Laserfiche WebLink
<br />B. A portion of the proceeds shall be deposited with the paying agent for the <br />Refunded Bonds for the purpose of refunding and defeasing the Refunded Bonds; <br /> <br />C. A portion of the proceeds shall be applied to pay expenses arising in connection <br />with the issuance of the Bonds and the refunding of the Refunded Bonds; and <br /> <br />D. Any proceeds remaining after making all such deposits and payments shall be <br />deposited to the Bond Fund. <br /> <br />SECTION 9.5. Bond Insurance. <br /> <br />The Authority hereby acknowledges that the Purchaser's bid is contingent upon the <br />issuance of a policy of a bond insurance policy from the Bond Insurer insuring the timely <br />payment of principal of and interest on the Bonds. The terms and conditions of the bond <br />insurance policy, as set out in Exhibit E hereto, are incorporated herein for all purposes for so <br />long as such policy remains in effect. Such bond insurance policy is to be obtained at the <br />Purchaser's expense. The appropriate officials and representatives of the Authority are hereby <br />authorized and directed to execute such documents and certificates and to do any and all things <br />necessary or desirable to obtain such insurance, and the printing on the Bonds of an appropriate <br />legend or statement regarding such insurance, as provided by the Bond Insurer, is hereby <br />approved. <br /> <br />SECTION 9.6. Continuing Disclosure Undertaking. <br /> <br />A. Annual Reports. The Authority shall enter into a continuing disclosure agreement <br />with each of the Participants. The Authority also covenants to provide annually to the MSRB, <br />within six months after the end of each fiscal year, annual financial statements, being the <br />financial statements of the Authority included in Appendix B of the Official Statement, but for <br />the most recently concluded fiscal year of the Authority, and financial information and operating <br />data with respect to the Authority of the general type included in the final Official Statement <br />authorized by Section 8.2 hereof, being the information described in Exhibit 0 hereto. Any <br />financial statements so to be provided shall be (1) prepared in accordance with the accounting <br />principles described in Appendix B thereto and (2) audited, if the Authority commissions an <br />audit of such statements and the audit is completed within the period during which they must be <br />provided. If audited financial statements are not so provided, then the Authority shall provide <br />audited financial statements for the applicable fiscal year to the MSRB, when and if audited <br />financial statements become available but if such audited financial statements are unavailable, <br />the Authority will provide such financial statements on an unaudited basis within the above- <br />described six-month period. <br /> <br />If the Authority changes its fiscal year, it will notify the MSRB of the change (and ofthe <br />date of the new fiscal year end) prior to the next date by which the Authority otherwise would be <br />required to provide financial information and operating data pursuant to this Section. <br /> <br />The financial information and operating data to be provided pursuant to this Section may <br />be set forth in full in one or more documents or may be included by specific reference to any <br />document (including an official statement or other offering document, if it is available from the <br /> <br />34 <br /> <br />HOU:3003369.1 <br />