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Pursuant to the Loan Agreement, the Issuer will assign to the Holder the Issuer's rights under
<br />the Loan Agreement and the Project Note (except for the Unassigned Issuer Rights, as defined in the
<br />Loan Agreement), as security for the payment of the Bonds. As a result of the Issuer's assignment
<br />as hereinbefore provided, the Issuer will have no ownership interest in the Project.
<br />The Bonds and the obligation to pay interest thereon do not now and shall never constitute a
<br />debt, a liability, a general obligation or a pledge of the faith and credit of the Issuer, the State of
<br />Indiana or any political subdivision thereof, or a charge against the general faith and credit or taxing
<br />powers, if any, of any of them, within the meaning of any constitutional or statutory provision, but
<br />shall be secured as aforesaid, and are payable solely from the revenues and receipts derived from the
<br />Loan Agreement and the Project Note. No Holder of the Bonds shall have the right to compel the
<br />taxing powers, if any, of the Issuer, the State of Indiana or any political subdivision thereof to pay
<br />any principal of, premium, if any, or interest on the Bonds. Neither the members of the Issuer nor
<br />any person executing the Bonds shall be subject to personal liability or accountability by reason of
<br />the issuance of the Bonds.
<br />The Borrower will indemnify and hold the Issuer, its members, the Commission, its members
<br />and the State of Indiana, including its attorneys, employees and agents, free and harmless from any
<br />loss, claim, damage, tax, penalty, liability, disbursement, litigation expenses, attorneys' fees and
<br />expenses or court costs arising out of, or in any way relating to, the execution or performance of the
<br />Loan Agreement, the Project Note or any other documents in connection therewith, including the
<br />issuance or sale of the Bonds, actions taken under the Loan Agreement, the Project Note or any other
<br />cause whatsoever pertaining to the Project or the Bonds.
<br />Section 6. Authorization of the Loan Agreement, Project Note and All Other Documents to
<br />be Executed by the Issuer. In order to secure the payment of the principal of, premium, if any, and
<br />interest on the Bonds, the Mayor ofthe Issuer and the Clerk ofthe Issuer, shall execute, acknowledge
<br />and deliver in the name and on behalf ofthe Issuer, the Loan Agreement and shall endorse the Project
<br />Note to the Holder in substantially the form submitted to the Issuer, with such changes therein as such
<br />officials, with the advice of counsel, may approve and determine, as conclusively evidenced by their
<br />execution thereof, to be advisable and in the best interests of the Issuer and in conformance with this
<br />Ordinance. The documents before this meeting, including the Loan Agreement and the Proj ect Note,
<br />have been approved in the forms submitted. The Clerk of the Issuer is hereby directed to keep such
<br />Loan Agreement and the Project Note on file.
<br />Section 7. General. The Mayor of the Issuer and the Clerk of the Issuer, are hereby authorized
<br />and directed, in the name of and on behalf of the Issuer, to execute any and all instruments,
<br />documents and certificates, perform any and all acts, approve any and all matters, and do any and all
<br />things deemed by them to be necessary or desirable in order to carry out the purposes of this
<br />Ordinance (including the preambles hereto), the acquisition and installation of the Project by the
<br />Borrower, the issuance and sale of the Bonds pursuant to the Loan Agreement and the securing of
<br />the Bonds under the Loan Agreement and the Project Note.
<br />xESVCS~2asoas. i -4-
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