19-1517 Authorizing Issuance of $1,643,579 Sausalito Wall Special Assessment Revenue Bond, Series 2019

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future its Non -Ad Valorem Revenues, nor does it require the City to levy and collect any particular Non -Ad Valorem Revenues, nor does it give the holder of the Bond a prior claim on the Non -Ad Valorem Revenues as opposed to claims of general creditors of such City. Such covenant to budget and appropriate Non -Ad Valorem Revenues is subject in all respects to the payment of obligations secured by a pledge of such Non -Ad Valorem Revenues heretofore or hereafter entered into (including the payment of debt service on bonds and other debt instruments). However, the covenant to budget and appropriate for the purposes and in the manner stated herein shall have the effect of making available for the payment of the Bond, in the manner described herein, Non -Ad Valorem Revenues, and placing on the City a positive duty to appropriate and budget, by amendment, if necessary, amounts which, together with the Pledged Revenues, are sufficient to meet its obligations hereunder; subject, however, to the payment of services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the City or which are legally mandated by applicable law. SECTION 5. TAXING POWER NOT PLEDGED. The Bond issued under the provisions of this Ordinance shall not be deemed to constitute a pledge of the faith and credit of the City, but the Bond shall be payable from the Pledged Revenues in the manner and to the extent provided herein and in the Resolution, unless otherwise paid by such entity as shall provide credit enhancement on the Bond, if any. The issuance of the Bond under the provisions of this Ordinance shall not directly, indirectly or contingently obligate the City to levy or to pledge any form of ad valorem taxation whatever therefore. The holders of the Bond shall never have the right to compel any exercise of the ad valorem taxing power on the part of the City to pay any of the Bond or the interest thereon against any property of the City, nor shall the Bond constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the Pledged Revenues as provided in the Resolution. SECTION 6. TRUST FUNDS. All moneys received pursuant to the authority of this Ordinance, whether as proceeds from the sale of the Bond or the Pledged Revenues, shall be deemed to be trust funds, to be held and applied solely as provided in this Ordinance and in the Resolution. The Pledged Revenues upon receipt thereof by the City shall automatically and without any further action of the City be subject to the lien and pledge in favor of the holders of the Bond or any entity providing credit enhancement on the Bond. Such Pledged Revenues may be invested by the City, or its designee, in such manner as provided in the Resolution. SECTION 7. REMEDIES OF HOLDERS OF BOND. The holders of the Bond, except to the extent the rights herein given may be restricted by the Resolution, may, whether at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce and compel the performance of all duties required hereby, or by such Resolution, to be performed by the City. SECTION 8. ALTERNATIVE METHOD. This Ordinance shall be deemed to provide an additional and alternative method for the doing of things authorized hereby and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation of any powers now existing or which may hereafter come into existence. This Ordinance, being necessary for the health, safety and welfare of the inhabitants and /or property owners of the City, shall be liberally construed to effect the purposes hereof. Ordinance 19-1517 Page 4