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(iii) The amount of principal of the Loans maturing in any given year and <br /> the final maturity of the Loans; <br /> (iv) The dates on which the principal of and interest on the Loans are paid; <br /> 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 <br /> following parameters and restrictions: <br /> (i) the interest rate on each of the Loans shall not exceed 3.00%; <br /> (ii) the aggregate principal amount of the Loans shall not exceed <br /> $4,508,640; and <br /> (iii) the final maturity of any of the Loans shall not be any later than 30 <br /> years from the loan contract start date. <br /> Section 4. Conclusive Recital. Pursuant to Section 11-57-210 of the <br /> Supplemental Act,each of the Promissory Notes and Security Agreements shall contain a recital that <br /> it is issued pursuant to certain provisions of the Supplemental Act. Such recital shall be conclusive <br /> evidence of the validity and the regularity of the issuance of the 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 the priority <br /> described in the Loan Contracts. The lien of such pledge shall be valid,binding,and enforceable as <br /> against all persons having claims of any kind in tort, contract, or otherwise against the District <br /> irrespective of whether such persons have notice of such liens. <br /> For purposes of this resolution and the Loan Contracts, "Pledged Revenue" shall <br /> mean the Net Revenue of the District. "Net Revenue" shall mean the Gross Revenue less the <br /> Operation and Maintenance Expenses plus all proceeds of insurance in excess of or not applied to the <br /> repair and replacement of the System, and the proceeds or any sale,conveyance,or exchange of the <br /> System in excess of that applied to replace the System sold or exchanged. <br /> 4 <br />