Common use of Current Expense Clause in Contracts

Current Expense. The obligations of the Council under this Lease, including its obligation to pay the Rental Payments due with respect to the Facilities, in any Fiscal Year for which this Lease is in effect, shall constitute a current expense of the Council for such Fiscal Year and shall not constitute an indebtedness of the Council within the meaning of the Constitution and laws of the State. Nothing herein shall constitute a pledge by the Council of any taxes or other moneys, other than moneys lawfully appropriated from time to time by or for the benefit of the Council in the annual budget of the Council and the proceeds or Net Proceeds of the Facilities, to the payment of any Rental Payment or other amount coming due hereunder.

Appears in 2 contracts

Sources: Lease Purchase Agreement, Lease Purchase Agreement