6A, Host Approval for $30,000,000 City of Spring Park Conduit Debt for Presbyterian Homes

Home Browse Search

6. Spring Park, the City in which a portion of the Note proceeds will be used for a housing proj ect has adopted a housing program (the "Program") which describes the housing development to be financed by the Borrower in Spring Park. 7. Each City will adopt a resolution evidencing its intent to enter into this Agreement, and granting host approval (or, in the case of Spring Park, granting approval) of the issuance of the Note as required under the Internal Revenue Code of 1986, as amended. 8. Spring Park shall exercise the powers of the Housing Programs Act by adopting, approving and executing such resolutions, documents, and agreements as shall be necessary or convenient to authorize, issue, and sell the Note and such other resolutions, documents, and agreements as shall be necessary or required in connection with the issuance of the Note and giving effect to or carrying out the provisions of this Agreement and documents under which the Note is issued and/or secured. 9. The Note shall be a special, limited obligation of Spring Park, payable solely from proceeds, revenues and other amounts pledged thereto and more fully described in the Loan Agreement executed in connection with the Proj ect. In no event shall the Note ever be payable from or charged upon the general credit, taxing powers or any funds of either of the Cities; the Cities are not subj ect to any liability thereon; no owners of the Note shall ever have the right to compel the exercise of the taxing power of either of the Cities to pay any of the Note or the interest thereon, nor to enforce payment thereof against any property of either of the Cities; the Note shall not constitute a charge, lien or encumbrance, legal or equltable, upon any property of either of the Cities; and the Note does not constitute an indebtedness of any of the Cltles within the meaning of any constitutional, statutory, or charter limitation. 10. This Agreement shall terminate upon the retirement or defeasance of the Note or any bonds issued by Spring Park to refund the Note, and this Agreement may not be terminated in advance of such retirement or defeasance. 2 2503985v1