Resolutions-2025-074

Tiffin i 436989- 42 i 2"1/ 2 [ ss - Water Rev LDA mail,certified e- or registered mail to the Lender ( or any other registered owner of the Bonds). The Bonds are also subject to mandatory redemption as set forth in Section 5 of the Agreement. All of the Bonds and the interest thereon, together with any additional obligations as rnay be hereafter issued and outstanding from time to time ranking on a parity therewith under the conditions set forth herein ( which additional obligations are hereinafter sometimes referred to as Parity Obligations"),shall be payable solely from the Net Revenues of the Utility and the Sinking Fund hereinafter referred to,both of which are hereby pledged to the payment of the Bonds. The Bonds shall be a valid claim of the owners thereof only against said Net Revenues and Sinking Fund, None of the Bonds shall be a general obligation of the City,nor payable in any manner by taxation, and under no circumstances shall the City or the Utility be in any manner liable by reason of the failure of the Net Revenues of the Utility to be sufficient for the payment in whole min part of the Bonds and the interest thereon.. Section 3. The Bonds shall be executed as herein provided as soon after the adoption of this resolution as may be possible and thereupon they shall be delivered to the Registrar for registration and delivery to the Lender, upon receipt of the loan proceeds ( the " Loan Proceeds"), and all action heretofore taken in connection with the Agreement is hereby ratified and confirmed in all respects. Section 4. The Bonds shall be in substantially the following form: 4- DORSLY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA