Ordinance 1982-770 - Laserfiche WebLink

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There s all be deposited into the Bond Fund, as and when received: ( all payments and prepayments specified in Articles IV and II of the Lo,an Agreement; and ( b) all other moneys received y the Lender under and pursuant to any of the provisions 0 the Loan Agreemen t. The Lender is author- ized and directed to apply amounts available therefor in the Bond Fund to the payme t when due of the principal of and interest on the Bond. . The Cit covenants and agrees that should there be a default under he Loan Agreement, the City shall cooperate fully with the der to the end of fully protecting the rights and security of Bondholder. Nothing herein shall be construed as requiring the ity to operatE! the Project or to use any funds from - or revenues ny source othe:r than funds and revenues derived from the Loan Agre mente Any amo nts remaining in' the Bond Fund after payment in full of: ( i) he principal l::>f and interest on the Bond, and ( i i) all other am unts required to be paid under the Loan Agree- ment, as defined in the Loan A<;reement, this Bond Ordinance and any other ag reeme t or document executed by the Borrowers or the City in connectio therewith, shall be paid to the Borrowers as provided in Secti n 9.5 of the Loan Agreement upon the expiration or sooner termina ion of the te:rm of the Loan Agreement as pro- vided in Section 1 1 hereof. Section Limited Nature of Obligation and Covenants of the City. the provisions of the Act, and as provided in the Loan Agree ent, the Seri.es 1982 Bond shall be a special, limited obligatio of the City payable solely from, and secured by a pledge of, t e revenues as stated in the Loan Agreement and shall be further secured by the lien of the Deed of Trust upon the Project. The Cit will not pledge any of its property or secure the payment of the Series 1982 Blond with its property. The Series 1982 Bond shall n ver constitute the debt or indebtedness of the City within the eaning of anY' provision or limitation of the state constitutio or statutes and shall not constitute or give rise to a pecuni ry liability of the City or a charge against - -- - 19 - -- ---------------_._-.- ._----~~._------- _____ _ ______. __n_.__ _ ___