10A Action Items 2018 1105 - Laserfiche WebLink

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19 damages howsoever arising or occurring payable at the same time and in the same manner as provided in the Lease in the case of payment of Lease Payments and Additional Rental Payments. Additionally, the Trustee may pursue remedies at law or in equity to enforce the Lease. Although the Lease and the Indenture provide that the Trustee, as assignee of the Authority, may take possession of the Leased Property if there is a default by the City, and the Lease provides that the Trustee may have such rights of access to the Leased Property as may be necessary to exercise any remedies, portions of the Leased Property may not be easily recoverable and, even if recovered, could be of little value to others. There can be no assurance that the Leased Property can be re–let for an amount equal to all outstanding Lease Payments. Due to the essential nature of the governmental functions of the Leased Property, it is not certain whether a court would permit the exercise of the remedies of repossession and re–letting with respect thereto. In addition, the remedy of repossession and re–letting may prove to be unavailable or not economically viable with respect to all or portions of the Leased Property because the Authority has only a leasehold or other possessory right to some of the Leased Property. Therefore, repossession of the Leased Property in such instances may not be an available remedy. In addition, assuming the Leased Property could be repossessed, it may prove functionally impossible to relet. Additional Bonds Existing Parity Bonds. As previously described, the 2018 Bonds are secured solely by Revenues and certain funds and accounts held under the Indenture on a parity with the 2016 Bonds. The 2016 Bonds are currently outstanding in the aggregate principal amount of $12,345,000 and mature on November 1, 2029. Future Additional Bonds. Under the Indenture, the Authority covenants that no additional, bonds, notes or other indebtedness will be issued or incurred which are payable out of the Revenues in whole or in part, except as specifically provided in the Lease. The Lease provides that the Lease may be amended to obligate the City to pay additional amounts of rental for the use and occupancy of the Leased Property, but only if: (a) such additional amounts of rental are pledged or assigned for the payment of any bonds, notes, leases or other obligations the proceeds of which are applied to finance or refinance the acquisition or construction of any real or personal property for which the City is authorized to expend funds subject to its control, (b) the City has obtained and filed with the Trustee an appraisal or other written evidence satisfactory to the Trustee showing that the value of the Leased Property is at least equal to the aggregate principal amount of the Outstanding Bonds and all such other bonds, notes, leases or other obligations, and (c) the City has filed with the Trustee written evidence that the amendments made for this purpose will not of themselves cause a reduction or withdrawal of any rating then assigned to the Bonds.