C150312 PIF

• Contract/PO #: C150312
• Contractor Name: Swan's Nest Metropolitan District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Swan's Nest Metropolitan District
Authorizing CWCB Loan
Page 4
4. Conclusive Recital. Pursuant to Section 11-57-210 of the Supplemental
Act, the Financing Documents shall contain a recital that it they are issued pursuant to
certain provisions of the Supplemental Act. Such recital shall be conclusive evidence of
the validity and the regularity of the issuance of the Note after its delivery for value.
5. Pledge of Revenues. The creation, perfection, enforcement, and priority of
the pledge of revenues to secure or pay the Financing Documents provided herein shall
be governed by Section 11-57-208 of the Supplemental Act and this Resolution. The
amounts pledged to the payment of the Financing Documents shall immediately be
subject to the lien of such pledge without any physical delivery, filing, or further act. The
lien of such pledge shall have the priority described in the Loan Document. The lien of
such pledge shall be valid, binding, and enforceable as against all persons having claims
of any kind in tort, contract, or otherwise against the District irrespective of whether such
persons have notice of such liens.
6. Limitation of Actions. Pursuant to Section 11-57-212 of the Supplemental
Act, no legal or equitable action brought with respect to any legislative acts or
proceedings in connection with the Financing Documents shall be commenced more than
thirty days after approval of this Resolution.
7. No Recourse against Officers and Agents. Pursuant to Section 11-57-209
of the Supplemental Act, if a member of the Board, or any officer or agent of the District
acts in good faith, no civil recourse shall be available against such member, officer, or
agent for payment of the principal of or interest on the Note. Such recourse shall not be
available either directly or indirectly through the Board or the District, or otherwise,
whether by virtue of any constitution, statute, rule of law, enforcement of penalty, or
otherwise. By the acceptance of the Note and as a part of the •.• i ra 'on of its sale or
purchase, CWCB specifically waives any such recourse. 3
8. Disposition and Investment of Loan Pro e . he proceeds o the Loan
shall be applied only to pay the costs and expenses of.'gql' r g, if • c.'
equipping the Project, including costs related thereto and Frei' bu : 4, t . 'T'e I .trict
for capital expenditures heretofore incurred and paid from District fun. i .' . . ''on
of the incurrence of financing therefor, and all other costs and expenses incident thereto,
including without limitation the costs of obtaining the Loan. Neither CWCB nor any
subsequent owner(s) of the Loan Document shall be responsible for the application or
disposal by the District or any of its officers of the funds derived from the Loan. In the
event that all of the proceeds of the Loan are not required to pay such costs and expenses,
(00198052.DOC I)