Res 1979-054 - Laserfiche WebLink

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, I I I 3. The User agrees that prior to the issuance and delivery of a particular series of the Bonds, it will provide, or cause to be provided, at its expense, the necessary interim financing to expedite the acquisition and construction of the Project. In addition, the User agrees that it will be responsible for and pay all Project Costs which are not or cannot be paid from the proceeds o.f the Bonds; however, to the extent that Bond proceeds are avail- able therefor, the User shall be entitled to reimbursement for all Project Costs incurred by it. 4. On or prior to the issuance of the Bonds, the User will enter into a purchase, lease or loan agreement on an installment payment basis (herein called the "Contract") with the Corporation under which the Corporation will sell or lease the Project to the User or make a loan to the User for the purpose of providing temporary or permanent financing of all or part of the cost of the Project and the User will make installment payments sufficient to pay the principal of and any premium and interest on such series of Bonds. The Bonds shall never constitute an indebtedness or pledge of the faith and credit of the state, of the Unit, or of any other political corporation, subdivision or agency of the state within the meaning of any State consti- tutional or statutory provision, and the Bonds shall never be paid in' whole or in part out of any funds raised or to be raised by taxation or any other funds of the Unit, and shall be payable from the funds of the Corporation derived from orin connection with the sale or lease of the Project or, the ..lo'iln pf the pr9ceedsof the Bonds. 5. On receipt of a rUling from the Internal Revenue Service (or the opinion of nationally recognized bond coun- sel) that interest paid on the Bonds is exempt from federal income taxation, the Corporation hereby agrees to issue, pursuan~ to the terms of the Act, the Bonds, or from time to time the portion thereof as may be the subject of such a ruling or opinion as aforesaid, on receipt of the written designation by the User of the purchaser thereof, in an appropriate principal amount not exceeding that which is the subject of a ruling or opinion as aforesaid, maturing in such amount and times, bearing interest at the rates, payable on the dates and having such optional and mandatory redemption features and prices as are approved in writing by the User. The Corporation will deliver the Bonds to the purchaser thereof and will cooperate to the fullest extent in facilitating delivery of the Bonds. -5-