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<br />-5- <br />order or decree of any court or any order, regulation or demand of any federal, <br />state, municipal or other governmental authority, which default might have <br />consequences that would materially adversely affect the consummation of the <br />transactions contemplated by this Agreement or the Indenture or the financial <br />conditions, assets, properties or operations of the Authority, including but not <br />limited to the performance of the Authority’s obligations hereunder and under the <br />Indenture. <br /> <br />(g) Encumbrances. To the best knowledge of the Authority, there are <br />no easements, encumbrances or interests with respect to the Water System or <br />the Project that prohibit or materially impair the execution, delivery and <br />performance of this Installment Sale Agreement or the acquisition or use of the <br />Project or the use of the Water System. <br /> <br /> <br />ARTICLE III <br /> <br />ISSUANCE OF 2024 BONDS; <br />CONSTRUCTION OF PROJECT <br /> <br />SECTION 3.1. The 2024 Bonds. The Authority shall cause the 2024 Bonds to be <br />issued under the Indenture in the aggregate principal amount of $___________. The Trustee <br />shall deposit the proceeds of sale of the 2024 Bonds received by it on the Closing Date in <br />accordance with the Indenture. The City hereby approves the Indenture, the assignment <br />thereunder to the Trustee of certain rights of the Authority, and the issuance of the 2024 Bonds. <br /> <br />SECTION 3.2. Deposit and Application of Funds. The proceeds received by the <br />Trustee from the sale of the Bonds to the Original Purchaser shall be deposited in the <br />respective funds and accounts, and in the respective amounts, as set forth in Section 3.02 of <br />the Indenture. <br /> <br />SECTION 3.3. Acquisition and Construction of the Project. The Authority hereby <br />agrees with due diligence to supervise and provide for, or cause to be supervised and provided <br />for, the acquisition, construction and installation of the Project in accordance with the plans and <br />specifications, purchase orders, construction contracts and other documents relating thereto <br />and approved by the City under all applicable requirements of law. All contracts for, and all <br />work relating to, the acquisition, construction and installation of the Project are subject to all <br />applicable provisions of law relating to the acquisition and construction of public works by the <br />City. The Authority expects that the Project will be completed within 3 years. The failure of the <br />Authority to complete the Project by that date does not constitute an Event of Default hereunder <br />or grounds for termination hereof, nor does any such failure result in the diminution, abatement <br />or extinguishment of the obligations of the City hereunder to pay the Installment Payments when <br />due hereunder. <br /> <br />SECTION 3.4. Appointment of City as Agent. The Authority hereby appoints the City <br />as its agent to carry out all phases of the acquisition, construction and installation of the Project <br />under and in accordance with the provisions hereof. The City hereby accepts such appointment <br />and assumes all rights, liabilities, duties and responsibilities of the Authority regarding the <br />acquisition, construction and installation of the Project. As agent of the Authority hereunder, the <br />City shall enter into, administer and enforce all purchase orders or other contracts relating to the