Laserfiche WebLink
ARTICLE VII. <br /> IMMUNITY <br /> Section 7.1. Extent of Covenants of City; No Personal Liability. No recourse <br /> shall be had for the payment of the principal of or interest on any of the Bonds or for any claim <br /> based thereon or upon any obligation, covenant or agreement contained in the Bonds, the <br /> Indenture, the Development Agreement or this Agreement against any past, present or future <br /> member, director, officer, agent, attorney or employee of the City, or any incorporator, member, <br /> director, officer, employee, agent, attorney or trustee of any successor thereto, as such, either <br /> directly or through the City or any successor thereto, under any rule of law or equity, statute or <br /> constitution or by the enforcement of any assessment or penalty or otherwise,and all such liability <br /> of any such incorporator,member,director,officer,employee,agent,attorney or trustee as such is <br /> hereby expressly waived and released as a condition of and consideration for the execution of the <br /> Indenture and this Agreement (and any other agreement entered into by the City with respect <br /> thereto)and the issuance of the Bonds. <br /> Section 7.2. Liability of City. Any and all obligations of the City under this <br /> Agreement are special, limited obligations of the City,payable solely out of the TIF Revenues,the <br /> Taxpayer Direct Payments and any Loan Payments made hereunder and as otherwise provided <br /> under the Indenture. The obligations of the City hereunder shall not be deemed to constitute an <br /> indebtedness or an obligation of the City,the State or any political subdivision or taxing authority <br /> thereof within the purview of any constitution limitation or provision, or a pledge of the faith and <br /> credit or a charge against the credit or general taxing powers, if any, of the City, the State or any <br /> political subdivision or taxing authority thereof. <br /> (End of Article VII) <br /> - 16- <br />