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Res13 15263
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Res13 15263
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Last modified
10/11/2019 7:49:21 AM
Creation date
10/11/2019 7:49:02 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Public Finance Authority
Date
5/20/2013
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE REFINANCING AND FINANCING OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS
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.���� � <br /> ARTICLE VIII <br /> MISCELLANEOUS <br /> Section 8.01. Liability of Citv Limited <br /> Notwithstanding anything contained here�n, the City shall not be required to <br /> advance any moneys derived from any source of income other than the Net Revenues legally <br /> available therefor in the Revenue Fund or the Reserve Fund, and�the other funds provided herein <br /> and in the Indenture for the payment of the Installment Payments or for the performance of any <br /> agreements or covenants contained herein required to be performed by it. The City may, <br /> however, but shall not be required to, advance moneys for any such purpose so long as such <br /> moneys are derived from a source legatly available for such purpose and may be legally used by <br /> the City for such purpose. <br /> The obligation of the City to make the Installment Payments and the other <br /> amounts due hereunder is a special obligation of the City payable solely from the moneys legally <br /> available therefor hereunder and under the Indenture, including but not limited to the Net <br /> Revenues and such other funds, but excluding the proceeds of any taxes, and does not constitute <br /> a debt or pledge of the faith and credit of the City or of the State of California or of any political <br /> subdivision thereof within the meaning of any constitutional or statutory debt limitation or <br /> restriction. <br /> Section 8.02. Benefits of Installment Purchase Contract Limited to Parties. <br /> Except as provided in Section 8.03, nothing contained herein, express or implied, <br /> is intended to give to any person other than the City or the Authority any right, remedy or claim <br /> under or pursuant hereto, and any agreement or covenant required herein to be performed by or <br /> on behalf of the City or the Authority.shall be for the sole and exclusive benefit of the other <br /> P�Y• <br /> Section 8.03. Successor Is Deemed Included In All References to Predecessor. <br /> Whenever the City or the Authority is named or referred to herein, such reference <br /> shall be deemed to include the successor to the powers, duties and functions that are presently <br /> vested in the City or the Authority, and all agreements and covenants required hereby to be <br /> performed by or on behalf of the City or the Authority shall bind and inure to the benefit of the <br /> respective successors thereof whetHer so expressed or not. To the extent this Installment <br /> Purchase Contract confers upon or gives or grants to the Trustee any right, remedy or claim under <br /> or by reason of this Installment Purchase Contract, the Trustee is hereby explicitly recognized as � <br /> being a third-party beneficiary hereunder and may enforce any such right, remedy or claim <br /> confened,given or granted hereunder. <br /> Section 8.04. Waiver of Personal Liabilitv . <br /> No board member, officer or employee of the City shall be. individually or <br /> personally liable for the payment of the Installment Payments, but nothing contained herein shall <br /> 26 <br /> 338529_1.DOC <br />
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