . ~ ` ` ~ ~ ` ,i ~