674 - Laserfiche WebLink

Home Browse Search

ARTICLE IV GENERAL COVENANTS Section 401. The City covenants that it will promptly pay the principal of and interest on every bond issued under this Indenture at the place, on the dates and in the manner provided herein and in said bonds, and in the coupons appertaining thereto according to the true intent and meaning thereof. The principal and interest (except interest, if any,paid from the proceeds from the sale of the bonds and accrued interest) are payable solely from revenues derived from the project, which revenues are hereby speci- fically pledged to the payment thereof in the manner and to the extent herein specified, and nothing in the bonds or coupons or in this Indenture should be considered as pledging any other funds or assets of the City (except the securing of the indebtedness evidenced by the bonds and coupons by a first mortgage on the mortgaged property). Section 402. The City covenants that it will faithfully perform at all times any and all covenants, undertaking, stipula- tions and provisions contained in this Indenture, in any and every bond executed, authenticated and delivered hereunder and in all ordinances pertaining thereto. The City covenants that it is duly authorized under the Constitution and laws of the State of Arkansas, including particularly and without limitation Act No. 9, to issue the bonds authorized hereby and to execute this Indenture, to mortgage the property described and mortgaged herein and to pledge the revenues in the manner and to the extent herein set forth; that all action on its part for the issuance of the bonds and the execution and delivery of this Indenture has been duly and effective- ly taken; and that the bonds in the hands of the holders and owners thereof are and will be valid and enforceable obligations of the City according to the import thereof. Section 403. The City covenants that it lawfully