83-152 Ordinance - Laserfiche WebLink

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United States of America. All Notes shall have all qualities and inci- dents of a negotiable instrument as provided in the Act and shall ex- press on their faces the purpose for which they are issued and such other statements or legends as may be required by law. All Notes shall be executed in the manner provided in the Note Legislation authorizing their issuance or in the manner provided by the applicable law in effect at the time of their issuance. In case any officer whose signature or a facsimile of whose signature shall appear on any Note shall cease to be such officer before the issuance or de- livery of such Note, such signature or such facsimile shall nevertheless be valid and sufficient or all purposes, as if he had remained in office until that time. All Notes shall be secured by a pledge and asstgnment of the moneys constituting Pledged Receipts and all the rights of the lssuer under the Agreement except those set forth in Sections 2.3(b), 6.6 and 6.7 thereof, all of which have been assigned to the Mortgagee by the Assignment. All Notes shall be equally and ratably payable solely from the Pledged Receipts, and anything in the Note Legislation, the Notes or the Note Documents to the contrary notwithstanding, neither the Note Legislation, the Notes or the Note Documents shall in any respect be a general obligation of the Issuer. The Notes shall not be payable in any manner from funds raised by taxation, but shall be payable solely from the Pledged Receipts, and the Notes shall contain on the face thereof a statement to that effect; provided, however, that nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using, to the extent it is lawfully authorized to do so, any other resources or 19