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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 3 BANK QUALIFIED. <br /> 3.1 Deemed 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 /> Willmus, and after full discussion thereof and upon vote being taken thereon,the following voted <br /> in favor thereof: McGehee, Willmus, Roe <br /> and the following voted against the same: none. <br /> whereupon said resolution was declared duly passed and adopted. <br /> 4 <br /> 4914096v1 <br />