|
(b) Performance of Covenants, Authority and Actions. The Issuer will at all times
<br /> faithfully observe and perform all agreements, covenants, undertakings, stipulations and provisions
<br /> contained in the Loan Agreement executed and delivered, or received, under this Bond Ordinance,
<br /> and in all other proceedings of the Issuer pertaining to the Loan Agreement. The Issuer warrants and
<br /> covenants that it is, and upon delivery of the Bonds will be, duly authorized by the laws of the State
<br /> of Indiana, including particularly and without limitation, the Act, to issue the Bonds and to execute
<br /> the Loan Agreement,and all other documents to be executed or received by it, to provide the security
<br /> for payment of the principal of, premium, if any, and interest on the Bonds in the manner and to the
<br /> extent herein set forth; that all actions on its part for the issuance of the Bonds and execution or
<br /> acceptance and delivery of the Loan Agreement and all other documents to be executed or accepted
<br /> by it have been or will be duly and effectively taken; and that the Bonds will be valid and enforceable
<br /> special,limited obligations of the Issuer according to the terms thereof. Each provision of this Bond
<br /> Ordinance, each Bond and all other documents to be executed by the Issuer is binding upon such
<br /> officer of the Issuer as may from time to time have the authority under law to take such actions as
<br /> may be necessary to perform all or any part of the duty required by such provision; and each duty of
<br /> the Issuer and of its officers and employees undertaken pursuant to such proceedings for the Bonds
<br /> and all other documents to be executed by the Issuer is established as a duty of the Issuer and of each
<br /> such officer and employee having authority to perform such duty.
<br /> Section 8. No Personal Liability. No recourse under or upon any obligation, covenant,
<br /> acceptance or agreement contained in this Bond Ordinance, or in the Bonds, the Loan Agreement,
<br /> or under any judgment obtained against the Issuer or by the enforcement of any assessment or by any
<br /> legal or equitable proceeding by virtue of any constitution or statute or otherwise, or under any
<br /> circumstances, under or independent of the Loan Agreement, shall be had against any member,
<br /> director, or officer or attorney, as such, past, present, or future, of the Issuer, either directly or
<br /> through the Issuer, or otherwise, for the payment for or to the Issuer or any receiver thereof, or for
<br /> or to any holder of the Bonds secured thereby, or otherwise, of any sum that may be due and unpaid
<br /> by the Issuer upon any of such Bonds. Any and all personal liability of every nature, whether at
<br /> common law or in equity, or by statute or by constitution or otherwise, of any such member, director,
<br /> or officer or attorney, as such, to respond by reason of any act or omission on his or her part, or
<br /> otherwise,for, directly or indirectly,the payment for or to the Issuer or any receiver thereof, or for
<br /> or to any owner or holder of the Bonds, or otherwise, of any sum that may remain due and unpaid
<br /> upon the Bonds hereby secured or any of them, shall be expressly waived and released as a condition
<br /> of and consideration for the execution and delivery of the Loan Agreement and the issuance of the
<br /> Bonds.
<br /> Section 9. No Debt or Tax Pledge. The Bonds shall not constitute a debt or pledge of the
<br /> faith and credit of the State or any political subdivision thereof, and the holders or owners thereof
<br /> shall have no right to have taxes levied by the State or taxing authority of any political subdivision
<br /> for the payment of the principal thereof or interest thereon. Moneys raised by taxation shall not be
<br /> obligated or pledged for the payment of principal of or interest on the Bonds, and the Bonds shall be
<br /> payable solely from the revenues and security interests pledged for their payment as authorized by
<br /> the Loan Agreement.
<br /> ORD\SLM\1065O3.1 -5-
<br />
|