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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 />3-4. Nature of Security. <br /> <br />Notwithstanding anything contained in the Note, the <br />Security Agreement, the Loan Agreement, Disbursing Agreement, <br />the Pledge Agreement or any other document referred to in <br />Section 2-4 to the contrary, under the provisions of the Act <br />the Note may not be payable from or be a charge upon any funds <br />of the City other than the revenues and proceeds pledged to the <br />payment thereof, nor shall the City be subject to any liability <br />thereon, nor shall the Note otherwise contribute or give rise <br />to a pecuniary liability of the City or, to the extent <br />permitted by law, any of the City's officers, employees and <br />agents. No holder of the Note shall ever have the right to <br />compel any exercise of the taxing power of the City to pay the <br />Note or the interest thereon, or to enforce payment thereof <br />against any property of the City other than the revenues <br />pledged under the Pledge Agreement; and the Note shall not <br />constitute a charge, lien or encumbrance, legal or equitable, <br />upon any property of the City; and the Note shall not <br />constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation; but nothing in the Act <br />impairs the rights of the Lender to enforce the covenants made <br />for the security thereof as provided in this ReSOlution, the <br />Loan Agreement, the Pledge Agreement, the Security Agreement, <br />the Disbursing Agreement, the Occupancy Agreement and in the <br />Act, and by authority of the Act the City has made the <br />covenants and agreements herein for the benefit of the Lender; <br />provided that in any event, the agreement of the City to <br />perform or enforce the covenants and other provisions contained <br />in the Note, the Loan Agreement, the Pledge Agreement and the <br />Disbursing Agreement shall be subject at all times to the <br />availability of revenues under the Loan Agreement, the Security <br />Agreement, the Pledge Agreement, the Occupancy Agreement and <br />the Disbursin9 Agreement sufficient to pay all costs of such <br />performance or the enforcement thereof, and the City shall not <br />be subject to any personal or pecuniary liability thereon. <br /> <br />19 <br />
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