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(iii) The amount of principal of the Loans maturing in any given year and the final <br /> maturity of the Loans; <br /> (iv) The dates on which the principal of and interest on the Loans are paid;and <br /> (v) The existence and amount of reserve funds for the Loans, if any. <br /> (b) The delegation in paragraph (a) of this Section 3 shall be subject to the following <br /> parameters and restrictions: <br /> (i) the interest rate on each of the Loans shall not exceed 2.75%; <br /> (ii) the aggregate principal amount of the Loans shall not exceed $15,734,790; and <br /> (iii) the final maturity of any of the Loans shall not be later than December 31,2045. <br /> Section 4. Conclusive Recital. Pursuant to Section 11-57-210 of the Supplemental Act, <br /> the Financing Documents shall contain a recital that it is issued pursuant to certain provisions of the <br /> Supplemental Act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of <br /> the Note after its delivery for value. <br /> Section 5. Pledge of Revenues. The creation, perfection,enforcement,and priority of <br /> the pledge of revenues to secure or pay the Financing Documents provided herein shall be governed by <br /> Section 11-57-208 of the Supplemental Act and this Resolution. The amounts pledged to the payment of the <br /> Financing Documents shall immediately be subject to the lien of such pledge without any physical delivery, <br /> filing,or further act. The lien of such pledge shall have the priority described in the Loan Contracts. The lien of <br /> such pledge shall be valid, binding, and enforceable as against all persons having claims of any kind in tort, <br /> contract, or otherwise against the District irrespective of whether such persons have notice of such liens. <br /> For purposes of this resolution and the Loan Contracts, "Pledged Revenue"shall mean the <br /> Gross Revenue of the District after deducting Operation and Maintenance Expenses. "Gross Revenue"shall <br /> mean (i) all revenues, income, rents and receipts earned by the District from or attributable to the ownership <br /> and operation of the System,(ii)the proceeds of any insurance covering business interruption loss relating to <br /> the System,and(iii)interest earned on any moneys or investments which are required to be paid into any fund <br /> or account pledged to the payment of the Bonds or any Parity Obligations. <br /> "Operation and Maintenance Expenses"shall mean means the annual budgeted necessary <br /> and proper costs and expenses of the efficient and economical operation and maintenance of the System <br /> 4 <br /> APPENDIX 3 <br />