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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 <br /> shall be governed by Section 11-57-208 of the Supplemental Act and this Resolution. The <br /> amounts pledged to the payment of the Financing Documents shall immediately be subject to the <br /> lien of such pledge without any physical delivery, filing, or further act. The lien of such pledge <br /> shall have the priority described in the Loan Agreements. 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 approval of this resolution. <br /> Section 7. General Obligation. The principal amounts of each of the Loans <br /> and the interest thereon shall be general obligations of the District, payable from all available <br /> District revenues including ad valorem property taxes without limitation of rate and in an amount <br /> sufficient to pay the repayments on the Loans when due. The obligations of the District under <br /> the Financing Documents are a debt of the District within the meaning of the provisions of the <br /> constitution and laws of the State of Colorado. <br /> Section 8. No Recourse against Officers and Agents. Pursuant to Section 11- <br /> 57-209 of the Supplemental Act, if a member of the Board, or any officer or agent of the District <br /> acts in good faith, no civil recourse shall be available against such member, officer, or agent for <br /> payment of the principal of or interest on the Notes. Such recourse shall not be available either <br /> directly or indirectly through the Board or the District, or otherwise, whether by virtue of any <br /> constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of the <br /> Notes and as a part of the consideration of their sale or purchase, CWCB specifically waives any <br /> such recourse. <br /> Section 9. Disposition and Investment of Proceeds of the Loans. The <br /> proceeds of the Loans shall be applied only to pay the costs and expenses of acquiring, <br /> constructing and equipping the Project, as set forth in the respective Loan Agreements for each <br /> of the Loans, including costs related thereto and, to the extent permitted under federal tax laws, <br /> reimbursement to the District for capital expenditures heretofore incurred and paid from District <br /> 5 <br />