Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 829]

EXTRACTED TEXT FROM PAGE:

826

BOASD OF TRUSTEES

[June 29

six (6) per centum per annum of the income derived from interest paid thereon, which may be paid by such holder as a resident of any of said States or Commonwealths by reason of the ownership of or the deriving of income from said Bond or Bonds, provided that such application shall be verified and shall be made to the Foundation within ninety (90) days after the date of payment (or, in the case of taxes paid for more than one year, the proper anniversary of payment) of such taxes or installment thereof, setting forth the ownership by the applicant of such Bond or Bonds, together with the number or numbers thereof, the residence of the applicant at the time such taxes were assessed against him and that such taxes were paid by him because of the ownership by him of such Bond or Bonds or the deriving of income therefrom and such further facts with respect to the legal liability of such holder to pay such taxes and right to claim reimbursement therefor and such evidence of the payment thereof, as the Foundation may reasonably require; provided, however, that the Foundation shall not have theretofore paid or reimbursed the amount of said taxes applicable to such Bond or Bonds. Such taxes will not be reimbursed for any one Bond for more than one of such States or Commonwealths for any year; and the Foundation shall in no event be liable to reimburse any such holder for any interest accrued or penalty imposed and paid in addition to the amount of any such tax as originally assessed. Section 8.02. The Foundation covenants and agrees faithfully to do and perform and at all times fully to observe any and all covenants, undertakings, stipulations, and provisions contained herein and contained in each and every Bond executed, authenticated and delivered hereunder. Section 8.03. The Foundation covenants and agrees that it is now well seized of the aforesaid Trust Property and the aforesaid Pledged Estate and is fully authorized to construct the Project at the location and in the manner proposed and has good right, full power and lawful authority to execute the Indenture with reference to same in the manner and form herein respectively done and that it has and, subject to the provisions hereof, will preserve good and indefeasible title to the Project, the Trust Property and the Pledged Estate and will warrant and forever defend the same to the Trustee against the claims of all persons whomsoever; and that there are not now outstanding, and that the Foundation will not at any time create or allow to accrue or to exist, any lien prior to the lien of this Indenture upon the Pledged Estate or any part thereof, and that the lien of this Indenture will not be impaired in any way as a result of any action or non-action on the part of the Foundation. Section 8.04. The Foundation covenants that it will at all times maintain the Trust Property, or cause the same to be maintained in good repair, order and condition suitable to the purposes thereof. The Foundation further covenants that it will comply with all laws, rules and orders of any governmental body or office exercising any power of regulation or supervision over all or any part of the Trust Property and that it will make or cause to be made any repairs, renewals or replacements to the Trust Property or any part thereof that may be required by any such rule or regulation or by any requirements of any insurance companies which have issued insurance policies with respect to any part of the Trust Property; provided, however, that the Foundation shall have the right in good faith to contest the validity of any such law, rule or order in any reasonable manner and to delay or refuse to comply therewith if such contest will not affect the lien of the Trustee on any part of the Pledged Estate nor the conduct and continuous operation of the Trust Property, nor the maintenance of the physical condition of the Trust Property. Section 8.05. The Foundation covenants that proper books of record and account will be kept in which full, true and correct entries will be made of all income, expenses and transactions of and in relation to the Trust Property in accordance with standard principles of accounting, and that it will furnish to the Trustee and, so long as it shall hold any of the Bonds, to the Government: ( a ) On or before the 1st day of February and August of each year, beginning with the 1st day of February or of August next succeeding the Completion Date, statements certified as correct by the chief fiscal officer of the Foundation showing respectively the gross operating