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4.2.1. Following completion of the Project and the start-up period of <br /> operations of the Regional Center, but before the end of the interim financing period as provided <br /> herein, or at such later date as may be agreed in writing by the parties (but any such extension of <br /> the interim financing period shall require a like extension of the expiration date of the Letter of <br /> Credit), the District shall obtain long-term permanent financing for the Project through the <br /> issuance of not to exceed $56,445,000 of bonds of the District (the "Bonds"). The Bonds are <br /> expected to be issued in series corresponding to the then-outstanding series of Notes, shall be <br /> amortized over the remainder of the 25-year total term of the financing for the Regional Center, <br /> and shall have such security and other terms and conditions as are satisfactory to the District and <br /> City. Except to the extent, if any, otherwise provided in this Agreement, as it may be amended <br /> in connection with the issuance of the Bonds, the Bonds shall not be the obligations of or <br /> guaranteed by the City in whole or in part. <br /> 4.2.2. Based upon the actual and projected operating experience of the <br /> Regional Center and the advice of the underwriter for the Bonds and financial advisors to the <br /> District and the City at the time the District is required to obtain long-term financing for the <br /> Regional Center, if and to the extent it is reasonably required in connection with the sale of the <br /> Bonds at acceptable interest rates, the City agrees that it will participate with the District in the <br /> permanent financing of the Regional Center in such manner and upon such terms and conditions <br /> as then shall be agreed by the City and the District, and this Agreement shall be amended <br /> accordingly. <br /> 4.3 District Responsible for Permitted Debt. Except to the extent expressly <br /> provided in this Agreement, the District shall have the sole responsibility for meeting all debt <br /> service requirements, reimbursement obligations to the Bank, and all other payment obligations <br /> required under and in connection with all Notes, Bonds and other obligations and agreements <br /> issued or entered into by the District to provide both interim and permanent financing for the <br /> Regional Center pursuant to this Agreement ("Permitted Debt"). The District at all times shall <br /> keep its obligations under Permitted Debt current and in good standing. <br /> 4.4 Future Financing. The District shall not incur any other long term <br /> financing indebtedness other than that described in this Agreement without the prior written <br /> consent of the City. Any such additional indebtedness shall be on terms and security as are <br /> satisfactory to the City. Also, unless otherwise agreed by the City, any future short term <br /> financing indebtedness shall be junior to the payment of the operational expenses and the <br /> original construction financing of the Regional Center. <br /> 5. CONSTRUCTION OF THE REGIONAL CENTER. The District shall manage <br /> the construction of the Project, or cause construction of the Project to be managed on its behalf, <br /> in accordance with the following provisions. <br /> 5.1 Project Meetings. The District shall schedule and conduct preconstruction, <br /> progress and construction meetings with the Contractor and its team to discuss such matters as <br /> -7- <br /> INTERLOCAL FINANCING AGREEMENT <br /> 20020 3010 6 8 0 <br />