1. (i) the revenues or other resources pledged as security for the repayment of the Bonds are adequate (in excess of 100% coverage) to secure all future payments on the Bonds and all debt having a lien superior to that of the Bonds and

   1. (ii) the Issuer has covenanted not to issue additional Bonds having a lien superior to the Bonds owned by the (Board/Committee) without the prior written consent of the (Board/Committee), and
   2. (iii) requiring the Issuer to issue parity bonds would cause undue stress on the financial feasibility of the project.

In addition to the policy stated above, it is the general policy of the (Board/Committee) that Bonds purchased by the (Board/Committee) shall be full parity Bonds with other outstanding Bonds of the Issuer. Exceptions to this parity requirement may be authorized by the (Board/Committee) if the (Board/Committee) makes a determination that

KEY: grants

Date of Last Change: July 9, 2012

Notice of Continuation: June 28, 2022

Authorizing, and Implemented or Interpreted Law: 35A-8-1004