Common use of Covenants and Representations of the Authority Clause in Contracts

Covenants and Representations of the Authority. The Authority makes the following covenants and representations as the basis for its undertakings herein contained: (a) The Authority is a joint powers authority, duly organized and existing under the laws of the State. The Authority has the power to enter into the transactions contemplated by this Installment Sale Agreement and to carry out its obligations hereunder. By proper action of its governing body, the Authority has been duly authorized to execute, deliver and duly perform this Installment Sale Agreement and the Indenture. (b) To finance the Project, the Reserve Fund deposit and the Costs of Issuance, the Authority will issue its Bonds, which will mature, bear interest and be subject to redemption as set forth in the Indenture. (c) The Bonds will be issued under and secured by the Indenture, and pursuant thereto, certain of the Authority’s interests in this Installment Sale Agreement have been assigned to the Trustee as security for payment of the principal of, premium, if any, and interest on the Bonds. (d) The Authority is not in default under any of the provisions of the laws of the State, which default would affect its existence or its powers referred to in subsection (a) of this Section 2.2.

Covenants and Representations of the Authority. The Authority makes the following covenants and representations to the City that as of the basis for its undertakings herein containedClosing Date: (a) The Authority is a joint powers authorityentity, duly organized and existing under the laws of the State. The Authority has the power to enter into the transactions contemplated by this Installment Sale Agreement and to carry out its obligations hereunder. By proper action of its governing body, the Authority has been duly authorized to execute, deliver and duly perform this Installment Sale Agreement and the Indenture. (b) To finance the Project, the Reserve Fund deposit 2024 Water Project and the Costs of Issuance, the Authority will issue its the Bonds, which will mature, bear interest and be subject to redemption as set forth in the Indenture. (c) The Bonds will be issued under and secured by the Indenture, and pursuant thereto, certain of the Authority’s interests in this Installment Sale Agreement have been assigned to the Trustee as security for payment of a portion of the principal of, premium, if any, and interest on the Bonds. (d) The Authority is not in default under any of the provisions of the laws of the State, which default would affect its existence or its powers referred to in subsection (a) of this Section 2.2.