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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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Last modified
11/7/2018 2:09:11 PM
Creation date
11/7/2018 2:08:28 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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ARTICLE IV <br /> IMMUNITY <br /> Section 4.1. Extent of Covenants of Issuer; No Personal Liability. No recourse shall be <br /> had for the payment of the principal of or interest on any of the Bonds or for any claim based <br /> thereon or upon any obligation, covenant or agreement contained in the Bonds, the Indenture or <br /> this Financing Agreement against any past, present or future member, director, officer, agent, <br /> attorney or employee of the Issuer, or any incorporator, member, director, officer, employee, <br /> agent, attorney or trustee of any successor thereto, as such, either directly or through the Issuer or <br /> any successor thereto, under any rule of law or equity, statute or constitution or by the <br /> enforcement of any assessment or penalty or otherwise, and all such liability of any such <br /> incorporator, member, director, officer, employee, agent, attorney or trustee as such is hereby <br /> expressly waived and released as a condition of and consideration for the execution of the <br /> Indenture and this Financing Agreement (and any other agreement entered into by the Issuer with <br /> respect thereto) and the issuance of the Bonds. <br /> Section 4.2. Liability of Issuer. Any and all obligations of the Issuer under this Financing <br /> Agreement are special, limited obligations of the Issuer, payable solely out of the Pledged <br /> Revenues and as otherwise provided under this Financing Agreement and the Indenture. The <br /> obligations of the Issuer hereunder shall not be deemed to constitute an indebtedness or an <br /> obligation of the Issuer, the State or any political subdivision or taxing authority thereof within <br /> the purview of any constitution limitation or provision, or a pledge of the faith and credit or a <br /> charge against the credit or general taxing powers, if any, of the Issuer, the State or any political <br /> subdivision or taxing authority thereof. <br /> (End of Article IV) <br /> 9 <br />
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