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proceedings in connection with the Financing Documents shall be commenced more than thirty days <br /> after the issuance of the Promissory Note. <br /> Section 7. Limited Obligation;Special Obligation. The Financing Documents are <br /> payable solely from the Pledged Revenue and the Financing Documents do not constitute a debt <br /> within the meaning of any constitutional or statutory limitation or provision. <br /> Section 8. No Recourse against Officers and Agents. Pursuant to Section 11-57- <br /> 209 of the Supplemental Act,if a member of the Board, or any officer or agent of the Town acts in <br /> good faith,no civil recourse shall be available against such member,officer,or agent for payment of <br /> the principal of or interest on the Promissory Note. Such recourse shall not be available either <br /> directly or indirectly through the Board or the Town, or otherwise, whether by virtue of any <br /> constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of the <br /> Promissory Note and as a part of the consideration of its sale or purchase,CWCB specifically waives <br /> any such recourse. <br /> Section 9. Disposition and Investment of Proceeds of the Loan Contract. The <br /> proceeds of the Loan Contract shall be applied only to pay the costs and expenses of acquiring, <br /> constructing and equipping the Project, including costs related thereto and reimbursement to the <br /> Town for capital expenditures heretofore incurred and paid from Town funds in anticipation of the <br /> incurrence of long-term financing therefor, and all other costs and expenses incident thereto, <br /> including without limitation the costs of obtaining the Loan Contract. The CWCB shall not be <br /> responsible for the application or disposal by the Town or any of its officers of the funds derived <br /> from the Loan Contract. <br /> Section 10. Estimated Life of Improvements. It is hereby determined that the <br /> estimated life of the Project to be fmanced with the proceeds of the Loan Contract is not less than the <br /> final maturity of the Loan. <br /> Section 11. Issuance of Additional Debts or Bonds. The Town will not issue any <br /> indebtedness payable from the Pledged Revenue and having a lien thereon which is superior to the <br /> lien created by the Financing Documents. The Town will issue parity debt only with the prior <br /> written approval of CWCB, provided that: <br /> (a) the Town is at the time approval is requested from CWCB and at the time of <br /> i the issuance of the parity debt in substantial compliance with all of the obligations of the <br /> 6 <br />