Laserfiche WebLink
"Supplemental Act ") provides that a public entity, including the District, may elect in an act of <br />issuance to apply all or any of the provisions of the Supplemental Act. The Board hereby elects <br />to apply certain portions of the Supplemental Act to the Financing Documents. <br />Section 3. Loan Details. The Loan Contract shall be in the principal amount <br />of $15,000,000, shall bear interest at a net effective interest rate not to exceed 4.5% per annum, <br />and shall mature not later November 1, 2028, as provided in the Loan Contract, and shall be <br />payable in the time and manner, and shall be subject to prepayment, as set forth in the Financing <br />Documents. The City shall execute and deliver to the CWCB the Promissory Note pursuant to <br />the Loan Contract as evidence of the Loan Contract repayments and shall execute and deliver to <br />the CWCB the Security Agreement pursuant to the Loan Contract as security for the Loan <br />Contract repayments. <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 pursuant to <br />certain provisions of the Supplemental Act. Such recital shall be conclusive evidence of the <br />validity and the regularity of the issuance <br />Section 5. <br />priority of the pledge of revenues <br />Note after its delivery for value. <br />creation, perfection, enforcement, and <br />Financing Documents provided herein <br />shall be governed by Section 11 -57 8 o#W- Supplemental Act and this Resolution. The <br />4 �7 <br />amounts pledged to the payment of the F' 1 ' g Documents shall immediately be subject to the <br />lien of such pledge without any physical 11 very, filing, or further act. The lien of such pledge <br />shall have the priority described in the Loan Contract. The lien of such pledge shall be valid, <br />binding, and enforceable as against all persons having claims of any kind in tort, contract, or <br />otherwise against the District irrespective of whether such persons have notice of such liens. <br />Section 6. Limitation of Actions. Pursuant to Section 11 -57 -212 of the <br />Supplemental Act, no legal or equitable action brought with respect to any legislative acts or <br />proceedings in connection with the Financing Documents shall be commenced more than thirty <br />days after the issuance of the Promissory Note. <br />9.11 <br />