Covenant to Budget and Appropriate. In addition to the foregoing Section, the Issuer hereby covenants to budget and appropriate in its Annual Budget, by amendment if necessary and to deposit to the credit of the Debt Service Account, from Legally Available Non-Ad Valorem Revenues in each Fiscal Year, sufficient moneys to pay the principal of and interest on the Note in such Fiscal Year and any other amounts payable under the Note or hereunder, until the Note is paid in full and all other amounts owing hereunder have been paid. Such covenant and agreement on the part of the Issuer shall be cumulative to the extent not paid, and shall continue until Legally Available Non-Ad Valorem Revenues or other available funds in amounts sufficient to make all required payments shall have been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the Issuer, the Issuer does not covenant to maintain any services or programs now provided or maintained by the Issuer, which generate non-ad valorem revenues. Such covenant to budget and appropriate does not create any lien upon or pledge of such Legally Available Non-Ad Valorem Revenues, nor, except as provided in Section 12 hereof, does it preclude the Issuer from pledging in the future a particular source or sources of non ad-valorem revenues. Such covenant to budget and appropriate Legally Available Non-Ad Valorem Revenues is subject in all respects to the payment of obligations heretofore or hereafter (but only to the extent permitted by Section 12 hereof) entered into, including but not limited to the payment of debt service on bonds and other debt instruments. However, the covenant to budget and appropriate in its Annual Budget for the purposes and in the manner stated herein shall have the effect of making available in the manner described herein Legally Available Non-Ad Valorem Revenues and placing on the Issuer a positive duty to budget and appropriate, by amendment if necessary, amounts sufficient to meet its obligations hereunder. The Issuer covenants that as long as the Note shall remain unpaid, it will continue to impose and collect its non-ad valorem revenues at not less than the rates currently in effect, and will not amend or repeal the provisions of the resolutions, ordinances and/or agreements of the Issuer that impose the non-ad valorem revenues as of the date hereof so as to reduce the rate at which the non-ad valorem revenues are imposed, or otherwise modify the proceedings of the Issuer relevant to the non-ad ...
Covenant to Budget and Appropriate. Lessee hereby covenants to take such action as is necessary under the laws applicable to Lessee to budget for and appropriate and maintain funds sufficient and available to discharge its obligation to meet all Rental Payments under each Lease in each of its fiscal years during the Lease Term for each Lease.
Covenant to Budget and Appropriate. Subject to Section 6.5.1(a), City covenants to take such action as may be necessary to include Lease payments due hereunder in its annual budget and annually to appropriate an amount necessary to make such Lease payments.
Covenant to Budget and Appropriate. The District covenants and agrees to take such action as may be necessary to include all Rental Payments due hereunder in its annual budgets and to make the necessary annual appropriations for all such Rental Payments out of legally available revenues of the District. Annually within thirty (30) days of the adoption of the budget, the District will furnish to the Assignee a Certificate of the District certifying that such budget contains the necessary appropriation for all Rental Payments along with a copy of such budget. The agreements and covenants on the part of the District herein contained shall be deemed to be and shall be construed to be duties imposed by law and it shall be the duty of each and every public official of the District to take such action and do such things as are required by law in the performance of the official duty of such officials to enable the District to carry out and perform the agreements and covenants in this Lease-Purchase Agreement agreed to be carried out and performed by the District.
Covenant to Budget and Appropriate. Lessee covenants to budget and appropriate in each fiscal year such amount of Non-Ad Valorem Revenues sufficient to provide for the timely payment of the Rental Payments and any other amounts required to be paid in such fiscal year under this Agreement. Lessee will include in its annual budget, by amendment if necessary, and as soon as practicable, such amounts of Non-Ad Valorem Revenues as will be needed to provide for the payment of Rental Payments when due in such year and to make the other payments, if any, required to be made under this Agreement in such year. Such covenant and agreement on the part of Lessee to budget and appropriate such amounts of Non-Ad Valorem Revenues shall be cumulative to the extent not paid, and shall continue until such Non-Ad Valorem Revenues or other legally available funds in amounts sufficient to make all such required payments shall have been budgeted, appropriated and actually paid. No lien upon or pledge of such Non-Ad Valorem Revenues shall be in effect until such monies are budgeted and appropriated.
