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1993 Resolutions
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1993 Resolutions
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Last modified
2/6/2009 3:36:49 PM
Creation date
6/13/2001 5:06:58 PM
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Ord/Resolutions
Year
1993
Ord/Resolutions - Type
Resolutions
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(d) <br /> <br />Independent verifieation by the City Council of <br />projeeted revenues and expenses indicating that it <br />is reasonable to expeet that debt service eoverage <br />for the Authority's bond issue is attainable; <br /> <br />(e) <br /> <br />Receipt of a properly and adequately doeument~d <br />eonstru~tion budget with written assuranees the <br />projest will' be eompleted within that budget and <br />holding the City and Authority harmless for cost <br />over-runs; <br /> <br />(f) <br /> <br />(g) <br /> <br />Exeeution of a eovenant by VRA and the Authority <br />that neither VkA, its assignees, nor the Authority <br />will incur, assume or issue any debt without the <br />prior written approval of the Authority and the <br />City; provided, however, that this eondition shall <br />not preelude lenders from advancing reasonable <br />working eapitat to VRA or its assignees necessary <br />for the ongoing management, maintenanee and <br />operation of the horse rasing facility and related <br />off-traek betting faeility, and provided further <br />that sueh working eapital loans (1) will be used <br />only to fund short term sashflow needs and (2) <br />will not be used to fund sapital improvements or <br />to satisfy capitalization requirements; <br /> <br />The Authority and the City shall have a reeorded <br />lien upon all improvements to the horse raeing <br />faeility and related off-traek betting faeilities <br />in all jurlsdietions and all other assets provided <br />however that the City may, with discretion, agree <br />to subordinate to further lienholders with respect <br />to future improvements to the off-track betting <br />faeilities; <br /> <br />(h) <br /> <br />Review and approval by City Couneil, Bond Counsel <br />and the City Attorney or outside eounsel of such <br />eontragts and bond doeuments as may be required to <br />affect the intent of this resolution~ sueh <br />contracts and bond doeuments to eontain <br />restristions on payments to related parties, <br />restrietions on mergers, liquidations, <br />reorganizations, and other reasonable and <br />eustomary provisions agreed to by the parties; <br /> <br />(i) <br /> <br />Review and approval by City Couneil, the City <br />Attorney and/or outside ~ounsel of a eontractual <br />agreement between the City and the Authority; <br /> <br />(j) <br /> <br />Reeeipt of appropriate legal opinions on all <br />matters for whish the City Attorney or outside <br />eounsel deem sueh opinions to be nesessary; <br /> <br /> <br />
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