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200904065 ARTICLE II 163 ►Y 11_ 1 0 4 Z /:110 6110Y.11 4 CEO) a : 101 0 OW Section 3.1. Lessor shall issue and sell, as and when determined appropriate by mutual agreement of Lessor and Lessee, after the execution and delivery of this Amendment, its Refunding Bonds (Grand Island Administrative Addition Project), Series 2009, in the principal amount of One Million Six Hundred Thirty -five Thousand Dollars ($1,635,000) which shall be sold to the purchaser thereof for $1,610,475.00 plus accrued interest (if any) to date of delivery and payment. The terms and conditions of said Bonds are specified in the Indenture, and Lessee does hereby approve and consent to the issuance of Bonds by Lessor as provided in said Indenture. Section 3.2. Upon receipt of the proceeds of the sale of the 2009 Bonds Lessor shall promptly pay such proceeds, including the full amount of any accrued interest, if any, received upon such sale, to the Trustee with all accrued interest being deposited to the Bond Fund and the net principal proceeds to be applied, together with monies accumulated by the Lessor under the terms of the Lease - Purchase Agreement, to redeem the Lessor's Building Bonds (Grand Island Administrative Addition Project), Series 2003, as provided in Article VI of the Indenture, including expenses related to the issuance of the Building Bonds. ARTICLE III COVENANTS OF LESSEE Section 3.1. In accordance with the requirements of Rule 15c2 -12 (including as proposed to be amended, the "Rule ") promulgated by the Securities and Exchange Commission, the College agrees that it will provide the following continuing disclosure information: (a) to each nationally recognized municipal securities information repository (a "NRMSIR ") and to the Underwriter, the College shall provide annual financial and operating information generally consistent with the information set forth under the heading "THE COLLEGE AREA —Summary of Financial Information Concerning the College Area" in the Official Statement for the 2009 Bonds and the College Area's most recently prepared audited financial statements; such information is expected to be available not later than seven months after the end of each fiscal year for the College Area; audited financial information shall be prepared in conformity with generally accepted accounting principles. (b) in a timely manner to each NRMSIR (as and to the extent required by the Rule) or to the Municipal Securities Rulemaking Board ( "MSRB ") (as and to the extent required by the Rule), notice of the occurrence of any of the following events with respect to the 2009 Bonds, if in the judgment of the Board, such event is material: (1) principal and interest payment delinquencies, (2) non - payment related defaults, (3) unscheduled draws on debt service reserves reflecting financial difficulties (there are no debt service reserve to be established for the 2009 Bonds), 36)