1980-075 CRA - Laserfiche WebLink

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. . . . . . Trustee means Security Pacific National 8ank appointed to act as Trustee hereunder, and its successor or successors and any ottl'er bank or trust company or national banking association at any time substituted in its place pursuant to th is Resol ution. United States means the United States of America. Sometimes herein the words "Federal" or "Federal Government" are used as synonyms, and, when. the context requires, such terms include any agency or instrumentality thereof. Words of the masculine gender include the feminine and neuter genders, Words importing the singular number include the plural number and vice versa. Words importing persons shall include corporations associations, including public entities, as well as natural persons. and The terms "hereby", "hereof", "hereto", "herein", "hereunder", and any similar terms, as used in this Resolution, refer to this Resolution. 102. Security and Nature of Bonds. The Bonds shall be and are special obligations of the Agency and, subject to the right of the Agency to apply moneys as herein provided, are hereby secured by an irrevocable first lien and pledge of the Mortgage Loans and Revenues, and are payable as to principal; Redemption Price, if any, and interest from the Revenues of the Agency as herein defined. The Bonds are not a debt of the City, the State or any of its political subdivisions, and neither the City, the State, nor any of its political subdivisions is 1 iable thereon, nor in any event shall the Bonds be payable out of the funds or properties other than all or any part of the Revenues of the Agency as in this Resolution set forth. The Bonds do not constitute an indebtedness with in the mean ing of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing the Bonds shall be liable personally on the 80nds or subject to any personal liability or accountability by reason of the issuance thereof. The Bonds sh all be and are equally secured by such irrevocab le first lien and pledge of the Mortgage Loans and Revenues as herein provided, without priority for number, date of exécution, or date of delivery, except as expressly provided herein. The validity of the Bonds is not and shall not be dependent upon the performance of anyone of his obligation relative to the Residential Mortgage Financing Program. Nothing in this Resolution shall preclude: (i) the payment of the Bonds from the proceeds of refunding bonds, refunding notes or other such obligations issued pursuant to Article XIV or otherwise; or (ii) the payment of the Bonds from any legally available funds of the Agency. Nothing in this Resolution shall prevent the Agency from making, at its sole discretion, 14