Laserfiche WebLink
40 <br />Ll <br />(N) This Instrument and the Original Resolution are declared to be <br />and shall constitute a contract between the Issuer and all of the holders of the <br />Bonds and Parity Obligations; and the covenants and agreements herein set forth <br />to be performed by the Issuer are and shall be for the equal benefit, protection <br />and security of all of the legal holders of any and all of the Bonds and Parity <br />Obligations, all of which shall be of equal rank and without preference, <br />priority or distinction of any of the 5oiyjs or Parity Obligations over any other <br />of the Bonds or Parity Obligations, except as hereinafter provided. <br />( I ) The Issuer is not, under this Instrument, obligated to levy any <br />ad valorem taxes on any real or personal property situated within its corporate <br />territorial limits to pay the principal of or interest on the Bonds or to pay <br />Operating Expenses. The Bonds shall not constitute a lien upon the System or <br />any other property of the Issuer or situated within its corporate territorial <br />limits. <br />1.04 Project Authorized. The Project is hereby authorized. <br />- 5 - <br />