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behalf of the City by such persons as at the actual date of the execution of the Note shall be the proper officers of the City althouqh at the nominal date of the Note any such person shall not have been such officer of the City. Section 2.05 . Note Mutilated~ Lost~ Destro),ed or Stolen . If the Note shall become mut'~'lated, the City, at the e~pense of the Bank, shall execute and deliver, a new Note of like tenor in exchange and substitution for the Note so mutilated, but only upon stmrender to the Bank of the Note so mutilated. Every mutilated Note se surrendered to the Bank shall be cancelled by the Bank and delivered to, or upon the order of, the City. If the Note shall be test, destroyed or stolen, evidence of such loss, destruction or theft may be submitted to the City, and if such evidence is satisfactory to the City and indemnity satisfactory to it shall have been given, the City, at the expense of the Bank, shall execute and deliver, a new Note of like tenor in lieu of and in substitution for the Note so lost, destroyed or stolen. The City may require payment of a sea not exceeding the actual cost of oreparino each new Note issued under this Section and of the expenses which may be incurred by the City in the premises. Any Note issued under the provisions of this Section in lieu of any Note alleged to be lost, destroyed or stolen shall be at any time enforceable by anyone, and shall be equally and proportionately entitled to the benefits of this Resolution with the Note originslly issued pursuant to this Resolution. Section 2.06 . Certificates of Participation . Nothing herein shall prevent the Bank fr~n executing and delivering certificates of oarticioation in payments to be made by the City on the Note, provided, however, that such certificates of particioation shall not be deemed to be separate oblioations of the City and that, notwithstanding such delivery, the Bank shall be considered the holder and owner of the Note for all purposes hereunder and under the Agreement. ARTICLE III ISS~ OF NOTE Section 3.01 . Sale and Delivery of Note. At any time after the adoptiSn of ~his ResolutiOn the City may Jell and deliver a Note to the Bank in accordance with the terms of a purchase agreement presented by the Bank. Section 3.02 . Application of Proceeds of Sale of Note . The proceeds receive~City' from the sale of the Note shall be loaned to the Participating Party for the purpose of Financing the Project. ARTICLE IV PLEDGE OF REVENUES; ASSI(~NMENT Section 4.01 . Pled.ne of Revenues . The Note shall be secured bv~ first p--~h pledg'e'shall be effected in the manner and to the extent hereinafter provided) of all of the Revenues. The Revenues are hereby allocated in their entirety to the payment of the principal of and interest on the Note and, until the payment in full thereof, the Revenues shall be aopli~ solely to the payment of such principal and interest, l'he pledoe and allocation of Revenues is for the exclusive benefit of the Bank and shall be irrevocable until the Note has been paid and retired or provision made therefor. The City will not issue any obligation or security superior to or on a parity with the Note, howsoever denominated, payable in whole or in part from the Revenues which are hereby pledged to the oayment of the orinciosl of and interest on the Note, until the Note has been paid and retired or provision made therefor. The Note shall be a special obligation of the City and shall he payable solely from the funds herein provided therefor. The Note shall not constitute an indebtedness of the City, the State of California er any of its subdivisions, and neither said State nor any of its political subdivisions shall be liable thereon, nor in any event shall the Note be payable out of any funds or properties of the City other than the Revenues as provided herein. Neither the faith and credit nor the taxino p~eerNo~fe the City is pledoed to the payment of the principal of or interest On . ~