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the Loan Contract. Moneys credited to the Reserve Account may be invested or <br /> deposited in lawful securities or obligations and all interest income from the <br /> investment or reinvestment of moneys credited to the Reserve Account shall be <br /> credited to the Reserve Account until the amount therein is equal to the Required <br /> Reserve Amount, at which time as the balance of the Reserve Account shall be <br /> maintained in the Required Reserve Amount and such interest income shall be <br /> credited to the Note Account. <br /> Section 6. Additional Obligations. No bonds, notes, interim securities or other <br /> obligations shall be issued payable from the Pledged Revenues and having a lien thereon which <br /> is superior to the lien of the Promissory Note. The District may issue Parity Lien Obligations or <br /> Subordinate Lien Obligations only upon compliance with the requirements of provision A(8)(d) <br /> of the Loan Contract. <br /> Section 7. Various Findings, Determinations, Declarations and Covenants. The <br /> Board, having been fully informed of and having considered all the pertinent facts and <br /> circumstances,hereby finds, determines, declares and covenants that: <br /> (a) voter approval of the Ballot Authorization was obtained in accordance <br /> with all applicable provisions of law; <br /> (b) it is in the best interest of the District and its residents that the Promissory <br /> Note be authorized, issued and delivered at the time, in the manner and for the purposes <br /> provided in this Resolution; and <br /> (c) the issuance of the Promissory Note and all procedures undertaken <br /> incident thereto are in full compliance and conformity with all applicable requirements, <br /> provisions and limitations prescribed by the constitution and laws of the State, including <br /> the Enabling Laws and the Ballot Authorization, and all conditions and limitations of the <br /> Enabling Laws, the Ballot Authorization and other applicable law relating to the issuance <br /> of the Promissory Note have been satisfied. <br /> Section 8. Amendment of Resolution. This Resolution may be amended only with the <br /> prior written consent of CWCB. <br /> Section 9. Lien on Pledged Revenues. The creation, perfection, enforcement and <br /> priority of the pledge of revenues to secure or pay the Promissory Note shall be governed by <br /> Section 208 of the Supplemental Act and this Resolution. The Pledged Revenues shall <br /> immediately be subject to the lien of such pledge without any physical delivery, filing or further <br /> act. The lien of such pledge on the Pledged Revenues shall have priority over any and all other <br /> obligations and liabilities of the District except Parity Obligations, if any, which may be issued <br /> in accordance with the provisions of the Loan Contract on a parity with the Promissory Note. <br /> 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 /> {00488776.DOC/21 6 <br /> 4833-8387-9213.1 <br />