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<br />," <br />,,) <br /> <br />heretofore incurred and paid from Town funds in anticipation of the incurrence of long-term <br />financing therefor, and all other costs and expenses incident thereto, including without limitation the <br />costs of obtaining the Loan. The Water Board shall not be responsible for the application or disposal <br />by the Town or any of its officers of the funds derived from the Loan. In the event that all of the <br />proceeds of the Loan are not required to pay sucl1 costs and expenses, any remaining amount shall <br />be used for the purpose of paying the principal amount of the Loan and the interest thereon. <br />Section 5. Estimated Life of Improvements. It is hereby determined that the <br />estimated life of the Project to be financed with the proceeds of the Loan is not less than the final <br />maturity of the Loan. <br />Section 6. Declaration of Emergency and Effective Date. In order to execute the <br />Financing Documents while favorable market conditions exist, it is hereby declared that an <br />emergency exists and that this ordinance is nece~sary for the immediate preservation of the public <br />peace, health, safety and financial well-being of the Town. The Ordinance shall be effective upon <br />final adoption. <br />Section 7. Direction to Take Authorizing Action. The appropriate officers of the <br />Town and members of the Board are hereby llUthorized and directed to take all other actions <br />necessary or appropriate to effectuate the provisions of this Ordinance, including but not limited to <br />such certificates and affidavits as may reasonably be required by the Water Board. <br />Section 8. Ratification and Aoproval of Prior Actions. All actions heretofore <br />taken by the officers of the Town and members of the Board, not inconsistent with the provisions <br />of this Ordinance, relating to the Financing Docwnents, or actions to be taken in respect thereof, are <br />hereby ratified, approved, and confirmed. <br />Section 9. Severability. If arlY section, paragraph, clause, or provision of this <br />Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or <br />unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining <br />provisions of this Ordinance, the intent being tha.t the same are severable. <br />Section 10. Repealer. All orders, resolutions, bylaws, ordinances or regulations <br />of the Town, or parts thereof, inconsistent with this Ordinance are hereby repealed to the extent only <br />of such inconsistency. <br /> <br />-4- <br />