CT2015-049 Amend1 Contract - Laserfiche WebLink

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District, to pay when due the annual payment due under the Loan Contract, Promissory Note, Financing Documents and Supplemental Financing Documents. The foregoing provisions of this Resolution are hereby declared to evidence the District's commitment to levy all taxes necessary for the purposes of aforesaid, from time to time, as required by law, to pay all costs and expenses incidental to the execution of the Loan Contract, Promissory Note, Financing Documents, and Supplemental Financing Documents and to include in the annual budget and appropriation resolutions to be adopted and passed by the Board each year all amounts due under the Loan Contract and Promissory Note until the same have been fully paid, satisfied and discharged. Section 13. No Recourse Against Officers and Agents. Pursuant to Section 11-57- 209 of the Supplemental Act, if a member of the Board, or any officer or agent of the District acts in good faith, no civil recourse shall be available against such member, officer, or agent for payment of the principal of interest on the Promissory Note. Such recourse shall not be available either directly or indirectly through the Board or the District, or otherwise, whether by virtue of any constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of the Promissory Note and as part of the consideration for its sale or purchase, CWCB specifically waives any such recourse. Section 14. Disposition and Investment of Loan Proceeds. The proceeds of the Loan shall be applied only to pay Project costs, including costs related thereto. Neither CWCB nor any subsequent owner(s) of the Loan Contract shall be responsible for the application or disposal by the District or any of its officers of the funds derived from the Loan. In the event that all of the proceeds of the Loan are not required to pay such costs and expenses, any remaining amount shall be used for the purpose of paying the principal amount of the Loan and the interest thereon. Section 15. Estimated Life of Improvements. It is hereby determined that the estimated life of the Project to be financed with the proceeds of the Loan is not less than the maximum maturity of the Loan authorized hereby. Section 16. Direction to Take Authorizing Action. The President, the Secretary or the Assistant Secretary, and other appropriate officers of the District are hereby authorized and directed to take all actions necessary or appropriate to effectuate the provisions of this Resolution, including but not limited to the execution and delivery of such certificates and affidavits as may reasonably be required by CWCB. The execution of any documents, instruments, or certificates by said officials shall be conclusive evidence of the approval by the District of such documents, instruments, or certificates in accordance with the terms thereof and this Resolution. Section 17. Ratification and Approval of Prior Actions. All actions heretofore taken by the President, any member of the Board, the Secretary or the Assistant Secretary, and the other officers and employees of the District, if any, not inconsistent with the provisions of this Resolution, relating to the Supplemental Financing Documents, or actions to be taken in respect thereto, are hereby ratified, approved, and confirmed. Section 18. Severability. If any section, paragraph, clause, or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or {220091.DOC/} 6