Pledge of and Lien on Hospitality Tax Revenues Sample Clauses

Pledge of and Lien on Hospitality Tax Revenues. In the Second Supplement to Lease Agreement (the “Second Supplement to Lease”) between the County and the Corporation dated as of July 1, 2014, the County, pursuant to the Enabling Act, granted a pledge of and lien on the Hospitality Tax revenues to secure the payment of the Lease Rentals under the Lease Agreement in order to provide additional security for all Certificates issued under the Trust Agreement. As a result of the pledge of and lien on the Hospitality Tax revenues granted under the Second Supplement to Lease, the payment of Base Rent and Additional Rent under the Lease Agreement is not subject to annual appropriation by the County Council. The Certificates do not now and shall never constitute an indebtedness of the County within the meaning of any state constitutional provision or statutory limitation (other than Article X, Section 14, Paragraph 10 of the State Constitution authorizing obligations of political subdivisions payable solely from special sources not involving revenue from any tax or license), and shall never constitute nor give rise to a pecuniary liability of the County or a charge against the general credit or taxing powers of the County, the State or any of its agencies or political subdivisions. No recourse shall be had for the payment of the Certificates, or interest thereon, or any part thereof, against the several funds of the County, except from the Trust Estate in the manner and to the extent provided in the Trust Agreement. The Certificates, and interest thereon, shall not be a charge, lien, or encumbrance, legal or equitable, upon any property of the County or upon any income, receipts, or revenues of the County other than the Trust Estate that have been pledged to the payment thereof.
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Pledge of and Lien on Hospitality Tax Revenues. In order to provide additional security for the Series 2014 Certificates as well as all Certificates issued under the Trust Agreement and pursuant to the Enabling Act, the County hereby grants a pledge of and lien on the Hospitality Tax revenues to secure the payment of the Lease Rentals under the Lease Agreement. As a result of the pledge of and lien on the Hospitality Tax revenues granted hereunder, the payment of Base Rent and Additional Rent under the Lease Agreement is no longer subject to annual appropriation by the County Council. The Certificates do not now and shall never constitute an indebtedness of the County within the meaning of any state constitutional provision or statutory limitation (other than Article X, Section 14, Paragraph 10 of the State Constitution authorizing obligations of political subdivisions payable solely from special sources not involving revenue from any tax or license), and shall never constitute nor give rise to a pecuniary liability of the County or a charge against the general credit or taxing powers of the County, the State or any of its agencies or political subdivisions. No recourse shall be had for the payment of the Certificates, or interest thereon, or any part thereof, against the several funds of the County, except from the Trust Estate in the manner and to the extent provided in the Trust Agreement. The Certificates, and interest thereon, shall not be a charge, lien, or encumbrance, legal or equitable, upon any property of the County or upon any income, receipts, or revenues of the County other than the Trust Estate that have been pledged to the payment thereof.
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