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<br />I . <br /> <br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />State of California or any of its political subdivisions, and <br />neither the City, the State nor any of its political <br />subdivisions is liable on them. In no event shall the Bonds, <br />interest thereon and premium, if any, be payable out of any <br />funds or properties other than those of the Agency as set forth <br />in this Resolution, The Bonds do not constitute an <br />indebtedness within the meaning of any constitutional or <br />statutory debt limitation or restriction. Neither the members <br />of the Agency nor any persons executing the Bonds are liable <br />personally on the Bonds by reason of their issuance. <br /> <br />The Bonds shall be and are equally secured by an <br />irrevocable pledge of the Pledged Tax Revenues and other funds <br />as hereinafter provided, without priority for number, date of <br />sale, date of execution or date of delivery, except as <br />expressly provided herein. <br /> <br />The validity of the Bonds is not and shall not be dependent <br />upon: (a) the completion of the Redevelopment Project or any <br />part thereof, or (b) the performance by anyone of his/her <br />obligations relative to the Redevelopment Project Area, or (c) <br />the proper expenditures of the proceeds of the Bonds, <br /> <br />Nothing in this Resolution shall preclude: (a) the payment <br />of the Bonds from the proceeds of refunding bonds issued <br />pursuant to the Law, or (b) the payment of the Bonds from any <br />legally available funds. Nothing in this Resolution shall <br />prevent the Agency from making advances of its own funds, <br />however derived, to any of the uses and purposes mentioned in <br />this Resolution. <br /> <br />If the Agency shall cause to be paid, or shall have made <br />provision to pay upon maturity or upon redemption prior to <br />maturity, to the Bondholders the principal of, premium, if any, <br />and interest to become due on the Bonds, through setting aside <br />trust funds or setting apart in a reserve fund or special trust <br />account created pursuant to this Resolution or otherwise, or <br />through the irrevocable segregation for that purpose in some <br />sinking fund or other fund or trust account with a fiscal agent <br />or otherwise, moneys sufficient therefor, including, but not <br />limited to, interest earned or to be earned on Federal <br />Securities, then the lien of this Resolution, including, <br />without limitation, the pledge of the Pledged Tax Revenues, and <br />all other rights granted hereby, shall cease, terminate and <br />become void and be discharged and satisfied, and the principal <br />of, premium, if any, and interest on the Bonds shall no longer <br />be deemed to be outstanding and unpaid; provided, however, that <br />nothing in this Resolution shall require the deposit of more <br />than such Federal Securities as may be sufficient, taking into <br />account both the principal amount of such Federal Securities <br />and the interest to become due thereon, to implement any <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-6- <br />