Common use of Liability of Authority Limited to Revenues Clause in Contracts

Liability of Authority Limited to Revenues. Notwithstanding anything in this Loan Agreement or in the Bonds contained, the Authority shall not be required to advance any moneys derived from any source other than the Revenues and other assets pledged under the Indenture for any of the purposes in the Indenture mentioned, whether for the payment of the principal of or interest on the Bonds or for any other purpose of the Indenture. Nevertheless, the Authority may, but shall not be required to, advance for any of the purposes hereof any funds of the Authority which may be made available to it for such purposes. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF OR ANY LOCAL AGENCY IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE BONDS. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under or by reason of or in connection with this Loan Agreement, the Bonds or the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower under this Loan Agreement; provided the Borrower shall not be required to pay the fees and expenses of the Authority’s counsel incurred in connection with the issuance of the Bonds. The Borrower hereby acknowledges that the Authority’s sole source of moneys to repay the Bonds will be provided by the payments made by the Borrower to the Trustee pursuant to this Loan Agreement, together with investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal (or redemption price) and interest on the Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal (or redemption price) or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the Borrower, the Authority or any third party, subject to any right of reimbursement from the Trustee, the Authority or any such third party, as the case may be, therefor.

Liability of Authority Limited to Revenues. Notwithstanding anything in this Loan Agreement None of the Authority, the Trustee, any Authority or in Trustee member or representative or any person executing the Bonds containedis liable personally on the Bonds or subject to any personal liability or accountability by reason of their issuance. The Bonds are special and limited obligations of the Authority, payable solely from and secured by the Authority shall not be required to advance any moneys derived from any source other than pledge of the Revenues and other assets pledged amounts payable under the Indenture Loan Agreement (except for any Authority’s Reserved Rights and except to the extent paid out of moneys attributable to Bond proceeds or the income from the temporary investment thereof and under certain circumstances proceeds from insurance and condemnation awards) and shall be a valid claim of the purposes respective holders thereof only against the funds established under this Indenture which constitute a part of the “trust estate” and other moneys held by the Trustee for the benefit of the Bonds and the payments due or to become due upon or under the Loan Agreement (except for Authority’s Reserved Rights), all of which are hereby assigned and pledged hereunder for the equal and ratable payment of the Bonds and shall be used for no other purpose than to pay the principal of and interest on the Bonds, except as may be otherwise expressly authorized in this Indenture. The Bonds do not constitute a debt, or liability of the Indenture mentionedState or of any agency or political subdivision thereof, whether other than a special and limited obligation of the Authority, or a pledge of the faith and credit of the State or any agency or political subdivision thereof, other than a special and limited obligation of the Authority, but shall be payable solely from the funds pledged therefor in accordance with this Indenture. The issuance of the Bonds under the provisions of the Act does not directly, indirectly or contingently obligate the State or any agency or political subdivision thereof to levy any form of taxation for the payment thereof or to make any appropriation for their payment, and the Bonds and the interest payable thereon do not now and shall never constitute a debt of the State or any agency or political subdivision thereof within the meaning of the Constitution or the statutes of the State and do not now and shall never constitute a charge against the credit or taxing power of the State or any agency or political subdivision thereof. The State shall not in any event be liable for the payment of the principal of of, purchase price or interest on the Bonds or for the performance of any other purpose pledge, obligation or agreement of any kind whatsoever which may be undertaken by the Authority. No breach by the Authority of any such pledge, mortgage, obligation or agreement may impose any liability, pecuniary or otherwise, upon the State or any charge upon its general credit or against its taxing power. The Authority has no power to levy taxes for any purposes whatsoever. In the exercise of the Indenture. Nevertheless, the Authority may, but shall not be required to, advance for any of the purposes hereof any funds powers of the Authority which may and its members, directors, officers, employees, attorneys or agents under this Indenture and the Loan Agreement, and including without limitation the application of moneys, the investment of funds, and the assignment or other disposition of the Trust Estate in the event of default by the Borrower, neither the Authority nor its members, directors, officers, employees, attorneys or agents shall be made available accountable to the registered or beneficial owners of the Bonds, the Trustee or the Borrower for any action taken or omitted by it for such purposes. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF OR ANY LOCAL AGENCY IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE BONDSor them in good faith and believed by it or them to be authorized or within the discretion or rights or powers conferred. The Authority and its members, directors, officers, employees, attorneys and agents shall not be protected in its or their acting upon any paper or document believed by it or them to be genuine, and it and they may conclusively rely upon the advice of counsel and may (but need not) require further evidence of any fact or matter before taking any action. No covenant or agreement contained in the Bonds or in this Indenture shall be deemed to be the covenant or agreement of any member, director, officer, agent, attorneys, or employee of the Authority in his individual capacity, and neither the members of the Authority nor any official or attorney executing the Bonds shall be liable for personally on the Bonds or be subject to any costs, expenses, losses, damages, claims personal liability or actions, of any conceivable kind on any conceivable theory, under or accountability by reason of or in connection with this Loan Agreement, the Bonds or the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower under this Loan Agreement; provided the Borrower shall not be required to pay the fees and expenses of the Authority’s counsel incurred in connection with the issuance of the Bonds. The Borrower hereby acknowledges that the Authority’s sole source of moneys to repay the Bonds will be provided by the payments made by the Borrower to the Trustee pursuant to this Loan Agreement, together with investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal (or redemption price) and interest on the Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal (or redemption price) or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the Borrower, the Authority or any third party, subject to any right of reimbursement from the Trustee, the Authority or any such third party, as the case may be, thereforthereof.

