Common use of Bypass Authority Clause in Contracts

Bypass Authority. This Exhibit shall not be construed as prohibiting the Town Bodies from authorizing a disbursement of Bond Proceeds without proceeding through the process set forth herein, so long as the Town Bodies have been authorized by proper action to authorize such a disbursement. A provision similar to this Section 5 shall be included in the Trust Indenture.

Bypass Authority. This Exhibit shall not be construed as prohibiting the Town Bodies from authorizing a disbursement of Bond Proceeds without proceeding through the process set forth herein, so long as as: (a) such authorization is not prohibited by the terms and conditions of the Trust Indenture; and (b) the Town Bodies have been authorized by proper action to authorize such a disbursement. A provision similar to this Section 5 shall be included in the Trust Indenture.