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Last modified
7/17/2007 9:18:44 AM
Creation date
4/25/2005 12:19:20 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7660
Resolution Title
Final Note Resolution; $5,000,000 Industrial Development Revenue Note of 1984, Series C, Advance Circuits, Inc. Project
Resolution Date Passed
10/8/1984
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<br />11. All of the agreements, conditions, covenants, <br />provisions and stipulations contained in the Resolution, the <br />Security Agreement, the Loan Agreement, the Occupancy <br />Agreement, the Pledge Agreement and the Disbursing Agreement <br />are hereby made a part of this Note to the same extent and with <br />the same force and effect as if they were fully set forth <br />herein. <br /> <br />12. This Note and interest thereon are payable <br />solely from the revenues and proceeds derived from the Loan <br />Agreement and the Security Agreement, and do not constitute a <br />debt of the City within the meaning of any constitutional or <br />statutory limitation, are not payable from or a charge upon any <br />funds other than the revenues and proceeds pledged to the <br />payment thereof, and do not give rise to a pecuniary liability <br />of the City or, to the extent permitted by law, of any of its <br />officers, agents or employees, and no holder of this Note shall <br />ever have the right to compel any exercise of the taxing power <br />of the City to pay this Note or the interest thereon, or to <br />enforce payment thereof against any property of the City, and <br />this Note does not constitute a charge, lien or encumbrance, <br />legal or equitable, upon any property of the City, and the <br />agreement of the City to perform or cause the performance of <br />the covenants and other provisions herein referred to shall be <br />subject at all tLmes to the availability of revenues or other <br />funds furnished for such purpose in accordance with the Loan <br />Agreement, the Security Agreement, the Pledge Agreement, the <br />Occupancy Agreement and the Disbursing Agreement, sufficient to <br />pay all costs of such perfonnance or the enforcement thereof. <br /> <br />13. If an Event of Default (as that term is defined <br />in the security Agreement, the Disbursing Agreement or the Loan <br />Agreement) shall occur, then the Lender shall have the right <br />and option to declare, the Principal Balance and accrued <br />interest thereon, immediately due and payable, whereupon the <br />same, shall be due and payable, but solely from sums made <br />available under the Loan Agreement, the Disbursing Agreement <br />and the Security Agreement. Failure to exercise such option at <br />any time shall not constitute a waiver of the right to exercise <br />the same at any subsequent time. <br /> <br />14. The remedies of the Lender, as provided herein <br />and in the Security Agreement, the Occupancy Agreement, the <br />Loan Agreement, the Pledge Agreement and the Disbursing <br />~greement, are not exclusive and shall be cumulative and <br /> <br />11 <br />
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