|
5. Limitation of Liability. The Bonds shall be special, limited revenue obligations of the City
<br />payable solely from the revenues provided by the Borrower pursuant to the Loan Agreement and other
<br />funds pledged pursuant to the applicable Financing Documents (as defined below); the City does not pledge
<br />its general credit or taxing powers or any funds of the City to the payment of the Bonds.
<br />No provision, covenant or agreement contained in the aforementioned documents, the Bonds, or in
<br />any other document relating to the Bonds, and no obligation therein or herein imposed upon the City or the
<br />breach thereof, shall constitute or give rise to a general or moral obligation of the City or any pecuniary
<br />liability of the City or any charge upon its general credit or taxing powers. In making the agreements,
<br />provisions, covenants, and representations set forth in such documents, the City has not obligated itself to
<br />pay or remit any funds or revenues, other than funds and revenues derived from the Loan Agreement which
<br />are to be applied to the payment of the Bonds, as provided therein and as assigned to the Trustee, under the
<br />Indenture.
<br />6. Approval of Housing Program; Compliance with Certain Rental and OccupancX
<br />Restrictions as to the Project. The Housing Program is hereby adopted, ratified, and approved in all respects
<br />without amendment. The City Administrator is hereby authorized to do all other things and take all other
<br />actions as may be necessary or appropriate to carry out the Housing Program in accordance with the Act
<br />and any other applicable laws and regulations. To ensure compliance with certain rental and occupancy
<br />restrictions imposed by the Act and Section 142(d) of the Code and to ensure compliance with certain
<br />restrictions imposed by the City, the Project will be subject to a Regulatory Agreement, dated as of or after
<br />December 1, 2024 (the "Regulatory Agreement"), among the City, the Borrower, and the Trustee.
<br />7. Approval of Financing Documents, Execution. The City Officials are hereby authorized
<br />and directed to execute and deliver the Indenture, the Loan Agreement, the Bonds, the Bond Purchase
<br />Agreement, the Regulatory Agreement, the Assignment of Note, the Amended and Restated Assignment
<br />of Note, the Forward Bond Purchase Agreement and the Joint Powers Agreement (collectively, the "Bond
<br />Documents"). In addition, the City Officials are hereby authorized and directed to execute and deliver any
<br />consents or such other documents and certificates as are necessary or appropriate in connection with the
<br />issuance, sale, and delivery of the Bonds, including without limitation various certificates of the City, one
<br />or more assignments of mortgages, the Information Return for Tax -Exempt Private Activity Bond Issues,
<br />Form 8038, a letter prepared in accordance with Section 42(m)(2)(D) of the Code evidencing the
<br />determination of the City, as the issuer of the Bonds, based on conclusions of a third party analyst, that the
<br />amount of tax credits to be allocated to the Project will not exceed the amount necessary for the financial
<br />feasibility of the Project and its viability as a qualified low-income housing project, a certificate as to
<br />arbitrage and rebate and similar documents, so long as City staff and legal counsel approve such documents
<br />(together with the Bond Documents, the "Financing Documents").
<br />All of the provisions of the Financing Documents, when executed and delivered as authorized
<br />herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated
<br />verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The
<br />Financing Documents shall be substantially in the forms currently on file with the City, which are hereby
<br />approved, with such necessary and appropriate variations, omissions and insertions as do not materially
<br />change the substance thereof, and as the City Officials, in their discretion, shall determine, and the execution
<br />thereof by the City Officials shall be conclusive evidence of such determination. The City Officials are
<br />authorized and directed to execute any additional documents deemed necessary to carry out the intentions
<br />of this resolution and to complete the financing described herein, so long as City staff and legal counsel
<br />approve such documents.
<br />SA130-295-988488.v2
<br />
|