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'.. , " I; i I i (C) It is desirable that a series of revenue refunding obligations in the principal i amount of not greater than $3,500,000 be issued by the City upon the terms set forth in the! Indenture, under the provisions of which a pledge of and security interest in the City's! interest in the Financing Agreement and the payments thereunder (except for certain! expenses and indenmification) will be granted to the Trustee as security for the payment ofl principal of purchase price, premium, if any, and interest on the Bonds; and ~ (d) The loan payments contained in the Financing Agreement are intended to produce income and revenue sufficient to provide for prompt payment of principal of, purchase price, premium, if any, and interest on all Bonds issued under the Indenture when due, and the Financing Agreement also provides that the Company is required to pay all, expenses of the operation and maintenance of the Project, including, but without limitation,; adequate insurance thereon and all taxes and special assessments levied upon or with i respect to the site of the Project and payable during the term of the Financing Agreement; I and i (e) Under the provisions of the Act, and as provided in the Financing Agreement: and hldenture, the Bonds are not to be payable from nor charged upon any funds of the City: other than the revenue pledged to the payment thereof; the City is not subject to any liability! thereon and no holders of the Bonds shall ever have the right to compel any exercise of the! taxing power of the City to pay any of the Bonds or the interest thereon nor to enforce i payment thereof against any property of the City; and Bonds shall not constitute a charge, i lien or encumbrance, legal or equitable, upon any property of the City; and each Bond i issued under the fudenture shall recite that the Bonds, including interest thereon, are payable i solely from the revenue pledged to the payment thereof and that no Bond shall constitute a I debt of the City within the meaning of any constitutional or statutory limitation; provided, I however, that nothing contained in this paragraph ( e) shall impair the rights of the holders I of the Bonds or the Trustee to enforce covenants made for the security of the payment ofl principal, purchase price or redemption price of, premium, if any, and interest on the Bonds. i Section 3. Approval ofIssuance of Bonds and Execution of Documents and Bonds. 3.01. Approval ofIssuance of Bonds and Terms of Bonds. In anticipation of the collection of payments under the Financing Agreement, the City shall proceed forthwith to issue the Bonds in an aggregate principal amount not to exceed $3,500,000, the form and upon the terms set forth in the Indenture, which terms are for this purpose incorporated in this resolution and made a part hereof. The proposal of the Underwriter to purchase the Bonds upon the terms and conditions set! forth in the Bond Purchase Agreement is hereby found and detennined to be reasonable and is! I hereby accepted. i I 3.02. Approval and Execution of Documents. The forms of the Transaction Documents I referred to in Section 1.03 hereof are approved subj~ct to such modifications as are deemedi appropriate and approved by the Mayor, City Manager and the City Clerk - Finance Director, which i approval shall be conclusively evidenced by the execution of such Documents and the Bonds by the i Mayor, City Manager and the City Clerk - Finance Director. The Mayor, City Manager and City! 2231 944vl 4