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05-22-2017 Packet
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05-22-2017 Packet
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ARTICLE VI. <br /> GENERAL COVENANTS <br /> Section 6.1. Payment of Principal. The Issuer covenants that it will promptly pay the <br /> principal of every Bond issued under this Indenture at the place, on the dates and in the manner <br /> provided herein and in the Bonds according to the true intent and meaning thereof. The principal <br /> on the Bonds is payable solely and only from the TIF Revenues which payments are hereby <br /> specifically pledged and assigned to the payment thereof in the manner and to the extent herein <br /> specified, and nothing in the Bonds or in this Indenture should be considered as pledging any <br /> other funds or assets of the Issuer. The Issuer bears no responsibility with respect to the payment <br /> of the interest on the Bonds which shall be paid solely by the Developer as set forth in Section <br /> 4.5 hereof. The Bonds do not and shall not represent or constitute a debt of the Issuer within the <br /> meaning of the provisions of the constitution or statutes of the State of Indiana or a pledge of the <br /> faith and credit of the Issuer. The Bonds are not an obligation or liability of the State of Indiana, <br /> or of any political subdivision or taxing authority thereof, but are a special limited obligation of <br /> the Issuer and are payable solely and only from TIF Revenues. Neither the faith and credit nor <br /> the taxing power of the Issuer, the State of Indiana or any political subdivision or taxing <br /> authority thereof is pledged to the payment of the principal of, or premium, if any, and interest <br /> on the Bonds. The Bonds do not grant the owners or holders thereof any right to have the Issuer, <br /> the State of Indiana or its General Assembly, or any political subdivision or taxing authority of <br /> the State of Indiana, levy any taxes or appropriate any funds for the payment of the principal of, <br /> or premium, if any, and interest on the Bonds. The Issuer has no taxing power with respect to <br /> the Bonds. No covenant or agreement contained in the Bonds or this Indenture shall be deemed <br /> to be a covenant or agreement of the Redevelopment Commission, the Commission,the Issuer or <br /> of any member, director, officer, agent, attorney or employee of the Redevelopment <br /> Commission, the Commission or the Issuer in his or her individual capacity, and neither the <br /> Redevelopment Commission, the Commission, the Issuer nor any member, director, officer, <br /> agent, attorney or employee of the Redevelopment Commission, the Commission or the Issuer <br /> executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability <br /> or accountability by reason of the issuance of the Bonds. <br /> Section 6.2. Performance of Covenants. The Issuer covenants that it will faithfully <br /> perform at all times any and all covenants, undertakings, stipulations and provisions contained in <br /> this Indenture, in any and every Bond executed, authenticated and delivered hereunder and in all <br /> proceedings of its members pertaining thereto. The Issuer represents that it is duly authorized <br /> under the constitution and laws of the State of Indiana to issue the Bonds authorized hereby and <br /> to execute this Indenture, and to pledge the TIF Revenues in the manner and to the extent herein <br /> set forth; that all action on its part for the issuance of the Bonds and the execution and delivery <br /> of this Indenture has been duly and effectively taken, and that the Bonds in the hands of the <br /> holders and owners thereof are and will be valid and enforceable obligations of the Issuer <br /> according to the import thereof, subject to bankruptcy, insolvency, reorganization, moratorium <br /> and other similar laws, judicial decisions and principles of equity relating to or affecting <br /> creditors' rights generally and subject to the valid exercise of the constitutional powers of the <br /> Issuer,the State of Indiana and the United States of America. <br /> -26 - <br /> 1\11860514.2 <br />
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