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the revenues derived from the Project or otherwise granted to the City for this purpose. The <br />Note, as amended, shall not constitute a charge, lien, or encumbrance, legal or equitable, upon <br />any property or funds of the City except the revenues and proceeds pledged to the payment <br />thereof, nor shall the City be subject to any liability thereon. The holders of the Note shall never <br />have the right to compel any exercise of the taxing power of the City to pay the outstanding <br />principal on the Note or the interest thereon, or to enforce payment thereof against any property <br />of the City. The Note recites in substance that the Note, including interest thereon, are payable <br />solely from the revenue and proceeds pledged to the payment thereof. The Note shall not <br />constitute a debt of the City within the meaning of any constitutional or statutory limitation. <br />SECTION 3BANK QUALIFIED. <br />3.1Deemed Bank Qualified. The Note, as amended, is deemed designated as a <br />“qualified tax-exempt obligation” within the meaning and pursuant to the requirements of <br />Section 265(b)(3)(D)(ii) of the Code. <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />_______________, and after full discussion thereof and upon vote being taken thereon, the <br />following voted in favor thereof: <br />and the following voted against the same: <br />whereupon said resolution was declared duly passed and adopted. <br /> 4 <br />4914096v1 <br /> <br />