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hereunder (other than amounts on deposit in the Rebate Fund created pursuant to Section 7.02). <br />The Bonds do not constitute a debt or liability of the City or of the State of California and neither <br />the faith and credit of the City nor of the State are pledged to the payment of the principal of or <br />interest on the Bonds. <br />SECTION 12.02. Benefits of Indenture Limited to Parties. Nothing in this <br />Indenture expressed or implied is intended or shall be construed to confer upon, or to give or <br />grant to, any person or entity, other than the Authority, the Trustee and the registered Owners of <br />the Bonds, any right, remedy or claim under or by reason of this Indenture or any covenant, <br />condition or stipulation hereof; and all covenants, stipulations, promises and agreements in this <br />Indenture contained by and on behalf of the Authority shall be for the sole and exclusive benefit <br />of the Authority, the Trustee and the registered Owners of the Bonds. <br />SECTION 12.03. Successor Is Deemed Included In All References To <br />Predecessor. Whenever herein either the Authority or any member, officer or employee thereof <br />is named or referred to, such reference shall be deemed to include the successor to the powers, <br />duties and functions with respect to the administration, control and management of the Project <br />that are presently vested in the Authority or such member, officer or employee, and all <br />agreements and covenants required hereby to be performed by or on behalf of the Authority or <br />any member, officer or employee thereof shall bind and inure to the benefit of the respective <br />successors thereof whether so expressed or not. <br />SECTION 12.04. Execution of Documents by Owners. Any declaration, request or <br />other instrument which is permitted or required herein to be executed by Owners may be in one <br />or more instruments of similar tenor and may be executed by Owners in person or by their <br />attorneys appointed in writing. The fact and date of the execution by any Owner or his attorney <br />of any declaration, request or other instrument or of any writing appointing such attorney may be <br />proved by the certificate of any notary public or other officer authorized to make <br />acknowledgments of deeds to be recorded in the state or territory in which he purports to act that <br />the person signing such declaration, request or other instrument or writing acknowledged to him <br />the execution thereof; or by an affidavit of a witness of such execution duly sworn to before such <br />notary public or other officer. The ownership of any Bonds and the amount, maturity, number <br />and date of holding the same may be proved by the registration books relating to the Bonds at the <br />office of the Trustee. <br />Any declaration, request or other instrument or writing of the Owner of any Bond <br />shall bind all future Owners of such Bond with respect to anything done or suffered to be done <br />by the Authority in good faith and in accordance therewith. <br />SECTION 12.05. Waiver of Personal Liability. No member, officer or employee <br />of the Authority shall be individually or personally liable for the payment of the interest on or <br />principal of or redemption premiums, if any, on the Bonds by reason of their issuance, but <br />nothing herein contained shall relieve any member, officer or employee of the Authority from <br />the performance of any official duty provided by any applicable provisions of law or hereby. <br />55394.00011 \8754149.4 80A43112 <br />