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of any kind in tort, contract, or otherwise against the District irrespective of whether such persons <br /> have notice of such liens. In the event of a conflict between the provisions of§11-57-208, C.R.S., <br /> and the Security Agreement, the provisions of such statute shall control. <br /> Section 10. Limitation of Actions. Pursuant to §11-57-212, C.R.S.,no legal or <br /> equitable action brought with respect to any legislative acts or proceedings in connection with the <br /> Financing Documents shall be commenced more than thirty days after the adoption of this Loan <br /> Resolution. <br /> Section 11. Limited Obligation. The Financing Documents are payable solely <br /> from the Net Revenue and do not constitute a debt within the meaning of any constitutional or <br /> statutory limitation or provision. <br /> Section 12. No Recourse against Officers and Agents. Pursuant to §11-57- <br /> 209, C.R.S., if a member of the Board, or any officer or agent of the District acts in good faith,no <br /> civil recourse shall be available against such member,officer,or agent for payment of the principal <br /> of or interest on the Note. Such recourse shall not be available either directly or indirectly through <br /> the Board or the District, or otherwise, whether by virtue of any constitution, statute, rule of law, <br /> enforcement of penalty, or otherwise. By the acceptance of the Note and as a part of the <br /> consideration of its sale or purchase, the CWCB specifically waives any such recourse. <br /> Section 13. Disposition and Investment of Loan Proceeds. The proceeds of <br /> the Loan shall be applied only to pay the costs and expenses of the Project, including costs related <br /> thereto. Neither CWCB nor any subsequent owner(s) of the Loan Contract shall be responsible <br /> for the application or disposal by the District or any of its officers of the funds derived from the <br /> Loan. <br /> Section 14. 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 <br /> maximum maturity of the Loan authorized hereby. <br /> Section 15. Direction to Take Authorizing Action. The appropriate members <br /> of the Board and officers of the District are hereby authorized and directed to take all other actions <br /> necessary or appropriate to effectuate the provisions of this Loan Resolution, including but not <br /> limited to the execution and delivery of such certificates and affidavits as may reasonably be <br /> required by CWCB. The execution of any documents, instruments, or certificates by said officials <br /> shall be conclusive evidence of the approval by the District of such documents, instruments, or <br /> certificates in accordance with the terms thereof and this Loan Resolution. <br /> Section 16. Ratification and Approval of Prior Actions. All actions <br /> heretofore taken by any member of the Board and the other officers and employees of the District, <br /> not inconsistent with the provisions of this Loan Resolution,relating to the Financing Documents, <br /> or actions to be taken in respect thereof, are hereby ratified, approved, and confirmed. <br /> Section 17. Severability. If any section, paragraph, clause, or provision of this <br /> Loan Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or <br /> - 6 - <br />