Laserfiche WebLink
2.2 No Liability of Cite. Nothing in this resolution or in the documents prepared pursuant <br />hereto shall authorize the expenditure of any municipal funds on the Project other than the <br />revenues derived from the Project or otherwise granted to the City for this purpose. The Bond, <br />as amended, shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any <br />property or funds of the City except the revenues and proceeds pledged to the payment thereof, <br />nor shall the City be subject to any liability thereon. The holders of the Bond shall never have <br />the right to compel any exercise of the taxing power of the City to pay the outstanding principal <br />on the Bond or the interest thereon, or to enforce payment thereof against any property of the <br />City. The Bond recites in substance that the Bond, including interest thereon, is payable solely <br />from the revenue and proceeds pledged to the payment thereof. The Bond shall not constitute a <br />debt of the City within the meaning of any constitutional or statutory limitation. <br />SECTION 3 BANK QUALIFIED. <br />3.1 Qualified Tax Exempt Obli ations. The Bond, as amended, is deemed a "qualified tax- <br />exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of <br />1986, as amended (the "Code"). <br />3 <br />8329817v2 <br />