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rights for the benefit of the Registered Owners of the Note against the claims and demands of all
<br /> persons whomsoever, that it is lawfully qualified to pledge the Future Bond Proceeds to the
<br /> payment of the Note, in the manner prescribed herein, and that it has lawfully exercised such
<br /> rights.
<br /> (b) Liens. The Authority will from time to time and before the same become delinquent
<br /> pay and discharge all taxes, assessments, and governmental charges, if any, which shall be
<br /> lawfully imposed upon it, or its Project, and it will pay all lawful claims for rents, royalties,
<br /> labor, materials, and supplies which if unpaid might by law become a lien or charge upon its
<br /> Project, provided, however, that no such tax, assessment, or charge, and that no such claims
<br /> which might be or other lien or charge, shall be required to be paid while the validity of the same
<br /> shall be contested in good faith by the Authority.
<br /> (c) Performance of Outstanding Bond Requirements. The Authority will faithfully
<br /> perform at all times any and all covenants, undertakings, stipulations, and provisions contained in
<br /> the resolutions authorizing the issuance of the Outstanding Bonds, and in each and every
<br /> Outstanding Bond.
<br /> (d) Legal Authority. The Authority is duly authorized under the laws of the State,
<br /> including the Act, to issue the Note; that all action on its part for the authorization and issuance
<br /> of the Note has been duly and effectively taken, and the Note in the hands of the Registered
<br /> Owners thereof are and will be valid and enforceable special obligations of the Authority in
<br /> accordance with their terms payable solely from, and to the extent of, Future Bond Proceeds
<br /> (when, as and if issued).
<br /> (e) Budget. The Authority will prepare, adopt, and place into effect an annual budget
<br /> (the "Annual Budget") for Operation and Maintenance Expenses of the Project for each Fiscal
<br /> Year, including in each Annual Budget such items as are customarily and reasonably contained
<br /> in a utility project budget under generally accepted accounting procedures.
<br /> (f) Permits. The Authority will comply with all of the terms and conditions of any and
<br /> all franchises, permits, and authorizations applicable to or necessary with respect to the Project
<br /> and which have been obtained from any governmental Authority; and the Authority has or will
<br /> obtain and keep in full force and effect all franchises, permits, authorizations, and other
<br /> requirements applicable to or necessary with respect to the acquisition, construction, equipment,
<br /> operation, and maintenance of the Project.
<br /> Section 16. LIMITED OBLIGATIONS OF THE AUTHORITY. The Note is a
<br /> limited, special obligation of the Authority payable from, and to the extent of, and secured solely
<br /> by a lien on and pledge of Future Bond Proceeds (when, as and if issued), and the Registered
<br /> Owners thereof shall never have the right to demand payment of the principal or interest on the
<br /> Note from the Bond Payments or any funds raised or to be raised through taxation by the
<br /> Sponsors or the Authority.
<br /> Section 17. DEFAULT AND REMEDIES. (a) Events of Default. For purposes of
<br /> this Resolution and the Note authorized hereby, an "Event of Default" has the meaning set forth
<br /> in the Form of Note.
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<br /> ARWA\BAN\2023:Authorizing*Resolution
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