Laserfiche WebLink
Money deposited with or held by the Paying Agent <br />for redemption of Notes under this Subsection, after the <br />date of deposit or allocation of such money for such <br />purpose, shall be held by the Paying Agent in trust, for <br />redemption of such Notes, as appropriate. <br />SET I ON 9. SECUR 11Y , FUNDS AND APPLICATION THERF--0F . <br />A. Notes not General Indebtedness. The Notes shall <br />not be or constitute a general obligation of the Issuer <br />within the meaning of any constitutional, statutory or other <br />limitation of indebtedness, but shall be payable from the <br />proceeds derived from the sale of the Bonds or the sale of <br />bond anticipation notes issued to extend and renew the <br />indebtedness evidenced by the Notes and from the Loan <br />Conmitment. No Holder or Holders of the Notes shall ever <br />have the right to compel the exercise of any ad valorem <br />taxing power of the Issuer or taxation in any form of any <br />real property therein to pay the Notes or the interest due <br />thereon nor be entitled to payment of such Notes from any <br />money of the Issuer except as provided herein. The Loan <br />Cormmitment shall immediately be subject to the lien of this <br />pledge without any physical delivery thereof or further act, <br />and the lien o f this p l edge shall be valid aryl b i nd i rye as <br />against all parties haviiyj claims of any kind in tort, <br />contract or otherwise against the Issuer. <br />B. Security of Notes. The payment of the principal of <br />and interest on the Notes shall be secured forthwith, <br />-31- <br />