5811 AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE EXECUTION OF REQUISITION AGREEMENTS

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. ' . HUD-9003 (11-68) Local Iasuing Agency and shall ba depoaited in the appropriate fund or funds described in the Contract, to be used in accordance with the provisions-of the Contract. Section 4. Covenanta of the Local IseuinR AAency and Government Anything in the Contract to the contrary notcrithetanding, the Government hereby approves the sale, issuance and delivery of the New Project Notes and the Government and the Local Issui.ng Agency covenant and agree with and for the benefit of, and this � olders from time to time of the A reement may be assigned for the bene�it of, the h 8 New Project IVotes and of interest claims thereunder that the Government will make payment of the Project Temporary Loan as prpvided in this Agreement, and that so long as any ot the IVew Project Notes are outstanding and unpaid, the Local Issuing Agency and the Government shall not take any action as might affect or impair the obligation of the Government to make payc�ent of the Project Temporary Loan. Section 5. Termination of ObliQations At such tirre as there shall have been deposited, by or for the accbunt of the Local . Issuing Agency, with each Paying Agent af the New Project Notes a sum sufficient to pay the principal gnd interest to maturity on the New Project Notes for which it is the Paying Agent, the obligation of the Government to make payment of the Project Temporary Loan sha11 be discharged. Section 6. Certifications by Local IssuinR A�encV and Governnent The Local Issuing Agency and the Government hereby certify that on the date of delivery of and payment for the New Project Notes the Local Issuing Agency will not be obligated for any loans obtained in connection with the Project from the Government, or from others thr�n the Government, which are secured by the obligation of the Govern- ment to make a payment on accaunt of the loan pursuant to'the Contract, except the loan or loans evidenced by the (1) Outstanding Project Notes in the amount specified in Section 1(C) hereof which shall be paid on the maturity date shown therein pursuant to clause (1) of Section 2 hereof; (2) New Project Notes in the amount specified in Section 1(D) hereof; (3) Project Notes in the amount specified in Section 1(F) hereof; � and (4) Project Loan Notes in the amount specified in Section 1(G) hereof less the amount of repayment on accoun� of said Project Loan Notes made pursuant to clause (2) of Section 2 hereof. It is hereby further certified, recited and declared on behalf of the Local Issuing Agency and the Governr�ent, respectively, that all conditions, acts, and things required to exist, happen, and be performed precedent to and in the execution and delivery of thi.s Requisition Agreement do exist, have happened, and have beep performed in due time, form, a.nd manner as required by law. Without limiting the generality of the foregoing, it is hereby certified on behalf of the Government that (a) the � Contract has been ob]_igated by the amount necessary to pay the principai of and interest � to maturity on the New Project Notes; and (b) the rate or rates of interest specified � in the Contract as the rate of interest on loans from the Government to the Local ` Issuing Agency was and is not less than the applicable "going Federal rate" in com- f pliance with (1) Section 110(g) of Title I of the Housing Act of 1949, as amended; � or (2) Section 2(10) of the Housing Act of 1937, as applicable, I Section 7. PLedQe by the Government ' A. The Government hereby pledges with respect to urban renewal and redevelopment projects as follows: � 1. To pay or cause to be paid when due the principal of and interest on each < of the New Project Notes, and, pursuanc to Section 102(c) of the Housing Act of 1949, as amended (42 U•.�.C. 1452 (c)), the full faith and credit of the United States is pledged to such payment; 2. Tha[ the Payment Agreement described below shall be construed separate and apart from the loan payment contract evidenced by the Requisition Agreement and the Contract referred to above and in each of the New Project Notes, and shall be incontestable in the hands of a bearer, as provided by said Act; and - 3 -