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1 Refiinding Certificates that are to be eaecuted and delivered for the purpose refiindinb all Certificates <br />2 Outstanding hereunder. <br />3 <br />4 (C) I~1PROVENIENT CERTiFIC.~TES. The County may not direct the issuance of Improvement <br />5 Certificates, and the Trustee shall not execute and deliver any Improvement Certificates, unless the <br />6 County first provides to the Trustee an MAI appraisal showing that, as and when the proposed <br />7 Improvements to the Cotmty Facilities are completed, the market value of the County Facilities <br />8 equals or exceeds the principal components evidenced by all Outstanding Certificates plus the <br />9 principal components to be evidenced by the Improvement Certificates in question. <br />~0 <br />ll (D~ CONDITIONS PRECEDENT TO E\ECUTION AND DELIVERI' OF ADDITIONAL <br />12 CERTIFICATES. The Trustee shall, following receipt of any direction of the County to issue <br />13 Additional Certificates as provided herein, execute and deliver the Additional Certificates as <br />~ a specified in the request, but only upon receipt of: <br />~5 <br />~ 6 (i) A Slipplemental Agreement duly authorized, executed and delivered by the County <br />17 and the Trustee: <br />18 <br />~9 (1) establishing the series of Additional Certificates to be issued and <br />?o providing the terms thereof; <br />~~ <br />~2 (2) authorizing the execution and delivery of the Additional Certificates <br />3; to be issued; <br />~a <br />?5 (3) stating the purpose of the issue; <br />?6 <br />27 (4) if the Additional Certificates are Refunding Certificates, authorizing <br />28 the payment and prepayment of the Certificates or Additional Certificates to be <br />29 refunded; and <br />30 <br />; ~ (5) setting forth any other matters relating to the issuance of the <br />;3 Additional Certificates or the purpose for which they are to be issued; <br />33 <br />;4 (ii) A certificate of the County: <br />35 <br />36 (1) stating that no Event of Default under the Agreement has occurred <br />;7 and is continuing; and <br />38 <br />;9 (2) if Additional Certificates are Refunding Certificates, certifying: <br />~to <br />~1 (A) that the conditions set forth in Section 208(B) above have been <br />42 met ~vith respect to such Refunding Certificates, which certification shall be <br />FINANCING AND TRUST AGREEMENT PAGE 22 <br />