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ARTICLE IL <br /> REPRESENTATIONS AND COVENANTS OF THE GOVERNMENTAL AGENCY <br /> SECTION 2.01. Representations of the Governmental Agency. The Governmental <br /> Agency represents for the benefit of the Authority, as follows: <br /> (a) Organization and Authority. <br /> (i) The Governmental Agency is a governmental agency as defined in the Act <br /> and as described in the first paragraph of this Loan Agreement. <br /> (ii) The Governmental Agency has full legal right and authority and all <br /> necessary licenses and permits required as of the date hereof to own, operate, and maintain the <br /> System, other than licenses and permits relating to the construction and acquisition of the Project <br /> that the Governmental Agency expects to receive in the ordinary course of business; to carry on <br /> its activities relating thereto; and to undertake, complete, and operate the Project. The <br /> Governmental Agency has full legal right and authority to execute and deliver this Loan <br /> Agreement; to execute, issue, and deliver the Governmental Agency Bond; to pledge the Pledged <br /> Property to the repayment of the Loan; and to carry out and consummate all transactions <br /> contemplated by this Loan Agreement and by the Governmental Agency Bond. The Project is a <br /> project that the Governmental Agency may undertake pursuant to Colorado law, and for which <br /> the Governmental Agency is authorized by law to borrow money. <br /> (iii) The proceedings of the Governmental Agency's governing members and <br /> voters, if a referendum is necessary, approving this Loan Agreement and the Governmental <br /> Agency Bond and authorizing their execution, issuance, and delivery on behalf of the <br /> Governmental Agency, and authorizing the Governmental Agency to undertake, complete, and <br /> operate the Project or cause the same to be undertaken, completed, and operated, have been duly <br /> and lawfully adopted and approved in accordance with the laws of Colorado, and such <br /> proceedings were duly published, if necessary, in accordance with applicable Colorado law, at a <br /> meeting or meetings that were duly called pursuant to necessary public notice and held in <br /> accordance with applicable Colorado law, and at which quorums were present and acting <br /> throughout. <br /> (iv) This Loan Agreement has been, and the Governmental Agency Bond <br /> when delivered at the Loan Closing will have been, duly authorized, executed, and delivered by <br /> an Authorized Officer of the Governmental Agency; and, assuming that the Authority has all the <br /> requisite power and authority to authorize, execute, and deliver, and has duly authorized, <br /> 5 <br />