|
<br />(l) the Bonds have satisfied the public approval requirements of Section 147(f)
<br />ofthe Code since they have been approved by the Issuer by its elected legislative body after
<br />reasonable public notice published in a newspaper of general circulation in the Issuer not less
<br />than fourteen (14) days prior to the date of a public hearing with respect to the Facilities;
<br />
<br />(m) the Corporation will maintain its status as an organization described in
<br />Section 501(c)(3) of the Code and its exemption from federal income taxation under Section
<br />501(a) of the Code;
<br />
<br />(n) the Corporation will not otherwise use Bond proceeds, including earnings
<br />thereon, or take, or permit or cause to be taken, any action that would adversely affect the
<br />exemption from federal income taxation of the interest on the Bonds, nor otherwise omit to
<br />take or cause to be taken any action necessary to maintain such tax-exempt status; and, ifit
<br />should take or permit, or omit to take or cause to be taken, as appropriate, any such action,
<br />the Corporation shall take all lawful actions necessary to rescind or correct such actions or
<br />omissions promptly upon having knowledge thereof.
<br />
<br />SECTION 7.11. ENVIRONMENT AL USE OF FACILITIES. The Corporation shall not use the
<br />Facilities in any manner so as to violate any applicable law, rule, regulation or ordinance of any
<br />governmental body or in such manner as to vitiate insurance upon the Facilities. The Corporation
<br />shall not commit or permit any waste upon the Facilities which would materially decrease the value
<br />of the Facilities. The Corporation shall comply with all regulations concerning the environment,
<br />health and safety relating to the generation, use, handling, production, disposal, discharge and storage
<br />of Hazardous Materials, as defined herein, in, on, under, or about the Facilities. The Corporation
<br />shall promptly take any and all necessary action in response to the presence, storage, use, disposal,
<br />transportation or discharge of any Hazardous Materials in, on, under or about the Facilities by the
<br />Corporation or persons acting on behalf of or at the direction of the Corporation as all applicable
<br />laws, rules, regulations, or ordinances may require; provided, however, that the Corporation shall
<br />not, without the Issuer's prior written consent, which consent shall not be unreasonably withheld,
<br />take any remedial action in response to the presence of any Hazardous Materials in, on, under or
<br />about the Facilities, nor enter into any settlement agreement, consent decree, or other compromise
<br />in respect to any claims, proceedings, lawsuits or actions, completed or threatened pursuant to any
<br />Hazardous Materials laws or in connection with any third party, if such remedial action, settlement,
<br />consent or compromise might, in the Issuer's sole determination, impair the value ofthe Facilities;
<br />the Issuer's prior consent shall not, however, be necessary in the event that the presence of
<br />Hazardous Materials in, on, under, or about the Facilities either (i) poses an immediate threat to the
<br />health, safety, welfare or property right of any individual, or (ii) is of such a nature that an immediate
<br />remedial response is necessary under applicable law, rules, regulations, or ordinances, and it is not
<br />possible to obtain the Issuer's consent prior to undertaking such action. In the event the Corporation
<br />undertakes any remedial action with respect to any Hazardous Materials on, under or about the
<br />Facilities, the Corporation shall immediately notify the Issuer of any such remedial action, and shall
<br />conduct and complete such remedial action (A) in compliance with all applicable federal, state and
<br />local laws, regulations, rules, ordinances and policies, (B) to the reasonable satisfaction of the Issuer,
<br />
<br />7-7
<br />
|