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<br />issuance to apply all or any of the provisions of the Supplemental Act. The Board hereby dects to <br />apply all of the Supplemental Act to the Financing Documents. <br />Section 3. Delegation. <br />(a) Pursuant to Section 11-57-205 of the Supplemental Act, the Board hereby <br />delegates to the Chairman or any member of the Board the authority to make the following <br />determinations relating to and contained in the Financing Documents, subject to the restrictions <br />contained in paragraph (b) of this Section 3: <br />(i) The interest rate on the Loan; <br />(ii) The principal amount of the Loan; <br />(iii) The amount of principal of the Loan maturing in any given year and <br />the final maturity of the Loan; <br />(iv) The dates on which the principal of and interest on the Loan are paid; <br /> <br />and <br /> <br />(v) The existence and amount of reserve funds for the Loan, ifany. <br />(b) The delegation in paragraph (a) of this Section 3 shall be subje(~t to the <br />following parameters and restrictions: (i) the interest rate on the Loan shall not exceed 4.15%; (ii) <br />the principal amount of the Loan shall not exceed $3,937,500; and (iii) the final maturity of the Loan <br />shall not be later than December 31, 2027. <br />Section 4. Conclusive Recital. Pursuant to Section 11-57-210 of the <br />Supplemental Act, the Financing Documents shall contain a recital that it is issued pw:suant to <br />certain provisions of the Supplemental Act. Such recital shall be conclusive evidence of the validity <br />and the regularity of the issuance of the Promissory Note after its delivery for value. <br />Section 5. Pledge of Revenues. The creation, perfection, enforcement, and <br />priority of the pledge of revenues to secure or pay the Financing Documents provided herein shall be <br />governed by Section 11-57-208 of the Supplemental Act and this Resolution. The amounts pledged <br />to the payment of the Financing Documents shall immediately be subject to the lien of such pledge <br />without any physical delivery, filing, or further act. The lien of such pledge shall have th(~ priority <br />described in the Loan Agreement. The lien of such pledge shall be valid, binding, and enforceable as <br /> <br />-3- <br /> <br />Appendix 3 to Loan Contract C150122 <br />Page 3 of 9 <br />