REPRESENTATIONS OF ISSUER, BORROWER AND BONDHOLDER REPRESENTATIVE. Section 2.1 Representations of the Issuer. herein: The Issuer makes the following representations and warranties as the basis for its covenants
(a) The Issuer is organized and existing as a housing public facility corporation duly organized and existing under the laws of the State, and is authorized to issue the Bonds to finance the acquisition, construction and equipping of the Project pursuant to the Act.
(b) The Issuer has lawful power and authority under the Act to enter into this Agreement, the Tax Regulatory Agreement, and the Indenture and to carry out its obligations hereunder and under the Tax Regulatory Agreement and the Indenture. By proper action of its governing body, the Issuer has been duly authorized to execute and deliver this Agreement, acting by and through its duly authorized officers. The Indenture, the Tax Regulatory Agreement, and this Agreement have been duly executed by the Issuer and each constitutes a valid, legal, binding and enforceable obligation of the Issuer (subject to bankruptcy, insolvency, or other laws affecting creditors’ rights generally and to the application of principles of equity generally) without offset, defense, or counterclaim. The execution, delivery, and performance of the Indenture, the Tax Regulatory Agreement, and this Agreement by the Issuer will not violate any law, regulation, order, or decree of any Governmental Authority regulating the Issuer and all consents, approvals, authorizations, orders, or filings of or with any court or governmental agency or body, if any, required for the execution, delivery, and performance of such documents by the Issuer have been obtained or made.
(c) The Issuer has no knowledge of any pending action, suit, or proceeding, arbitration, or governmental investigation against the Issuer, an adverse outcome of which will materially affect performance under the Indenture and this Agreement by the Issuer.
(d) To finance the costs of the Project, the Issuer proposes to issue the Bonds in the aggregate principal amount of $28,000,000. The Bonds will bear interest and be scheduled to mature and will be subject to redemption prior to maturity in accordance with the provisions of the Indenture. The Bonds are to be issued under and secured by the Indenture, pursuant to which the payments, revenues, and receipts derived by the Issuer pursuant to this Agreement, other than the Unassigned Issuer’s Rights, will be pledged and assigned to the Trustee as security for payment of the princi...
REPRESENTATIONS OF ISSUER, BORROWER AND BONDHOLDER REPRESENTATIVE
