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Financial Analysis <br /> The security for Aurora's loan repayments to the CWCB and the City's financial plans are <br /> discussed in this section. <br /> Security for Loan Repayments <br /> The obligation of the City,acting by and through the Enterprise,to make loan payments <br /> under the Loan Contract with CWCB is a special,limited obligation,secured by a lien upon <br /> the Net Pledged Revenues.The obligation to make payments under the Loan Agreement <br /> does not constitute a debt or indebtedness of the City within the meaning of any <br /> constitutional,charter or statutory provision or limitation,and is not to be considered or <br /> held to be a general obligation of the Enterprise or the City.The obligation to make Loan <br /> Contract payments is not secured by any lien upon the City's or the Enterprise's property <br /> except the Net Pledged Revenues. Neither the State nor any agency or political subdivision <br /> thereof other than the City,acting by and through the Enterprise,the obligation of which is <br /> limited as described above,has any responsibility to meet the obligations under the Loan <br /> Contract or the Note. <br /> Enterprise General Ordinance and Series 2007 Series Ordinance <br /> In 2003,the City adopted an ordinance (the"Enterprise General Ordinance")establishing a <br /> consistent procedure for the issuance of revenue bonds and other obligations <br /> ("Obligations") to finance or refinance additions and improvements to the System. The <br /> Enterprise General Ordinance requires each series of obligations to be approved by an <br /> ordinance (a"Series Ordinance") incorporating the terms of the Enterprise General <br /> Ordinance. The Loan Contract is to be executed and delivered and the Note is to be issued <br /> pursuant to the Enterprise General Ordinance and a Series 2007 Second-Lien Water Revenue <br /> Obligations Series Ordinance (the"Series 2007 Series Ordinance"),adopted by the City <br /> Council,acting as such and as the governing body of the Enterprise.The Series 2007 Series <br /> Ordinance will approve the form of the Loan Contract,authorize the execution and delivery <br /> of the Loan Contract and the Note and provide that the obligations thereunder are Second- <br /> Lien Revenue Obligations for purposes of the Enterprise General Ordinance. The Series 2007 <br /> Series Ordinance is supplemented,as to certain final terms of the Loan Agreement,by a <br /> final terms certificate executed by the Director of Finance of the City (the"Final Terms <br /> Certificate"). The Enterprise General Ordinance,the Series 2007 Series Ordinance and the <br /> Final Terms Certificate are referred to collectively as the"Ordinances." The Ordinances <br /> provide for the security and sources of payment of the Loan and direct the application of the <br /> proceeds of the Loan to the Project.The Ordinances provide that they are irrepealable until <br /> the Loan and the interest thereon are fully paid.Brief summaries of certain material <br /> provisions included or expected to be included in the Ordinances are provided herein. <br /> Pledged Revenues and Flow of Funds <br /> The Enterprise General Ordinance defines the System to include the municipal water system <br /> presently owned and operated by the City,acting by and through the Enterprise,together <br /> with all Equipment and Improvements to the System(but excluding Special Facilities) and <br /> any other property or facilities specifically added to the System by ordinance of the Council. <br /> The Income of the System is defined in the Enterprise General Ordinance to include all rates, <br /> 24 <br />