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the Note shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property <br /> of the City; and the Note shall not constitute a debt of the City within the meaning of any <br /> constitutional or statutory limitation; but nothing in the Act impairs the rights of the Lender to <br /> enforce the covenants made for the security thereof as provided in this Resolution, the Loan <br /> Agreement and the Pledge Agreement, and in the Act, and by authority of the Act the City has <br /> made the covenants and agreements herein for the benefit of the Lender;provided that in any event, <br /> the agreement of the City to perform or enforce the covenants and other provisions contained in <br /> the Note, the Loan Agreement and the Pledge Agreement shall be subject at all times to the <br /> availability of revenues under the Loan Agreement sufficient to pay all costs of such performance <br /> or the enforcement thereof, and the City shall not be subject to any personal or pecuniary liability <br /> thereon. <br /> 3.5 Qualified Tax Exempt Obligation. In order to qualify the Note as a "qualified tax- <br /> exempt obligation"within the meaning of Section 265(b)(3)of the Internal Revenue Code of 1986, <br /> as amended (the "Code"), the City hereby makes the following factual statements and <br /> representations; <br /> (a) the Note is not treated as a "private activity bond" under Section 265(b)(3) <br /> of the Code; <br /> (b) the City hereby designates the Note as a qualified tax-exempt obligation for <br /> purposes of Section 265(b)(3) of the Code; <br /> (c) the reasonably anticipated amount of tax-exempt obligations (other than <br /> obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which will be <br /> issued by the City (and all entities whose obligations will be aggregated with those of the <br /> City) during the calendar year 2025 will not exceed $10,000,000; <br /> (d) not more than $10,000,000 of obligations issued by the City during the <br /> calendar year 2025 have been designated for purposes of Section 265(b)(3) of the Code; <br /> and <br /> (e) the aggregate face amount of the Note does not exceed $10,000,000. <br /> SECTION 4. MISCELLANEOUS. <br /> 4.1 Severability. If any provision of this Resolution shall be held or deemed to be or <br /> shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction <br /> or jurisdictions or in all jurisdictions or in all cases because it conflicts with any provisions of any <br /> constitution or statute or rule or public policy, or for any other reason, such circumstances shall <br /> not have the effect of rendering the provision in question inoperative or unenforceable in any other <br /> case or circumstance, or of rendering any other provision or provisions herein contained invalid, <br /> inoperative, or unenforceable to any extent whatever. The invalidity of any one or more phrases, <br /> sentences, clauses or paragraphs in this Resolution contained shall not affect the remaining <br /> portions of this Resolution or any part thereof. <br /> 4.2 Authentication of Transcript. The officers of the City are directed to furnish to <br /> Bond Counsel certified copies of this Resolution and all documents referred to herein, and <br /> 7 <br />