|
6. Termination up.9_n payment or Discharge. Upon payment or discharge of the
<br />Bonds in accordance with the terms of the Bond Documents the Authority's interest in the
<br />?m~eci: mid real estate on which the Project is located shall terminate.
<br />
<br /> 7. Binding Obligations; Nop. ersonal Liability. Ail covenants, stipulations,
<br />obligati~ms and agreements of the Authority conta/ned in this resolution and contained in the
<br />Bond Documents shall be deemed to be the covenants, stipulations, obtigatio, ns and agreements
<br />of the Authority to the full extent author/zed or permitted by law, and all such covenants,
<br />stipulations, obligations and agreements'shall be binding upon the Authority. Except as
<br />othe~-,vise provided in this resolution, all rights, powers and privileges conferred and duties and
<br />liabilities imposed upon the Authority or the Board of Comrn/ssioners thereof by the provisions
<br />of' thi:~ resolution or by the Bond Documents, shall be exercised or performed by the Authority
<br />by such members of the Board of Commissioners, or such officers, board, body or agency
<br />therefor as may be required by Iaw to exercise such powers and to perform s~uch duties.
<br />
<br /> No covenant, stipulation,, obligation or agreement herein contained or contained in the ·
<br />Bond Docmnents shall be deemed to be a covenant, stipulation, obligation or agreement of any
<br />member of the Board of Commissioners, or any officer, agent or e. mployee of the issuer in that
<br />person's individual capacity, and neither the Board of Commissioners of the Authority nor any
<br />officer executing the 13onds shall be liable personally on the Bonds 0r be subject to any personal
<br />liability or accountability by reason of the issuance thereof.
<br />
<br /> 8. Sole and Exclusive Benefit. Except as herein otherwise expressly provided,
<br />m)thh~g in this resolution or in the Indenture expressed or implied, is intended or shall be
<br />construed to confer upon any person or firm or corporation other than the Authority or the
<br />Trustee, any right, remedy or claim, legal or equitable, undm: and by reason of this resolution or
<br />m~y provision hereo for of the Indenture or any provisions thereof, this resolution, the Indenture
<br />mhd all of their provisions being ~ntended to be and being for the sole and exclusive benefit of the
<br />Authority and the Holders from time to time of the Bonds issued under the provisions of this
<br />resolution and the indenture.
<br />
<br /> 9. Provisions Held Separate. and Ap..art; Binding Contracts. In case any one or more
<br />~)17 the provisions of the Bonds, this resoIution, the Bond Documents shall for any reason be held
<br />to be illegal or invalid, such illegality or invali~dity shall not affect any other provision of this
<br />resolution, the Bond Documents, or the Bonds, but this resolution, the Bond Documents and the
<br />Bonds shall be construed and endorsed as if such illegal or invalid provision had not been
<br />contained therein. The terms and conditions set forth in the Bond Documents, the pledge of
<br />revenues derived from the Project, the creation of the funds provided for in the Indenture, the
<br />provisions relating to the handling of the proceeds derived fi~om the sale of Bonds pursuant to the
<br />iTndenmre and the handling of said revenues and other monies are all commitments, obligations
<br />and agreements on the part of the Authority contained in the Indenture, or the invalidity of the
<br />Bond Documents, sbalI not affect the commitments, obligations and agreements on the part of
<br />the Authority to create such funds and to handle said revenues, other monies and proceeds of the
<br />Bonds for the purposes, in the manner and according to the terms and conditions fixed in the
<br />Indenture, it being the intention hereof that such commitments on the part of the Authority are as
<br />binding as if contained in this resolution separate and apart from the Indenture or the' Lease.
<br />
<br />[763923v1
<br />
<br />
<br />
|