Limitations on Bonds. The Corporation shall not prior to the Conversion Date:
(a) issue any Bond that matures prior to February 15, 2047 or on a date that is earlier than the maturity date of any then Outstanding Bond;
(b) issue any Bond that is payable from mandatory Sinking Fund Installments, other than Sinking Fund Installments established pursuant to Section 7.18 hereof;
(c) issue any Bond that is a Supported Bond unless either (i) the principal amount of Supported Bonds issued, after giving effect to the issuance of such Bond, but exclusive of Refunding Bonds that are Supported Bonds, does not exceed three billion dollars ($3,000,000,000) or (ii) the City is then authorized by appropriate resolution of its City Council, and the Support Agreement then obligates the City, to make Interest Support Payments with respect to the principal amount of all Supported Bonds that will be Outstanding after giving effect to the issuance of such Bond;
(d) issue any Senior Bonds, other than Refunding Bonds issued pursuant to Section 2.03 hereof, if after giving effect to the issuance thereof the principal amount of Senior Bonds issued would exceed three billion five hundred million dollars ($3,500,000,000);
(e) issue any Senior Bond that is a Capital Appreciation Bond, Deferred Income Bond, Variable Interest Rate Bond or Option Bond;
Limitations on Bonds. The Corporation shall not prior to
Limitations on Bonds. Owner and the District acknowledge that but for this Agreement, pursuant to Section 54.016 of the Water Code, the City’s consent to inclusion of the Development within the District could include restrictions on the purposes for which the District may issue Bonds and that those restrictions could entirely prohibit issuance of Bonds for roads.
