Laserfiche WebLink
<br />6 <br />“Water Service” means the service made available or provided by the Enterprise. <br /> <br /> <br />ARTICLE II <br /> <br />ACQUISITION OF THE PROJECT <br /> <br />Section 2.01. Purchase and Sale of the Project. <br /> <br />The City represents and warrants that it is the owner of certain interests in the Project. <br />The Authority hereby purchases from the City, and the City hereby sells to the Authority, the <br />Project in accordance with the provisions of this Installment Purchase Contract. All right, title <br />and interest in the Project shall immediately vest in the Authority on the Closing Date without <br />further action on the part of the Authority or the City. On the Closing Date, the Authority shall <br />pay to the City, as and for the purchase price of the Project, the amount of $________, which <br />amount shall be paid from the proceeds of the Bonds. <br /> <br />The City hereby purchases from the Authority, and the Authority hereby sells to the City, <br />the Project in accordance with the provisions of this Installment Purchase Contract. Upon the <br />Closing Date, all of the Authority’s remaining interest in the Project, if any, shall be transferred to <br />and vest in the City, without the necessity of any additional document or transfer. Nothing herein <br />shall require the Authority to perform any obligations of any purchaser with respect to any <br />contract or purchase order with respect to the Project. <br /> <br />The City acknowledges and agrees that the Authority makes no representation or <br />warranty, express or implied, as to the Project, except as expressly set forth in this Installment <br />Purchase Contract. The City acknowledges that all risks relating to the Project or the <br />transactions contemplated hereby or by the Indenture are to be borne by the City, and the <br />benefits of any and all implied warranties and representations of the Authority are hereby <br />waived by the City. <br /> <br />Section 2.02. [Reserved]. <br /> <br />Section 2.03. Indemnification and Expenses of Authority. <br /> <br />To the extent permitted by law, the City does hereby assume liability for, and agrees to <br />defend, indemnify, protect, save and keep harmless the Authority and its directors, officers and <br />employees and its successors and assigns from and against any and all liabilities, obligations, <br />losses, damages (including consequential damages incurred by others), taxes and impositions, <br />penalties, fines, claims, actions, suits, costs and expenses and disbursements (including legal <br />fees and expenses) of whatsoever kind and nature imposed on, asserted against or incurred or <br />suffered by the Authority or its directors, officers or employees or its successors and assigns in <br />any way relating to or arising out of the purchase or Acquisition of the Project or the City’s use <br />thereof, the execution and delivery or performance hereof or the assignment hereof (except with <br />respect to any representations and warranties made by the Authority therewith) or the Indenture <br />or any other agreements related thereto, or the enforcement of any of the terms thereof. <br /> <br />Section 2.04. Authority not Liable. <br /> <br />The Authority and its directors, officers and employees shall not be liable to the City or to <br />any other party whomsoever for any death, injury or damage that may result to any person or <br />8.C. - Page 168