Type and Nature Sample Clauses

Type and Nature of the Loan and Parity Loans. Neither the faith and credit nor the taxing power of the City, the State of California or any political subdivision thereof other than the District is pledged to the payment of the Loan or any Parity Loans. Except for the Net Taxes, no other taxes are pledged to the payment of the Loan and Parity Loans. The Loan and any Parity Loans are not general or special obligations of the City or general obligations of the District, but are limited obligations of the District payable solely from the Net Taxes and other amounts on deposit in the Repayment Fund and the Net Taxes on deposit in Special Tax Fund A, as more fully described herein. The District’s limited obligation to pay the principal of, premium, if any, and interest on the Loan and any Parity Loans from amounts in the Repayment Fund and Net Taxes on deposit in Special Tax Fund A is absolute and unconditional, free of deductions and without any abatement, offset, recoupment, diminution or set-off whatsoever. Neither the Authority nor the Authority Trustee as its assignee with respect to the Loan or the holder of any Parity Loans may compel the exercise of the taxing power by the District (except as pertains to the Special Taxes) or the City or the forfeiture of any of their property. The principal of and interest on the Loan and any Parity Loans are not a debt of the City, the State of California or any of its political subdivisions within the meaning of any constitutional or statutory limitation or restriction. The Loan and any Parity Loans are not a legal or equitable pledge, charge, lien, or encumbrance upon any of the District’s property, or upon any of its income, receipts or revenues, except the Net Taxes and other amounts in the Repayment Fund and the Net Taxes on deposit in Special Tax Fund A which are, under the terms of this Agreement and Chapter 3.61, set aside for the payment of the Loan and any Parity Loans and interest thereon and neither the members of the legislative body of the District or the City Council are liable personally on the Loan or any Parity Loans by reason of their issuance. Notwithstanding anything to the contrary contained in this Agreement, the District shall not be required to advance any money derived from any source of income other than the Net Taxes for the payment of the interest and principal due on the Loan or any Parity Loans, or for the performance of any covenants contained herein. The District may, however, advance funds for any suc...
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Related to Type and Nature

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