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Section 7. Limited Obligation; Special Obligation. The Financing Documents are <br /> payable solely as set forth in the Financing Documents do not constitute a debt within the <br /> meaning of any constitutional or statutory limitation or provision. <br /> Section 8. No Recourse against Officers and Agents. Pursuant to Section 11-57-209 of <br /> the Supplemental Act, if a member of the Board, or any officer or agent of the District acts in <br /> good faith, no civil recourse shall be available against such member, officer, or agent for <br /> payment of the principal of or interest on the Note. Such recourse shall not be available either <br /> directly or indirectly through the Board or the District, or otherwise, whether by virtue of any <br /> constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of <br /> the 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 Loan Proceeds. The proceeds of the Loan <br /> shall be applied only to pay the costs and expenses of the Project, and, to the extent permitted <br /> under federal tax laws, reimbursement to the District for expenditures heretofore incurred on <br /> the Project and paid from District funds in anticipation of the incurrence of long-term financing <br /> therefor, and all other costs and expenses incident thereto, including without limitation, the <br /> costs of obtaining the Loan. <br /> Neither CWCB nor any subsequent owner(s) of the Financing Documents shall be <br /> responsible for the application or disposal by the District 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,if any. <br /> Section 10. District Representative. Jennifer Waller, President, Lucas Ortivez, <br /> Secretary, Kevin Walker, District Manager, and, Edith Coffman, Assistant Secretary, are each <br /> hereby designated as the Authorized Officers (as defined in the Loan Agreement) for the <br /> purpose of performing any act or executing any document relating to the Loan,the District, the <br /> Note or the Loan Agreement. A copy of this Resolution shall be furnished to CWCB as <br /> evidence of such designation. <br /> Section 11. Estimated Life of Improvements. It is hereby determined that the estimated <br /> life of the Project to be financed with the proceeds of the Loan is not less than the final maturity <br /> of the Loan. <br /> 4 <br />