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Disposition and Investment of Loan Proceeds. The proceeds of the Loan shall be <br /> applied only to pay the costs and expenses of acquiring, constructing and equipping the Project, <br /> including costs related thereto and, to the extent permitted under federal tax laws, reimbursement <br /> to the City for capital expenditures heretofore incurred and paid from City funds in anticipation <br /> of the incurrence of long-term financing therefor, and all other costs and expenses incident <br /> thereto, including without limitation,the costs of obtaining the Loan. <br /> Neither the CWCB nor any subsequent owner(s) of the Financing Documents <br /> shall be responsible for the application or disposal by the City or any of its officers of the funds <br /> derived from the Loan. In the event that all of the proceeds of the Loan are not required to pay <br /> such costs and expenses, any remaining amount shall be used for the purpose of paying the <br /> principal amount of the Loan and the interest thereon. <br /> Direction to Take Authorizing Action. The appropriate officers of the City and <br /> members of the Council are hereby authorized and directed to take all other actions necessary or <br /> appropriate to effectuate the provisions of this Ordinance, including but not limited to the <br /> execution and delivery of such certificates and affidavits as may reasonably be required by the <br /> CWCB. <br /> Ratification and Approval of Prior Actions. All actions heretofore taken by the <br /> officers of the City and members of the Council, not inconsistent with the provisions of this <br /> Ordinance, relating to the Financing Documents, or actions to be taken in respect thereof, are <br /> hereby authorized, ratified, approved, and confirmed. <br /> Repealer. All acts, orders, ordinances, or resolutions, or parts thereof, in conflict <br /> herewith are hereby repealed to the extent of such conflict. <br /> Severability. Should any one or more sections or provisions of this Ordinance be <br /> judicially determined invalid or unenforceable, such determination shall not affect, impair, or <br /> invalidate the remaining provisions hereof, the intention being that the various provisions hereof <br /> are severable. <br /> Ordinance Irrepealable. After the Note is issued, this Ordinance shall constitute <br /> an irrevocable contract between the City and the CWCB, and shall be and remain irrepealable <br /> until the Note and the interest thereon shall have been fully paid, satisfied, and discharged. No <br /> provisions of any constitution, statute, charter, ordinance, resolution, or other measure enacted <br /> APPENDIX 4 <br />