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" . .~ '. of any constitutional or statutory limitation; provided, however, that nothing contained in this paragraph (e) shall impair the rights of the holders of the Bonds or the Trustee to enforce covenants made for the security of the payment of principal, purchase price or redemption price of, premium, if any, and interest on the Bonds. Section 3. Annroval of Issuance of Bonds and Execution of Documents and Bonds. 3.01. ADDroval of Issuance of Bonds and Terms of Bonds. In anticipation of the collection of payments under the Loan Agreement, the city shall proceed forthwith to issue the Bonds in the aggregate principal amount of not to exceed $3,315,000, 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 Bonds shall be subject to mandatory tender and purchase by the Company on May 1, 2008 (and subsequent dates thereafter as described in the Indenture); have a final maturity of no later than May 1, 2028 and shall have a maximum average interest rate of not greater than eight percent (8%) per annum, as hereafter adjusted in accordance with the Indenture. 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 determined to be reasonable and is hereby accepted. 3.02. Approval and Execution of Documents. The forms of Documents referred to in section 1.03 hereof are approved sUbject to such modifications as are deemed appropriate and approved by the Mayor, City Manager and the City Clerk - Finance Director, which approval shall be conclusively evidenced by the execution of such Documents and the Bonds by the Mayor, City Manager and the city Clerk - Finance Director. The Mayor, City Manager and City Clerk - Finance Director are directed to execute the Loan Agreement, the Bond Purchase Agreement, the Indenture, the Declaration and the Subordination Agreement upon execution thereof by the other parties thereto. Copies of all of the Documents shall be delivered, filed and recorded as provided therein. The Mayor, city Manager and City Clerk - Finance Director are also authorized and directed to execute such other instruments as may be required to give effect to the transactions herein contemplated (including, without limitation, all of the certificates, agreements and other instruments as may be required by the Documents approved by this Resolution) which instruments shall be deemed to be certificates or agreements, as the case may be, of the city. No covenant, stipulation, Obligation or agreement herein contained or contained in the Documents shall be deemed to be a covenant, stipulation, obligation or agreement of any member of the Council, or any officer, agent or employee of the City in that person · s individual capaci ty , and neither the Council nor any officer or employee executing the Bonds shall be liable personally 11041 5