Agenda Package - 10-1-12 Reg. Meeting

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u6� ARTICLE IV PAYMENT OF THE PURCHASE PRICE; SECURITY FOR PAYMENT SECTION 4.1. Pavment of the Purchase Price (a) The Purchaser shall pay the Purchase Price, with interest, computed at the rate of 4.00% per annum (calculated based upon the a 360 -day year consisting of twelve 30 -day months), in installments due at the times and in the amounts set forth in Exhibit A hereto. (b) All payments required to be made to the Seller hereunder shall be made to Seller [by cheekilby wire transfer] payable to or as may otherwise be directed by the Seller. SECTION 4.2. Budget and Appropriation (a) The officer of the Purchaser at any time charged with the responsibility for formulating budget proposals shall include in the budget proposals for review and consideration by the Board in any Fiscal Year in which this Agreement shall be in effect, items for all Installment Payments and any additional payments required for such Fiscal Year under this Agreement or the Deed of Trust. Any budget item referred to in this Section shall be deleted from the applicable budget by the Board only by the adoption of a resolution to such effect containing a statement of its reasons therefor, which resolution shall be adopted by roll -call vote and shall be spread upon the minutes of the Board. The Purchaser shall promptly provide written notice to the Seller of any Event of Nonappropriation. (b) NO PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS CREATING A PLEDGE OF THE FAITH AND CREDIT OF THE PURCHASER WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT LIMITATION. NO PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS CREATING A DELEGATION OF GOVERNMENTAL POWERS NOR AS A DONATION BY OR A LENDING OF THE CREDIT OF THE PURCHASER WITHIN THE MEANING OF THE CONSTITUTION OF THE STATE. THIS AGREEMENT SHALL NOT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATE THE PURCHASER TO MAKE ANY PAYMENTS BEYOND THOSE APPROPRIATED IN THE SOLE DISCRETION OF THE PURCHASER FOR ANY FISCAL YEAR IN WHICH THIS AGREEMENT 1S IN EFFECT; PROVIDED, HOWEVER, THAT ANY FAILURE OR REFUSAL BY THE PURCHASER TO APPROPRIATE FUNDS WHICH RESULTS IN THE FAILURE BY THE PURCHASER TO MAKE ANY PAYMENT COMING DUE HEREUNDER WILL IN NO WAY OBVIATE THE OCCURRENCE OF THE EVENT OF DEFAULT RESULTING FROM SUCH NONPAYMENT. NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE PURCHASER IN ANY ACTION FOR BREACH OF A CONTRACTUAL OBLIGATION UNDER THIS AGREEMENT, AND THE TAXING POWER OF THE PURCHASER IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY OR CONTINGENTLY TO SECURE ANY MONEYS DUE UNDER THIS AGREEMENT. R