Laserfiche WebLink
on a pro rata basis among the separate Lease Payment Schedules, if any, attached hereto as <br />Exhibit A) for any amounts on hand in the Payment Fund at the time any Lease Paymenf is <br />due, and that at such time as [he moneys on hand in the Payment Fund and the Reserve Fund <br />are equal to all Lease Payments remaining unpaid, such moneys shall be applied by the <br />Trustee, pursuant to Section 306(b) of the Trust Agreement, to such Lease Payments on <br />behalf of the City, and the City shall not be required to make any further Lease Payments <br />under the Lease Agreement. A Lease Payment payable on a Due Date is in consideration for <br />use and possession of the Project from the following Payment Date to the next occurring <br />Payment Daze. <br />Lease Payments for each annual rental period during the Term of the <br />Agremment shall constitute the total rental for said rental period and shall be paid by the City <br />in each rental period for and in consideration of the right of the use and possession of, and the <br />continued quiet use and enjoyment of, the Project during each such period for which said <br />rental is to be paid. The parties hereto have agreed and determined that such total rental <br />represents the fair rental value of the Project. In making such determination, consideration <br />has been given to the costs of acquisition, construction, delivery, installation and financing of <br />the Project, other obligations of the parties under the Lease Agreement, the uses and purposes <br />which may be served by the Project and the benefits therefrom which will accrue to the City <br />and the general public. <br />Each Lease Payment shall be paid in lawful money of the United States of <br />America to or upon the order of the Authority at the corporate trust office of the Trustee. <br />Lease Payments shall be paid from any source of legally available funds of the <br />City and so long as the Project is available for [he City's use, the City covenants to take such <br />action as may be necessary to include all Lease Payments due under the Lease Agreement in <br />its budgets, and to make the necessary appropriations for all such Lease Payments; which <br />covenants of the City shall be deemed to be, and shall be, ministerial duties imposed by law, <br />and it shall be the duTy of each and every public official of the City to take such action and do <br />such things as are required by law in the performance of the official duty of such officials to <br />enable the City to carry out and perform the covenants made by the City in the Lease <br />Agreement. If the source of funds for Lease Payments are user charges, the City covenants to <br />impose and establish user charges at a level which will produce sufficient net revenues to pay <br />Lease Payments coming due in each year, as permitted by law. During the Term of the <br />Agreement, the City will furnish to the Trustee, no later than thirty (30) days following <br />adoption of the budge[ for that fiscal period, a certificate of the City Representative that the <br />Lease Payments due in that fiscal period have bcen included in the budget approved by the <br />City Council of the City for such Fiscal period. <br />To [he extent that moneys are available in [he Payment Fund and the Reserve <br />Fund for such purpose, the City agrees to pay Lease~Payments from such sources regazdless of <br />whether or not it has use of the Project. <br />vao~nom i.n~ <br />