1983-007 - Laserfiche WebLink

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RESOLUTION NO. 83-7-IDA Page Three \... 7. Execution of Bonds. The Bonds shall be executed on behalf of the Authority by the facsimile signature of the Chairperson and attested by the manual or facsimile signature of the Secretary. Any Bond may be signed and attested on behalf of the Authority by such persons as at the actual date of execution of such Bond shall be the proper officers of the Authority although any such person shall not have held office at the date of issuance of such Bond. I L 8. Additional Bonds. Additional Bonds on a parity with the Bonds may be issued hereunder if and as permitted under the Supplemental Resolution. \.,.. 9. Appointment of Agent. The Authority shall appoint a trustee, servicing agent or escrow agent (the "Trustee") for the purpose of receiving all revenues derived from the Project, including payments made by the Company pursuant to the Loan Agreement, and for the purpose of applying such revenues to the payment of the Bonds. The Trustee may hold a deed of trust (the "Deed of Trust") to be executed, delivered and recorded by the Company, naming the Trustee as beneficiary on behalf of the holders of the Bonds, securing the performance by the Company of its obligations under the Loan Agreement. The Agent shall be responsible for holding all funds with respect to the Bonds and collecting, investing and disbursing such funds. In an event of default (as defined in the Supplemental Resolution), all remedies of the Authority and the Bondholders as against the Company or the Project shall be exercised by the Agent as provided in the Supplemental Resolution. 10. Assignment of Trustee. The Authority shall transfer, assign and set over to the Trustee all of the revenues derived from the Project and any and all rights, privileges and obligations it has under the Loan Agreement and the Deed of Trust. Such assignment shall be for the benefit of the holders of the Bonds. f I \... 11. Limitation of Liability to Revenues. Notwithstanding anything herein or in the Supplemental Resolution contained, the Authority shall not be required to advance any moneys derived from any other source of income of the Authority or the City of Santa Ana other than the revenues derived from the financing of the Project. The Bonds are payable from and secured by such revenues only. The term "revenues" as used herein and in the Supplemental Resolution shall include all payments made by the Company under Loan Agreement, proceeds of insurance or condemnation with respect to the Project, and investment of funds held by the Trustee, but shall not include taxes or assessments paid by the Company with respect to the Project. No member, officer, agent or employee of the Authority or the City of Santa Ana shall be individually or personally liable for the payment of principal of or interest on the Bonds. \.,..