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, _ t <br /> interest on the Refunded Series 1991B Bonds in the manner provided in Section 301 <br /> of this First Supplemental Bond Indenture; <br /> (d) the Series 1991 Trustee shall have received an Opinion of Bond Counsel <br /> to the effect that (i) the Subsequent Action will not adversely affect any exemption for <br /> purposes of federal income taxation to which interest paid on the Refunded <br /> Series 1991B Bonds or the Series 1996B Bonds would otherwise be entitled and (ii) <br /> the Subsequent Action will not violate the covenants of the Municipality with respect <br /> to arbitrage in the Series 1991 Bond Indenture, of the Authority with respect to <br /> arbitrage in the Series 1996B Bond Indenture, of the Corporation in the Series 1991 <br /> Loan Agreement or of the Corporation in the Series 1996B Loan Agreement; and <br /> (e) the 5eries 1991 Trustee shall have received such other documents and <br /> showings as it may reasonably require. <br /> The proceeds of any sale, redemption or reinvestment of the Escrow Obligations <br /> thereof shall in all cases be reinvested only in United States Government Obligations, which <br /> Obligations mature on or before the date on which the amount so invested is required <br /> hereunder (as indicated in the most recent verification report of an independent public <br /> accountant delivered with respect to the Securities Trust Fund) and are not callable by the <br /> issuer prior to maturity. <br /> If after any such Subsequent Action there are any funds on deposit in the Securities <br /> Trust Fund which are not needed by the Series 1991 Trustee for the payment when due of <br /> the principal of, premium and interest on the Refunded Series 1991B Bonds in accordance <br /> with the terms of this First Supplemental Bond Indenture as demonstrated by the <br /> accountants' opinion delivered pursuant to subparagraph (c) above, the Series 1991 Trustee <br /> shall release such excess funds and any interest earnings thereon from the lien hereof to be <br /> used in any manner permitted by and subject to the restrictions contained in the Opinion of <br /> Bond Counsel delivered pursuant to subparagraph (d) above. <br /> In the event a forward supply contract is to be executed and delivered in conjunction <br /> with any Subsequent Action, MBIA Insurance Corporation (the "Bond Insurer") shall have <br /> the right to review and approve such forward supply contract at least five Business Days <br /> prior to its execution and the Bond Insurer shall receive an opinion of nationally recognized <br /> bankruptcy counsel to the effect that the Escrow Obligations and the payments to the holders <br /> of the Refunded Series 1991B Bonds will not constitute the assets of the forward supply <br /> contract provider and will not be subject to an automatic stay in the event of the bankruptcy <br /> and/or the insolvency of the forward supply contract provider. <br /> Section 403. Under no circumstances shall the Series 1991 Trustee have a lien nor <br /> assert a lien on the Securities Trust Fund for its charges, fees and expenses and under no <br /> circumstances shall the Series 1991 Trustee make any claim against the Securities Trust Fund <br /> for such charges, fees or expenses. Reasonable fees of the Series 1991 Trustee for services <br /> rendered in administering the trust fund established hereunder shall be paid by the <br /> Corporation. <br /> -8- <br />