Laserfiche WebLink
The lien of such pledge shall be valid, binding and enforceable as against all persons having <br /> claims of any kind in tort,contract or otherwise against the District irrespective of whether such <br /> persons have notice of such liens. <br /> Section 10. Approval of Related Documents. The District's President (or in the <br /> President's absence the District's Vice President) and District shall, and they are hereby <br /> authorized and directed to take all actions necessary or appropriate to effectuate the provisions of <br /> this Resolution, including, but not limited to, the execution of the Loan Contracts, the <br /> Promissory Notes, the Security Agreements (as set forth in Appendix 4 to the Loan Contracts) <br /> and such additional agreements, certificates and affidavits as may be reasonably required. The <br /> execution by the District's President of any document authorized herein shall be conclusive <br /> proof of the approval by the District of the tenas thereof. <br /> Section 11. No Recourse against Officers and Agents. Pursuant to Section 209 of the <br /> Supplemental Act, if a member of the Board, or any officer or agent of the District acts in good <br /> faith, no civil recourse shall be available against such member, officer or agent for payment of <br /> the principal of and interest on the Promissory 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. <br /> Section 12. Limitation of Actions. In accordance with Section 212 of the Supplemental <br /> Act, no legal or equitable action can be brought with respect to any legislative acts or <br /> proceedings in connection with the authorization or issuance of the Promissory Notes more than <br /> 30 days after their authorization. <br /> Section 13. Resolution is Contract with Owners of Promissory Notes and <br /> Irrepealable. After the Promissory Notes have been issued, this Resolution shall be and remain <br /> a contract between the District and CWCB and shall be and remain irrepealable until all amounts <br /> due with respect to the Promissory Notes shall be fully paid, satisfied and discharged and all <br /> other obligations of the District with respect to the Promissory Notes shall have been satisfied in <br /> the manner provided herein. <br /> Section 14. Headings, Table of Contents and Cover Page. The headings to the <br /> various sections and subsections to this Resolution, and the cover page and table of contents that <br /> appear at front of this Resolution,have been inserted solely for the convenience of the reader, are <br /> not a part of this Resolution and shall not be used in any manner to interpret this Resolution. <br /> Section 15. Severability. It is hereby expressly declared that all provisions hereof and <br /> their application are intended to be and are severable. In order to implement such intent, if any <br /> provision hereof or the application thereof is determined by a court or administrative body to be <br /> invalid or unenforceable, in whole or in part, such determination shall not affect, impair or <br /> invalidate any other provision hereof or the application of the provision in question to any other <br /> situation; and if any provision hereof or the application thereof is determined by a court or <br /> administrative body to be valid or enforceable only if its application is limited, its application <br /> shall be limited as required to most fully implement its purpose. <br /> 9 <br /> 4842-9493-1230.1 <br />