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11-10-1982 Council Agenda
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11-10-1982 Council Agenda
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3 -4. Nature of Security. <br />Notwithstanding anything contained in the Note, the <br />Mortgage, the Assignment of Leases and Rents, the Loan <br />Agreement, the Pledge Agreement or any other document referred <br />to in Section 2 -4 to the contrary, under the provisions of the <br />Act the Note may not be payable from or be a.charge upon any <br />funds of the City other than the revenues and proceeds pledged <br />to the payment thereof, nor shall the City be subject to any <br />liability thereon, nor shall the Note otherwise contribute or <br />give rise to a pecuniary liability of the City or, to the <br />extent permitted by law, any of the City's officers, employees <br />and agents. No holder of the Note shall ever have the right to <br />compel any exercise of the taxing power of the City to pay the <br />Note or the interest thereon, or to enforce payment thereof <br />against any property of the City other than the revenues <br />pledged under the Pledge Agreement; and the Note shall not <br />constitute a charge, lien or encumbrance, legal or equitable, <br />upon any property of the City; and the Note shall not <br />constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation; but nothing in the Act <br />impairs the rights of the Lender to enforce the covenants made <br />for the security thereof as provided in this Resolution, the <br />Loan Agreement, the Pledge Agreement, the Mortgage, the <br />Assignment of Leases and Rents, the Construction Loan <br />Agreement, the Guaranty and in the Act, and by authority of the <br />Act the City has made the covenants and agreements herein for <br />the benefit of the Lender; provided that in any event, the <br />agreement of the City to perform or enforce the covenants and <br />other provisions contained in the Note, the Loan Agreement, the <br />Pledge Agreement and the Construction Loan Agreement shall be <br />subject at all times to the availability of revenues under the <br />Loan Agreement sufficient to pay all costs of such performance <br />or the enforcement thereof, and the City shall not be subject <br />to any personal or pecuniary liability thereon. <br />
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