Common use of Principal Sum Clause in Contracts

Principal Sum. DOLLARS NEITHER THE BASIC RENT PAYMENTS NOR ANY OTHER AMOUNTS DUE UNDER THE LEASE CONSTITUTE A DEBT, A GENERAL OBLIGATION OR, EXCEPT FROM AVAILABLE REVENUES, A LIABILITY OF THE CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION. THE CITY WILL NOT BE OBLIGATED TO PAY THE SAME EXCEPT FROM AVAILABLE REVENUES. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY IS PLEDGED TO THE PAYMENT OF THE BASIC RENT PAYMENTS OR ANY OTHER AMOUNTS DUE UNDER THE LEASE. THE REGISTERED OWNER WILL NOT HAVE THE RIGHT TO REQUIRE OR COMPEL THE EXERCISE OF THE TAXING POWER OF THE CITY FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST UNDER THE LEASE REPRESENTED BY THIS CERTIFICATE OR THE MAKING OF ANY OTHER PAYMENTS PROVIDED FOR IN THE LEASE. This Certificate is one of a duly authorized series of certificates of participation designated “[Taxable Refunding] Certificates of Participation (City of Chesterfield, Missouri, Lessee), Series 2020[A][B]” in the aggregate principal amount of $[Principal-A][Principal-B], evidencing a proportionate interest in Basic Rent Payments to be made by the City, pursuant to the Lease (the “Series 2020[A][B] Certificates” and, together with the hereinafter defined Series 2020[A][B] Certificates, the “Series 2020 Certificates”) for the purpose of providing funds to [(i) pay a portion of the costs of acquiring and improving certain vacant land (the “Series 2020 Project”), (ii) prepay the principal of the Series 2014 Certificates maturing on December 1, 2020 and interest owing on all Series 2014 Certificates on December 1, 2020 and

Appears in 2 contracts

Sources: Fourth Supplemental Lease Purchase Agreement, Fourth Supplemental Lease Purchase Agreement