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issuance of the Bonds and to provide for and ensure the due and punctual payment to the <br />Agency or to the Trustee by each Sponsoring Public Entity for which the Agency has <br />issued a series of Bonds, of amounts not less than the Annual Payment Amounts on a <br />series of Bonds issued for a particular Sponsoring Public Entity. Each of the Sponsoring <br />Public Entities hereby agrees to make, or cause to be made, its respective Annual <br />Payment Amount, as and when due, for the benefit of the owners of the Bonds, as <br />provided in the Bonds and the Bond Resolution. <br />(b) The proceeds from the sale of the Bonds, together with any cash received <br />from a Sponsoring Public Entity, will be used for the payment of the Project Costs. The <br />Bonds will be issued by the Agency in the amount anticipated to be required to acquire <br />and construct the Project, including payment of all Project Costs advanced by one or <br />more of the Sponsoring Public Entities and incurred by the Agency prior to the date of <br />issuance of the Bonds, and to fund, to the extent deemed advisable by the Agency, a debt <br />service reserve fund and interest on the Bonds during construction and for up to one year <br />after the Completion Date. However, each Sponsoring Public Entity reserves the right to <br />pay cash to the Agency for its share of the Project Costs rather than have the Agency <br />issue Bonds on its behalf. <br />(c) <br />(i) Each Bond Resolution of the Agency shall specify the maximum <br />principal amount of the Bonds to be issued thereunder. The Bonds shall mature <br />not more than forty (40) years from the date of such Bonds and shall bear interest <br />at not to exceed the maximum legal rate then permitted by law, and the Bond <br />Resolution may create and provide for the maintenance of a revenue fund, an <br />interest and sinking fund, a debt service reserve fund, and any other funds deemed <br />prudent by the Agency, all in the manner and amounts as provided in such Bond <br />Resolution. <br />(ii) Prior to the final adoption of a Bond Resolution or any amendment <br />of a Bond Resolution by the Agency's Board of Directors or the execution of an <br />Approval Certificate by the Agency, a substantially final copy of the proposed <br />Bond Resolution for the applicable Sponsoring Public Entity, the Approval <br />Certificate, if any, any Credit Agreements and the Sale and Offering Documents <br />shall be presented to the applicable Sponsoring Public Entity for review and <br />approval. <br />(iii) Upon approval by the Sponsoring Public Entity for which the <br />Agency issues a series of Bonds of (i) a Bond Resolution hereafter adopted by the <br />Agency for the applicable Sponsoring Public Entity, including any Credit <br />Agreements, (ii) any amendments to any Bond Resolution, (iii) an Approval <br />Certificate authorized by a Bond Resolution, and (iv) the Sale and Offering <br />Documents, and the delivery to the Agency of a certification signed by the <br />Authorized Representative of the respective Sponsoring Public Entity to the effect <br />that the Bond Resolution, including any Approval Certificate, and the Sale and <br />Offering Documents comply with this Contract, then upon the adoption and <br />approval of the Bond Resolution and the Approval Certificate, if any, in such final <br />form by the Agency's Board of Directors or Authorized Representative, as the 0