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<br />~ <br /> <br />. ~ <br /> <br />in equa11111OW).ts over a mn-yea.r period and aggregating the annnal debt service payment <br />on the CWCB Loans; . <br />(0) tlteDistriot will not .issue any addttional bonds or indebtedness payable <br />from the Pledged RcvemJe8 unless it meets the requirements set forth in paraaraph 7(e) of <br />the CWCB Loan Contraots. which requirem.emtB include but 8tC not limited to the review <br />and approval by thoCWCB Dimctot of such additional bonds or indebtedness; <br />(d) the issuance o!the CWCB Loans. will not CQSe the District to exceed i13 <br />debt limit under applicable State law; and . <br />(e) the iseoance otthe CWCB Loam and all procedures under:talam. inoideD.t <br />thereto are in fWI compliance and confbrmfty with all applicablo zeq~ prcwisions <br />B1ld limitations. prescnW by the constitution and laws of the State. includiJJg the Acts <br />and tho Ballot Question, end aIr conditions ancl limitatiODS of the Acts, the Ballot <br />Question and other applicable Jaw relating tD the issuance of the CWCB LoaDs hsve ~ <br />satisfied.. <br />SactJon 7. Pledge. of' Revaues. The creation. perfection, en:torcemem and prlori1;y of <br />. the pledge of revenues to secure or pay the CWCB Loans shall. be governed by Secti~ 208 of <br />the SupplemeataI Act end this Resolution. Tho Pledged Ravcnues shaJ1 immediately be subject <br />11) the lieD of suchpJedge without ~ plJysical delive1'y, :fDb.w or tbrtbor act. The . lien of such <br />pledge on.the ;pJedecd Revenues shall have priorlty over any and aU o~ obligatians lUld <br />liabilities of the District The U-. of 8UCh pledgo shaD be valid. .bh1ding and embrceable 88 <br />against ~pasOlUl having clabns of any kind in tort, CQQitaot or othenvisc against the Dfstrlct <br />=spective ofwhether su.ch pemons have notice of such JieDa.. <br /> <br />. . <br /> <br />.- <br />.,:... <br /> <br />....:.. <br /> <br />... <br /> <br />Seetton 8. Approval or Related Documents. The. Board hereby ratifies.and approves <br />the CWdB Loan Cont.ra.cts (which includes 1he reatlbmation otthe 2003 Loan) and the Bscrow <br />ApemuttJ wifh such cbanps th~ if any, not incomistcnt herowifh, as are atpprOved by tb <br />President or Vice President at the Board or tb.e Executive Director offho Disfrlct. 'J."Jm o:fticem <br />8l1d the BxeclJtivo Director orche District arc Jmeby d10rized to execUte aD other documents, <br />CCl1i.fteatee and agreements necessary or appropriate to .efteotuate the provisions of this <br />Resolutio.D. <br /> <br />Sectlon 9. No Recoune agaIDst Omcen and ApDts. Pursuant to Section 209 of the <br />Supplemen:taI Act, if a member otthe Board, or Il'IV officer or agent of the Disttict aots in good <br />fdtb. no civD reoowse shaD be available against such blOID.bert ofticcr or agent 1br payment of <br />the ~ intete$1; or prior ~ premiums on tbc CWCB Loans. Such recourse shan <br />not be available either ctireotly 01' indirectly through the Board. or the District, or otb.erwJse, <br />whether byvirtne ofauy constitution, statute, rule otlaw. enfOReJnent of penalty or otb.exwise. <br />By the acceptance of the CWCB LoaDs and as a part of t'he consideration of tb.~ir sale or <br />purchase, any Person purchasing or selling such Bond speoitically waives any suchirecOvrse. <br /> <br />Section 10.. Limitation of AeUons. In aocordance with Section 212 pf fb.8 ~npptemetltal <br />Act. no legal or equitable action can be brought wi~ respect to BDY legislative acts or <br /> <br />1)2-[?641S.1 <br /> <br />7 <br />