Liability of Authority Limited to Revenues. Notwithstanding anything in this Loan Agreement Indenture or in the Bonds Authority Notes contained, the Authority shall not be required to advance any moneys derived from any source other than the Revenues and other assets pledged under the this Indenture for any of the purposes in the this Indenture mentioned, whether for the payment of the principal of or interest on the Bonds Authority Notes or for any other purpose of the this Indenture. NeverthelessPURSUANT TO RCW 43.163.140(1), the Authority mayTHE AUTHORITY NOTES SHALL NOT BE DEEMED TO CONSTITUTE OBLIGATIONS, but shall not be required toEITHER GENERAL, advance for any of the purposes hereof any funds of the Authority which may be made available to it for such purposesSPECIAL OR MORAL, OF THE STATE OR OF ANY POLITICAL SUBDIVISION OF THE STATE, OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OR OF ANY POLITICAL SUBDIVISION, OR GENERAL OBLIGATIONS OF THE AUTHORITY. NEITHER THE FULL FAITH AND CREDIT STATE NOR THE TAXING POWER ANY POLITICAL SUBDIVISION OF THE STATE OF CALIFORNIA SHALL BE OBLIGATED, DIRECTLY, INDIRECTLY OR CONTINGENTLY, TO LEVY ANY POLITICAL SUBDIVISION THEREOF TAXES OR APPROPRIATE OR EXPEND ANY LOCAL AGENCY IS PLEDGED TO FUNDS FOR THE PAYMENT OF THE PRINCIPAL OF, OR PURCHASE PRICE OF OR INTEREST OR PREMIUM, IF ANY, OR INTEREST ON THE BONDSAUTHORITY NOTES. NEITHER THE MEMBERS OF THE AUTHORITY NOR ANY PERSONS EXECUTING THE AUTHORITY NOTES SHALL BE LIABLE PERSONALLY ON THE AUTHORITY NOTES BY REASON OF THE ISSUANCE THEREOF. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under or by reason of or in connection with this the Loan Agreement, the Bonds Authority Notes or the this Indenture, except only to the extent amounts are received for the payment thereof from the Borrower under this the Loan Agreement; provided Agreement or the Borrower shall not be required to pay the fees and expenses of the Authority’s counsel incurred in connection with the issuance of the Bonds. The Borrower hereby acknowledges that the Authority’s sole source of moneys to repay the Bonds will be provided by the payments made by the Borrower to the Trustee pursuant to this Loan Agreement, together with investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal (or redemption price) and interest on the Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal (or redemption price) or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the Borrower, the Authority or any third party, subject to any right of reimbursement from the Trustee, the Authority or any such third party, as the case may be, thereforNote.