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Project Operating Agmt 02012011
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Project Operating Agmt 02012011
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12/13/2022 1:40:53 PM
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12/13/2022 1:40:29 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
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The Authority covenants and agrees that the User Payments when and as received will <br />be received and held by or on behalf of the Authority in trust and deposited in the Revenue Fund <br />Section 306 Establishment Maintenance and Use of Reserve and Replacement Fund <br />The Authority shall maintain and hold a separate fund to be known as the Reserve and <br />Replacement Fund The Authority shall deposit Revenues remaining after paying Debt Service <br />on the Bonds and Operating Payments remaining after payment of all Operating Costs for the <br />Fiscal Year in the Reserve and Replacement Fund until the amount on deposit therein is at least <br />equal to the Reserve and Replacement Fund Requirement and thereafter add such amounts as <br />the Authority shall determine from time to time as necessary to replenish the Reserve and <br />Replacement Fund so that it has on deposit an amount at least equal to the Reserve and <br />Replacement Fund Requirement The Authority may withdraw amounts from the Reserve and <br />Replacement Fund for use in repairing improving or replacing the Project or any component <br />thereof providing credits to Users pursuant to Exhibit A hereto or for any other lawful purpose <br />that is authorized by the Authoritys Board of Directors provided however that in the event any <br />User Payment is abated as provided herein or is insufficient to pay Debt Service amounts on <br />deposit in the Reserve and Replacement Fund may be used for transfer to the Trustee in an <br />amount equal to such abated User Payments or such insufficiency until such time as the <br />abatement is discontinued and User Payments are sufficient to pay Debt Service <br />ARTICLE IV <br />REPRESENTATIONS COVENANTS AND WARRANTIES <br />Section 401 Compliance with Operating Agreement <br />The Users will punctually pay the User Payments in strict conformity with the terms <br />hereof and will faithfully observe and perform all the agreements conditions covenants and <br />terms contained herein required to be observed and performed by then <br />The Authority will faithfully observe and perform all the agreements conditions <br />covenants and terms contained herein and in the Trust Agreement required to be observed and <br />performed by it and it is expressly understood and agreed by and among the parties to this <br />Operating Agreement that each of the agreements conditions covenants and terms contained in <br />this Operating Agreement is an essential and material term of the operation of the Project by the <br />Authority <br />Section 402 Against Encumbrances <br />The Authority hereby covenants that as of the date hereof there is no pledge of or lien on <br />the Revenues other than the pledge and lien securing the Bonds The Authority will not make <br />any pledge of or place any lien on the Revenues except as provided for herein or in the <br />Resolution <br />Section 403 Against Sale or Other Disposition of Property <br />1 0 <br />Pr oj e ct Operating Agreement 11 17 10 <br />City Attorney Group
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