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11-13-2024 Council Packet
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11-13-2024 Council Packet
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135242345v3 <br /> <br /> <br />20 <br />or bonded indebtedness of the Governmental Lender, the State, or any political subdivision thereof <br />(other than of the Governmental Lender to the limited extent set forth in this Funding Loan <br />Agreement) and the holders of the Governmental Note do not have the right to have any excises <br />or taxes levied by the Governmental Lender, the State, or any political subdivision thereof for the <br />payment of the principal of and any Prepayment Premium and interest on the Governmental Note. <br />None of the Governmental Lender, the State, or any political subdivision of the State will be <br />obligated to pay the principal of and the interest on the Governmental Note or other costs incident <br />thereto except from the Pledged Security pledged under this Funding Loan Agreement. No <br />provision, covenant, or agreement contained in this Funding Loan Agreement or the Governmental <br />Note, or any obligation herein or therein imposed upon the Governmental Lender, or the breach <br />thereof, shall constitute or give rise to or impose a liability upon the Governmental Lender (except <br />from the Pledged Security), or upon any of its officers, employees, or agents, or constitute a charge <br />upon the Governmental Lender’s general credit or taxing powers; provided that nothing contained <br />herein or in the Act impairs the rights of the Fiscal Agent to enforce the covenants made for the <br />security of the Governmental Note as provided herein and in the Act. Any recourse for a cause of <br />action under this Funding Loan Agreement or the Governmental Note shall be payable solely from <br />the Pledged Security. <br />Section 2.04 Funding Loan Agreement Constitutes Contract. In consideration of the <br />origination and funding of the Funding Loan by Initial Funding Lender, the provisions of this <br />Funding Loan Agreement shall be part of the contract of Governmental Lender with Initial <br />Funding Lender and any successors or assigns thereof in such capacity from time to time. <br />Section 2.05 Form and Execution. The Governmental Note shall be in substantially the <br />form attached as Exhibit A. The Governmental Note shall be executed on behalf of Governmental <br />Lender by the manual or facsimile signatures of the Mayor and City Administrator of <br />Governmental Lender. Any facsimile signatures shall have the same force and effect as if said <br />officers had manually signed the Governmental Note. Any reproduction of the official seal of <br />Governmental Lender on the Governmental Note, if any, shall have the same force and effect as if <br />the official seal of Governmental Lender had been impressed on the Governmental Note. <br />Section 2.06 Authentication. The Governmental Note shall not be valid or obligatory <br />for any purpose or entitled to any security or benefit under this Funding Loan Agreement unless a <br />certificate of authentication on the Governmental Note, substantially in the form set forth in <br />Exhibit A, shall have been duly executed by an Authorized Officer of Fiscal Agent; and such <br />executed certificate of authentication upon the Governmental Note shall be conclusive evidence <br />that the Governmental Note has been duly executed, registered, authenticated and delivered under <br />this Funding Loan Agreement. <br />Section 2.07 Mutilated, Lost, Stolen or Destroyed Governmental Note. In the event <br />the Governmental Note is mutilated, lost, stolen or destroyed, Governmental Lender shall execute <br />and Fiscal Agent shall authenticate a new Governmental Note substantially in the form set forth in <br />Exhibit A in exchange and substitution for and upon cancellation of the mutilated Governmental <br />Note or in lieu of and in substitution for such lost, stolen or destroyed Governmental Note, upon <br />payment by Funding Lender of any applicable tax or governmental charge and the reasonable <br />expenses and charges of Governmental Lender and Fiscal Agent in connection therewith, and in <br />the case where the Governmental Note is lost, stolen or destroyed, the filing with Fiscal Agent of
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