Agenda - 10-04-1993 - VIII-A - Laserfiche WebLink

Browse Search

l _� necessary powers to carry out its obligations and to eater into this Agreement, and has duly authorized the execution and delivery of this Agreement; (ii) Neither the execution and delivery hereof, nor the fulfillment of or compliance with the terms and conditions hereof, nor the consummation of the transactions contemplated hereby, conflicts-with or results in breach of the terms, conditions, and provisions of any restriction or agreement or instrument to which TYHA is now a party or by which TYHA is bound, or constitutes a default under any of the foregoing; (iii) To the knowledge of TYHA, there is no litigation or proceeding pending or threatened against TYHA or any other person affecting the right of TYHA to execute or deliver this Agreement or to comply with its obligations under this Agreement. Neither the execution and delivery of this Agreement by TYHA, nor compliance by TYHA with its obligations under this Agreement, require the approval of any regulatory body, any parent company, or any other entity, which approval has not been obtained; and (iv) TYHA agrees to obtain annually an audit of its financial statements from an accounting firm acceptable to the County and to provide a copy of such audit to the County promptly after receipt thereof. (v) The County will maintain its existence, and, in the event of reorganization, this Agreement will be binding upon any successors or assigns; (vi) The County will execute and deliver all such further instruments and take all such further action as may be required to carry out the purposes of this Agreement; ARTICLE X Ownership of Property: Limited Obligation of County Section 10.01 - Qwnership o_f hcsati. All property of any type hereinafter acquired at TYHA expense for or in connection with the TCAC, shall be acquired in the name of TYHA and become the property of TYHA subject to the right of the County to a reversionary interest therein when all debt obligations of TYHA related to the TCAC have been discharged. Section 10.02 - Li i Obligation ofof County. The County has agreed to accept the reversionary interest referred to above for the sole purpose of complying with Internal Revenue Service Revenue Proclamation 82-26. The debt incurred by TYHA pursuant to the TYHA is the sole responsibility of TYHA. No debt of the County shall be created pursuant to the TYHA Financing. No provision of this contract shall be construed or interpreted as creating a delegation of governmental powers nor as a donation by or a lending of the credit of the County within the meaning of the constitution of the state. This contract shall not directly or indirectly or contingently Obligate the County to make any payments beyond those appropriated pursuant to Section 3.O1 of this contract. To the extent of any conflict between this provision and any 6