Covenant to Budget and Appropriate. Lessee hereby covenants to take such action as is necessary under the laws applicable to Lessee to budget for and appropriate and maintain funds sufficient and available to discharge its obligation to meet all Rental Payments under each Lease in each of its fiscal years during the Lease Term for each Lease. The covenants on the part of Lessee herein contained shall be deemed to be and shall be construed to be ministerial duties imposed by law and it shall be the duty of each and every public official of Lessee to take such action and do such things as are required by law in the performance of the official duty of such officials to enable Lessee to carry out and perform the covenants and agreements in this Agreement and each Lease agreed to be carried out and performed by Xxxxxx.
Covenant to Budget and Appropriate. Section 4.1. The payment of the Tax Increment Payments, if any, shall be subject to an annual appropriation by the City for each Fiscal Year in which such Tax Increment Payments are due. The City covenants and agrees to appropriate in its general annual operating budget, by amendment, if necessary, the Tax Increment Payments when due pursuant to this Agreement.
Section 4.2. Such covenant to budget and appropriate does not create any lien upon or pledge of the Tax Increment Payments, nor does it require the City to levy and collect any particular Tax Increment Revenues, nor does it give the District a claim of any kind on the Tax Increment Revenues of the City as opposed to claims of general creditors of the City. However, the covenant to budget and appropriate in the City’s general annual operating budget for the purposes and in the manner stated in this Agreement shall have the effect of making available in the manner described in this Agreement, Tax Increment Payments and placing on the City a positive duty to appropriate and budget, by amendment, if necessary, amounts sufficient to meet its obligation of making the Tax Increment Payments, subject, however, to the extent permitted by the Connecticut General Statutes, as amended.
Covenant to Budget and Appropriate. The City covenants to take such action as may be necessary to include all Base Rental Payments and Additional Rental due hereunder in its annual budget and to make the necessary annual appropriations for all such Base Rental Payments and Additional Rental, subject only to abatement as provided in Section 16 hereof. The City will furnish to the Authority and the Trustee annually, on or before September 1, a certificate stating that it has complied with the covenant set forth in this paragraph. The covenants on the part of the City herein contained shall be deemed to be and shall be construed to be duties imposed by law and it shall be the duty of each and every public official of the City to take such action and do such things as are required by law in the performance of the official duty of such officials to enable the City to carry out and perform the covenants and agreements in this Lease agreed to be carried out and performed by the City. The obligation of the City to make Base Rental Payments or Additional Rental payments does not constitute an obligation of the City for which the City is obligated to levy or pledge any form of taxation or for which the City has levied or pledged any form of taxation. Neither the Bonds nor the obligation of the City to make Base Rental Payments or Additional Rental payments constitutes an indebtedness of the City, the State or any of its political subdivisions within the meaning of any constitutional or statutory debt limitation or restriction.
Covenant to Budget and Appropriate. The County covenants and agrees to take such action as may be necessary to include all Rental Payments due hereunder in its annual budgets and to make the necessary annual appropriations for all such Rental Payments. Annually within thirty (30) days of the adoption of the budget, the County will furnish to the Lender a Certificate of the County certifying that such budget contains the necessary appropriation for all Rental Payments. If requested in writing by the Lender, the County will furnish a copy of such budget. The agreements and covenants on the part of the County herein contained shall be deemed to be and shall be construed to be duties imposed by law and it shall be the duty of each and every public official of the County to take such action and do such things as are required by law in the performance of the official duty of such officials to enable the County to carry out and perform the agreements and covenants in this Lease/Purchase Agreement agreed to be carried out and performed by the County.
Covenant to Budget and Appropriate. The County covenants to take such action as may be necessary to include all Base Rental Payments and Additional Rental due hereunder in its annual budget and to make the necessary annual appropriations for all such Base Rental Payments and Additional Rental, subject only to abatement as provided in Section 16 hereof. The County will furnish to the Trustee annually, on or before September 1, a certificate substantially in the form attached as Exhibit C of this Lease stating that it has complied with the covenant set forth in this paragraph. The covenants on the part of the County herein contained shall be deemed to be and shall be construed to be duties imposed by law and it shall be the duty of each and every public official of the County to take such action and do such things as are required by law in the performance of the official duty of such officials to enable the County to carry out and perform the covenants and agreements in this Lease agreed to be carried out and performed by the County. The obligation of the County to make Base Rental Payments or Additional Rental payments does not constitute an obligation of the County for which the County is obligated to levy or pledge any form of taxation or for which the County has levied or pledged any form of taxation. The obligation of the County to make Base Rental Payments and payments of Additional Rental does not constitute an indebtedness of the County, the State or any of its political subdivisions within the meaning of any constitutional or statutory debt limitation or restriction.
