Limited Obligations of Authority. The Bonds and the interest obligation thereon shall never constitute debt or a general obligation of the City or the Authority within the meaning of any constitutional, statutory or charter provision or limitation (as applicable) and shall never constitute nor give rise to a charge against the general credit of the Authority or the general credit or taxing powers of the City, but shall be limited obligations of the Authority payable solely from Legally Available Funds and secured solely by the Security as defined in Section 502 of this Indenture. The Authority makes no representations under this Indenture or the Bond Resolution as to the sufficiency of future collections of Tax Increment Revenues to provide for the payment of all principal of, premium, if any, and interest on the Bonds when due. The Authority disclaims responsibility for the accuracy of projections and forecasts of future collections of tax increment revenues prepared by financial consultants or advisors to any party, including, without limitation, financial consultants to the Authority, the availability and sufficiency of such collections of tax increment revenues being beyond the reasonable control of the Authority in the performance of its statutory duties under Act.
Limited Obligations of Authority. None of the Authority, any Authority member or any person executing this Master Loan Agreement shall be liable personally on the Authority Loan or subject to any personal liability or accountability by reason of the execution hereof. The Authority Loan is a limited obligation of the Authority, payable solely from and secured by the assignment of the Payments made with respect to the related Borrower Loan hereunder. Neither the Authority, its members, the State of California, nor any of its political subdivisions shall be directly, indirectly, contingently or morally obligated to use any other moneys or assets to pay all or any portion of the debt service due on the Authority Loan, to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. The Authority Loan is not a pledge of the faith and credit of the Authority, its members, the State of California or any of its political subdivisions nor do they constitute indebtedness within the meaning of any constitutional or statutory debt limitation. The Authority has no taxing power. The Authority shall not be liable for payment of the principal of, Prepayment Premium, or interest on the Authority Loan or any other costs, expenses, losses, damages, claims or actions of any conceivable kind on any conceivable theory, under or by reason of or in connection with this Master Loan Agreement or any other documents, except only to the extent amounts are received for the payment thereof from the Borrower under this Master Loan Agreement.
