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ARTICLE II
AUTHORIZATION AND TERMS OF BONDS
Section 2.01 Authorized Amount of Bonds. No Bonds may be issued under the provisions of
this Indenture except in accordance with this Article. The total authorized principal amount of Bonds which
shall be issued under the provisions of this Indenture is $23,000,000. No additional bonds may be issued
hereunder.
Section 2.02 Issuance of Bonds. It is determined to be necessary to, and the Issuer shall, issue,
sell and deliver $23,000,000 in principal amount of Bonds and shall loan the proceeds thereof to the
Borrower to finance the Project. The Bonds shall be designated “Multifamily Housing Revenue Bonds
(Stuart Gardens I Apartments) Series 2026”; shall be issuable only in fully registered form, substantially as
set forth in EXHIBIT A attached hereto; shall be numbered R-1 and upward in order to distinguish each
Bond from any other Bond; shall be in Authorized Denominations; shall be dated the Closing Date; and
shall bear interest from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from their date of delivery.
Section 2.03 Authorization of Bonds; Sale and Delivery of the Bonds. Upon the execution
and delivery hereof, the Issuer shall execute the Bonds and deliver them to the Trustee, and the Trustee
shall authenticate or cause the authentication of the Bonds and deliver them to such purchaser or purchasers
as shall be directed by the Issuer, provided, that there shall be previous thereto filed with the Trustee the
following:
(a) copies, certified by the Issuer, of all resolutions adopted and proceedings had by the Issuer
authorizing the issuance and delivery of the Bonds, including the Bond Resolution;
(b) a letter of instructions of the Issuer directing the Trustee to authenticate and deliver the
Bonds against receipt of the purchase price therefor;
(c) original executed counterparts of this Indenture, the Loan Agreement, the Regulatory
Agreement and the Promissory Note;
(d) an approving opinion of Bond Counsel in form and content acceptable to the Issuer and the
Underwriter;
(e) an opinion of counsel for the Borrower in form and content acceptable to the Issuer, Bond
Counsel, and the Underwriter;
(f) an executed Tax Certificate;
(g) written evidence from the Rating Agency confirming that the Bonds have been assigned a
rating of [Aa1/VMIG-1];
(h) payment to the Trustee, for the account of the Issuer, of the purchase price of
$[______________] for the Bonds; and
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