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Res13 15263
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Res13 15263
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Last modified
8/28/2013 12:22:50 PM
Creation date
5/23/2013 9:38:47 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
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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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