Laserfiche WebLink
132755433v2 <br /> <br /> 7 <br /> <br />pledged to the payment thereof, nor shall the City be subject to any liability thereon, nor shall the <br />Notes otherwise contribute or give rise to a pecuniary liability of the City or, to the extent permitted <br />by law, any of the City’s officers, employees and agents. No holder of the Notes shall ever have <br />the right to compel any exercise of the taxing power of the City to pay the Notes or the interest <br />thereon, or to enforce payment thereof against any property of the City other than the revenues <br />pledged under the Pledge Agreement; and the Notes shall not constitute a charge, lien or <br />encumbrance, legal or equitable, upon any property of the City; and the Notes shall not constitute <br />a debt of the City within the meaning of any constitutional or statutory limitation; but nothing in <br />the Act impairs the rights of the Lender to enforce the covenants made for the security thereof as <br />provided in this Resolution, the Loan Agreement, the Pledge Agreement, the Mortgage, and the <br />Security Agreement, and in the Act, and by authority of the Act the City has made the covenants <br />and agreements herein for the benefit of the Lender; provided that in any event, the agreement of <br />the City to perform or enforce the covenants and other provisions contained in the Notes, the Loan <br />Agreement, the Pledge Agreement, the Mortgage, and the Security Agreement, shall be subject at <br />all times to the availability of revenues under the Loan Agreement sufficient to pay all costs of <br />such performance or the enforcement thereof, and the City shall not be subject to any personal or <br />pecuniary liability thereon. <br />3.5 Qualified Tax Exempt Obligation. In order to qualify the Notes as “qualified tax- <br />exempt obligations” within the meaning of Section 265(b)(3) of the Internal Revenue Code of <br />1986, as amended (the “Code”), the City hereby makes the following factual statements and <br />representations; <br />(a) the Notes are not treated as a “private activity bond” under Section <br />265(b)(3) of the Code; <br />(b) the City hereby designates the Notes as qualified tax-exempt obligations for <br />purposes of Section 265(b)(3) of the Code; <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than <br />obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which will be <br />issued by the City (and all entities whose obligations will be aggregated with those of the <br />City) during the calendar year 2024 will not exceed $10,000,000; <br />(d) not more than $10,000,000 of obligations issued by the City during the <br />calendar year 2024 have been designated for purposes of Section 265(b)(3) of the Code; <br />and <br />(e) the aggregate face amount of the Notes does not exceed $10,000,000. <br />SECTION 4. MISCELLANEOUS. <br />4.1 Severability. If any provision of this Resolution shall be held or deemed to be or <br />shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction <br />or jurisdictions or in all jurisdictions or in all cases because it conflicts with any provisions of any <br />constitution or statute or rule or public policy, or for any other reason, such circumstances shall <br />not have the effect of rendering the provision in question inoperative or unenforceable in any other <br />case or circumstance, or of rendering any other provision or provisions herein contained invalid,