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(iii) The amount of principal of the Loan maturing in any given year and <br /> the final maturity of the Loan; <br /> (iv) The dates on which the principal of and interest on the Loan is paid; <br /> and <br /> (v) The existence and amount of a reserve fund for the Loan, 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 the Loan shall not exceed 2.40%; <br /> (ii) the aggregate principal amount of the Loan shall not exceed <br /> $2,408,850; and <br /> (iii) the final maturity of the Loan shall not be any later than 30 years from <br /> the date of the Loan Contract. <br /> Section 4. Conclusive Recital. Pursuant to Section 11-57-210 of the <br /> Supplemental Act,the Promissory Note and Security Agreement shall contain a recital that each is <br /> 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 Promissory Note and Security <br /> Agreement 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 Ordinance. 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 Contract. 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 Town <br /> irrespective of whether such persons have notice of such liens. <br /> For purposes of this Ordinance and the Loan Contract,"Pledged Revenue"shall mean <br /> the Net Revenue(defined as the"Gross Revenue"after deducting the"Operation and Maintenance <br /> Expenses"). <br /> "Gross Revenue"means all income and revenues directly or indirectly derived by the <br /> Town from the operation and use of the System,or any part thereof,including without limitation,any <br /> 4 <br />