Res 1978-055 - Laserfiche WebLink

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. m. So long as the Government holds any of the Bonds, it will waive for such Bonds the noncallable provisions, redemption premiums, and publications of notice of call applicable thereto with respect to the Bonds held by the Government. n. This Agreement is not for the benefit of third parties, including the holders in due course from time to time of any of the Bonds, and the Government shall be under no obligation to any such parties, whether or not indirectly interested in said Agreement, to pay any charges or expenses incident to compliance by the Borrower with any of its duties or obligations thereunder. 2. Note Payable to the Government a. Simultaneously with the delivery' of tne Note to the Government the Borrower shall furnish to the Government from counsel satis- factory to the Government an opinion -which shall express the counsel's general approval of the Note, and shall state that said Note has been issued pursuant to all requirements of law, and that said Note, when delivered and paid for, will constitute a binding and legal obligation payable and secured in accordance with the tenor thereof and terms and conditions in this Agreement. b. So long as the Government holds the Note, the Grantee/Borrower shall furnish operating statements for the Project, and any facilities, the revenues of which are to be applied to payment of the Note, in such form and substance for such periods as may be requested by the Government. c. The Grantee/Borrower shall during construction and thereafter so long as the Government holds the Note, carry insurance, and during construction require each contractor and subcontractor to carry insurance, of such types and in such amounts as the Government may specify with insurance carriers acceptable to the Government. I d. The Grantee/Borrower shall establish such accounts and maintain such accounting procedures as may be necessary or helpful in the accurate accounting for the segregation of revenues to be applied to the payment of the Note and for the allocation of expenses, costs of maintenance and overhead. e. Monies on deposit to the credit of accounts and funds established and maintained in conformity with the provisions of this Agreement or to fund payments from net revenues may be invested upon request by the Grantee/Borrower, in direct obligations of or obligations, the principal of and the interest on which are guaranteed by, the U.S. Government. Any interest earned on deposits of Grant funds shall inure to the benefit of the Government. - 11 -