88-26 AUTHORIZING THE ISSUANCE OF HEALTH CARE FACILITY REVENUE BONDS, SERIES 1988

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(a That it will authorize the issuance and sale ) of the Bonds ursuant to its lawful and constitutional P authority. (b) That it will enter into a loan agreement with the Corporation whereby the Corporation will pay to, or on behalf of the Municipality, such sums as shall be sufficient to pay the principal of and interest and redemption premium, if any, on the Bonds, as and when the same shall be come due and payable. (c) That it will take such further action and adopt such further proceedings as may be required to implement its aforesaid undertakings or as it may deem appropriate in pursuance thereof. 3. Ondertakings on the Part of the Corporation. Subject to the conditions above stated, the Corporation agrees as � follows: ' (a) That it will use all reasonable efforts to find one or more purchasers for the Bonds. (b) That contemporaneously with the delivery of the Bonds it will enter into a loan agreement with the Municipality, under the terms of which the Corporation will obligate itself to pay to or on behalf of the Municipality an amount sufficient to pay the principal of and interest and redemption �premium, if any, on the ' Bonds, as and when the• same shall become due and payable. � (c) That it will take such further action and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions (a) All commitments of the Municipality under paragraph 2 hereof and of the Corporation under paragraph 3 hereof are subject to the conditions that on or before 360 days from the date hereof (or such other date as shall be mutually satisfactory to the Municipality and the Corporation) , the Municipality and the Corporation shall have agreed to mutually acceptable terms and conditions of the loan agreement referred to in paragraph 3 and of the Bonds. -2-