Laserfiche WebLink
<br />16 <br />Property because the Authority has only a leasehold or other possessory right to some of the <br />Leased Property. Therefore, repossession of the Leased Property in such instances may not be <br />an available remedy. In addition, assuming the Leased Property could be repossessed, it may <br />prove functionally impossible to relet. <br />Additional Bonds <br />Under the Indenture, the Authority covenants that no additional, bonds, notes or other <br />indebtedness will be issued or incurred which are payable out of the Revenues in whole or in <br />part, except as specifically provided in the Lease. The Lease provides that Lease may be <br />amended to obligate the City to pay additional amounts of rental for the use and occupancy of <br />the Leased Property, but only if <br /> <br />(a) such additional amounts of rental are pledged or assigned for the payment of any <br />bonds, notes, leases or other obligations the proceeds of which are applied to finance or <br />refinance the acquisition or construction of any real or personal property for which the City is <br />authorized to expend funds subject to its control, <br /> <br />(b) the City has obtained and filed with the Trustee an appraisal [or other written <br />evidence satisfactory to the Trustee] showing that the [appraised] value of the Leased Property <br />is at least equal to the aggregate principal amount of the Outstanding Bonds and all such other <br />bonds, notes, leases or other obligations, and <br /> <br />(c) the City has filed with the Trustee written evidence that the amendments made <br />for this purpose will not of themselves cause a reduction or withdrawal of any rating then <br />assigned to the Bonds. <br /> <br />