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,') Section 1. Approvals. Authorizations. and Amendments. The forms of the Financing Documents presented at this meeting are incorporated herein by reference and are hereby approved. The Town shall enter into and perform its obligations under the Financing Documents in the forms of such documents, with such changes as are not inconsistent herewith. The Mayor and Town Clerk are hereby authorized and directed to execute the Financing Documents and to affix the seal of the Town thereto, and further to execute and authenticate such other documents or certificates as are deemed necessary or desirable in connection therewith. The Financing Documents shall be executed in substantially the forms approved at this meeting. The execution of any instrument or certificate or other document in connection with the matters referred to herein by the Mayor and Town Clerk or by other appropriate officers of the Town, shall be conclusive evidence of the approval by the Town of such instrument. Section 2. Loan Details. The Loan shall be in the principal amount of not to exceed $922,000, shall bear interest at a net effective interest rate not to exceed 4.00% per annum, and shall have a maximum maturity of not to exceed thirty (30) years from the date the Water Board determines that the Project is substantially complete, as provided in the Loan Contract, and shall be payable in the time and manner, and shall be subject to prepayment, as set forth in the Financing Documents. The Town shall execute and deliver to the Water Board the Note pursuant to the Loan Contract as evidence of the Loan repayments. The Town shall execute and deliver to the Water Board the Security Agreement pursuant to the Loan Contract as security for the Loan repayments. Section 3. Limited Obli~ation: Special Obligation. The Financing Documents are payable solely from the Pledged Revenues (as defined in the Loan Contract). No elected or appointed officers or agents of the Town shall be subject to any pecuniary liability in connection with any contract, covenant, or undertaking by the Town, or by them, contained in any document executed in connection with the authorization, execution, and delivery of the Financing Documents or this Ordinance or with respect to any action taken or omitted to be taken in good faith with reference thereto. Section 4. Disposition and Investment of Loan Proceeds. The proceeds of the Loan shall be applied to pay the costs and expenses of acquiring, constructing and equipping the Project, including costs related thereto and reimbursement to the Town for capital expenditures -3-