Resolutions-2023-085

Tiffin / 436989- 42 2" d /%Hrg & Iss- P& D Water Rev Section 4. The Project Note shall be executed as herein provided as soon after the adoption of this resolution may be possible and thereupon shall be delivered to the Registrar for as registration and delivery to the Lender, upon receipt of the Project Note proceeds. Section 5. The Loan Proceeds hereby appropriated to the payment of the Project are Note and may also be appropriated to the payment of other obligations issued to pay costs of the Project,but only to the extent that full provision has been made for the payment of principal of the Project Note. At its sole discretion, the City Council may appropriate to the payment of the Project Note proceeds to be received from state or federal grants and/ or income or revenues from sources to be received and expended for the Project during the period of Project construction. The Project Note is a limitedobligation of the City payable solely and only from the Loan Proceeds and shall not constitute a general obligation of the City, nor shall it be payable in any manner by taxation, and under no circumstances shall the City be in any manner liable by reason of the failure of the Loan Proceeds to be sufficient for the payment in whole or in part of the Project Note. Section 6. Upon a breach or default of a term of the Project Note or any Parity Obligations and this resolution, a proceeding may be brought in law or in equity by suit, action or mandamus to enforce and compel performance of the duties required under the terms of this resolution and Section 76. 13 of the Code of Iowa. Section 7. The City reserves the right to issue additional obligations ( the " Parity Obligations") payable from the Loan Proceeds, and ranking on a parity with, the Project Note. The Project Note or any Parity Obligations shall not be entitled to priority or preference one over the other in the application of the Loan Proceeds regardless of the time or times of the issuance of such Project Note or Parity Obligations, it being the intention of the City that there shall be no priority among the Project Note or Parity Obligations, regardless of the fact that they may have been actually issued and delivered at different times. Section 8. The provisions of this resolution shall constitute a contract between the City and the owners of the Project Note and Parity Obligations may from time to time be outstanding, as and after the issuance of the Project Note, no change, variation or alteration of any kind of the provisions of this resolution shall be made without prior consent of the Lender which will adversely affect the owners of the Project Note or Parity Obligations until the Project Note and Parity Obligations and the interest thereon shall have been paid in full. Section 9. If any section, paragraph, clause or provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. Section 10. All resolutions and orders or parts thereof in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed. 6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA