Common use of Representations of the Authority Clause in Contracts

Representations of the Authority. The Authority makes the following representations: (a) The Authority is a joint exercise of powers authority, duly organized and existing under the Constitution and laws of the State. (b) The Authority has full legal right, power and authority under the laws of the State and has taken all official actions necessary (i) to enter into this Agreement, the Regulatory Agreement and the Indenture, (ii) to issue, execute and deliver the Bonds, (iii) to perform its obligations hereunder and thereunder and (iv) to consummate all other transactions on its part contemplated by this Agreement and such other documents, including, without limitation, the loaning of the proceeds of the Bonds to the Borrower. (c) This Agreement has been duly executed and delivered by the Authority and constitutes a valid and binding obligation of the Authority, enforceable against the Authority in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and equitable principals. Upon the execution and delivery thereof, the Regulatory Agreement, the Indenture and the Bonds will constitute valid and binding obligations of the Authority, enforceable against the Authority in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and equitable principals. (d) The execution and delivery of this Agreement, the Regulatory Agreement, and the Indenture, the issuance, execution and delivery of the Bonds, the performance by the Authority of its obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the loaning of the proceeds of the Bonds to the Borrower, do not violate any law, rule, regulation or ordinance or any order, judgment or decree of any federal, state or local court by which the Authority is bound, and do not conflict with, or constitute a breach of, or a default under the terms and conditions of any Agreement, instrument or commitment to which the Authority is a party or by which the Authority or any of its property is bound. (e) There is no action, suit, proceeding, inquiry or investigation pending or, to the knowledge of the Authority, threatened against the Authority by or before any court, governmental agency or public board or body which (i) questions the existence or the territorial jurisdiction of the Authority or the title to any Authority office of any member of the Authority,

Representations of the Authority. The Authority makes the following representations: (a) The Authority is a joint exercise of powers authority, duly organized and existing under the Constitution and laws of the State. (b) The Authority has full legal right, power and authority under the laws of the State and has taken all official actions necessary (i) to enter into this Agreement, the Regulatory Agreement and the Indenture, (ii) to issue, execute and deliver the Bonds, (iii) to perform its obligations hereunder and thereunder and (iv) to consummate all other transactions on its part contemplated by this Agreement and such other documents, including, without limitation, the loaning of the proceeds of the Bonds to the Borrower. (c) This Agreement has been duly executed and delivered by the Authority and constitutes a valid and binding obligation of the Authority, enforceable against the Authority in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and equitable principals. Upon the execution and delivery thereof, the Regulatory Agreement, the Indenture and the Bonds will constitute valid and binding obligations of the Authority, enforceable against the Authority in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and equitable principals. (d) The execution and delivery of this Agreement, the Regulatory Agreement, and the Indenture, the issuance, execution and delivery of the Bonds, the performance by the Authority of its obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the loaning of the proceeds of the Bonds to the Borrower, do not violate any law, rule, regulation or ordinance or any order, judgment or decree of any federal, state or local court by which the Authority is bound, and do not conflict with, or constitute a breach of, or a default under the terms and conditions of any Agreement, instrument or commitment to which the Authority is a party or by which the Authority or any of its property is bound. (e) There is no action, suit, proceeding, inquiry or investigation pending or, to the knowledge of the Authority, threatened against the Authority by or before any court, governmental agency or public board or body which (i) questions the existence or the territorial jurisdiction of the Authority or the title to any Authority office of any member of the Authority,

Representations of the Authority. The Authority makes the following representations: (a) The Authority is a joint exercise of powers authority, duly organized and existing under the Constitution and laws of the State. (b) The Authority has full legal right, power and authority under the laws of the State and has taken all official actions necessary (i) to enter into this Agreement, the Regulatory Agreement and the Indenture, (ii) to issue, execute and deliver the Bonds, (iii) to perform its obligations hereunder and thereunder and (iv) to consummate all other transactions on its part contemplated by this Agreement and such other documents, including, without limitation, the loaning of the proceeds of the Bonds to the Borrower. (c) This Agreement has been duly executed and delivered by the Authority and constitutes a valid and binding obligation of the Authority, enforceable against the Authority in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and equitable principals. Upon the execution and delivery thereof, the Regulatory Agreement, the Indenture and the Bonds will constitute valid and binding obligations of the Authority, enforceable against the Authority in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and equitable principals. (d) The execution and delivery of this Agreement, the Regulatory Agreement, and the Indenture, the issuance, execution and delivery of the Bonds, the performance by the Authority of its obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the loaning of the proceeds of the Bonds to the Borrower, do not violate any law, rule, regulation or ordinance or any order, judgment or decree of any federal, state or local court by which the Authority is bound, and do not conflict with, or constitute a breach of, or a default under the terms and conditions of any Agreement, instrument or commitment to which the Authority is a party or by which the Authority or any of its property is bound. (e) There is no action, suit, proceeding, inquiry or investigation pending or, to the knowledge of the Authority, threatened against the Authority by or before any court, governmental agency or public board or body which (i) questions the existence or the territorial jurisdiction of the Authority or the title to any Authority office of any member of the Authority,, (ii) seeks to prohibit, restrain or enjoin the execution and delivery of this Agreement, the Regulatory Agreement or the Indenture, the issuance, execution or delivery of the Bonds or the loaning of the proceeds of the Bonds to the Borrower; (iii) questions the validity or enforceability of this Agreement, the Regulatory Agreement, the Indenture, or the Bonds; (iv) questions the exclusion from gross income for federal income tax purposes of interest on the Bonds; or (v) questions the power or authority of the Authority to carry out the transactions contemplated by this Agreement, the Indenture, the Regulatory Agreement, or the Bonds. (f) The Authority has determined that the financing of the Project and the issuance of the Bonds to obtain moneys to carry out the purposes of the Project will serve the public interest and will further the purposes of the Act.