Common use of Refunding Bonds Clause in Contracts

Refunding Bonds. Subject to the provisions of this Indenture, Bonds may be issued by the Corporation for the purpose of refunding any Outstanding Bonds (“Refunding Bonds”) without satisfying the provisions of Sections 2.02(i) and 2.02(j) hereof, provided that the Corporation delivers a certificate of an Authorized Officer of the Corporation to the effect that the Corporation projects that the amount payable in any Fiscal Year for the principal and Sinking Fund Installments of and interest on all Outstanding Bonds after giving effect to the issuance of the Refunding Bonds will not be greater than the amount payable during such Fiscal Year for the principal and Sinking Fund Installments of and interest on all Outstanding Bonds immediately prior to the issuance of such Refunding Bonds.