Issuance of Senior Bonds. The Agency hereby covenants not to issue any additional Senior Bonds except for the purposes of refunding, in whole or in part, the 2000 Bonds or the 2003 Bonds, or any refunding of all or any portion thereof, and only so long as such refunding results in debt service savings for the refunded Senior Bonds in each fiscal year, and the maturity of the Refunding Bonds is not later than the maturity of the Senior Bonds to be refunded, as evidenced by a Certificate of the Agency.
Issuance of Senior Bonds. Pursuant to Section 514, the Authority covenants that so long as the Series 2022A Junior Obligation Note is outstanding, the Authority will demonstrate satisfaction with the additional bonds test in Section 209 of the Trust Agreement, which demonstration shall include the refinancing of the Outstanding Amount (as defined in the Loan Agreement) of the Series 2022A Junior Obligation Note, on a pro-forma basis, by the issuance of Senior Indebtedness calculated in accordance with Section 209 (A) Balloon Indebtedness, subject to the replacement of “twenty-five (25) with “thirty (30)” in such section.
Issuance of Senior Bonds. It is determined to be necessary to, and the Issuer shall, issue, sell and deliver $5,000,000 principal amount of Senior Bonds, in order, together with other funds to be provided by the Issuer, to finance the general operating expenses and working capital needs of the Landfill. The Senior Bonds shall be designated "Senior Secured Bonds"; the Senior Bonds shall be issuable, unless a supplemental indenture shall have been executed and delivered pursuant to Section 7.2(h) hereof, only in fully registered form, substantially as set forth in Exhibit A to this Indenture; shall be numbered in such manner as determined by the Trustee in order to distinguish each Senior Bond from any other Senior Bond; and shall be in the denominations of $5,000 and any integral multiple thereof. The Senior Bonds shall be initially dated as of ________________ ___, 2000. Upon any exchange or transfer and surrender of any Senior Bond in accordance with the provisions hereof, the Issuer shall execute and the Trustee shall authenticate and deliver one or more new Senior Bonds in exchange therefor as provided herein. Any such new Senior Bond shall be dated, if authenticated prior to the first Interest Payment Date, as of the date of the Senior Bonds initially delivered hereunder, and otherwise, as of the Interest Payment Date next preceding the date of its authentication, except that if authenticated on an Interest Payment Date, it shall be dated as of such date of authentication; provided that if at the time of authentication interest thereon is in default, it shall be dated as of the date to which interest has been paid.
