Source of Payment of the Bonds. The Bonds herein authorized and all payments to be made by the Issuer hereunder are not general obligations of the Issuer but are limited obligations payable solely from TIF Revenues, and only to the extent there are TIF Revenues, pledged and assigned for their payment in accordance with the Indenture and the Financing Agreement. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to be a covenant or agreement of any member, director, officer, agent, attorney or employee of the Issuer in his or her individual capacity, and no member, director, officer, agent, attorney, or employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds. The Redevelopment Commission has pledged the TIF Revenues to the payment of the Bonds pursuant to Resolution 2019-01 adopted on , 20 .
Source of Payment of the Bonds. The Bonds herein authorized and all payments to be made by the Issuer hereunder are not general obligations of the Issuer but are limited obligations payable solely from the Pledged Revenues pledged and assigned for their payment in accordance with this Indenture and the Bond Ordinance. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to be a covenant or agreement of any member, director, officer, agent, attorney or employee of the Issuer in his or her individual capacity, and no member, director, officer, agent, attorney, or employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds.
Source of Payment of the Bonds. The Bonds do not constitute a charge or liability against the general credit of the Issuer or a debt of Xxxxxxx County, Alabama, the State of Alabama or any other political subdivision of the State of Alabama. No attempt is made in this Official Statement to provide financial information about the Lessee in a manner that would enable prospective purchasers of the Bonds to assess the creditworthiness of the Lessee. Accordingly, potential investors should not rely upon the ability of the Lessee to make the required payments under the Lease Agreement, but should look instead to the ability of the Bank to honor properly submitted draws against the Letter of Credit. See ATHE BANK.@
Source of Payment of the Bonds. The Bonds herein authorized and all payments to be made by the City hereunder are not general obligations of the City but are limited obligations payable solely from the Spring Mill Centre TIF Revenues pledged and assigned for their payment in accordance with the Indenture, the Pledge Resolution and the Financing Agreement. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to be a covenant or agreement of any member, director, officer, agent, attorney or employee of the City in his or her individual capacity, and no member, director, officer, agent, attorney, or employee of the City executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds. The Redevelopment Commission has pledged the Spring Mill Centre TIF Revenues to the payment of the Bonds pursuant to the TIF Pledge Resolution.
Source of Payment of the Bonds. The Bonds and all payments thereon are not general obligations of the Issuer, and shall never constitute indebtedness of the Issuer, but are the limited special obligations of the Issuer payable solely from revenues and receipts derived from the leasing of the Project Property and other security pledged to the payment of the Bonds under this Indenture. The Project Property has been leased under the Lease Agreement and the Basic Rent is to be remitted by the Company directly to the Purchaser on or before each principal payment date and interest payment date, as applicable, subject to the rights of offset set forth in Section 5.05(b) of the Lease Agreement. The Basic Rent is sufficient in amount to ensure the prompt payment of the principal and accrued interest on the Bonds and the entire amount of the Basic Rent is pledged to the payment of principal and accrued interest on the Bonds.
