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execute and deliver to the ewes the Amended Security Agreement pur- suant to the Loan Amendment as security for the Loan Amendment repayments. Section, 3. limited .obligation; Special Obligation. The obligations of the City, acting by and through the Enterprise, set forth In the Financing Documents are payable solely from the Pledged Revenues (as defined in the Loan Amendment) and the Financing Documents do not constitute a debt within the meaning of any constitution- al or statutory limitation or provision. No elected or appointed officers or agents of the City shali be subject to any pecuniary liablllty in connection with any contract, covenant, or under- taking by the City, or by them, con- tained in any document executed in connection with the authorization, exe- cution, 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. SecUon, 4.. Disposition and Investment 'bf Loan Proceeds. The' proceeds of the Loan Amendment shall be applied to pay the costs and expenses of acquiring, constructing, equipping, and completing the Project, including costs related thereto and reimbursement to the City for capital expenditures heretofore Incurred and paid from City funds In anticipation of the incurrence of long-term financing therefor, and all other costs and expenses incident thereto, including without limitation the costs of obtaining. the Loan Amendment. The CWCB shall not be responsible for the appli- cation or disposal by the City or any of its officers of the funds derived from the Loan Amendment. In the event that all of the proceeds of the Loan Amendment are not reqllired to pay such costs and expenses, any remain- ing amount shall be used for the pur- pose of paying the principal amount of the Loan Amendment and the interest thereon. Section 5. Estimated Ufe of Improv~ments. It is hereby determined that the estimated life of the Project to be financed with the proceeds of the Loan Amendment is not less than the final maturity of the Loan Amendment. Section 6. Directlon to Take Authorizing Action. The approprfate officers of,the City and members of the Council are hereby authorized and directea to take all other actions nec- essary or appropriate to effectuate the provisions of this Ordinance, including but not limited to such certificates and affidavits as may reasonably be required by the CWCB, Section 7. RatificatIon and Approval of Prior Actions. All actions heretofore taken by the officers of the City and members of the Council, not inconsistent with the provisions of this Ordinance, relating to the Financing Documents, or actions to be taken in respect thereof, are hereby ratified, approved, and confirmed. . Section 8. Severability. If any sec~ tion, paragraph, clause, or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragra.ph, cfause, or provi- sion shall not affect any of the remain- ing provisions of this Ordinance, the intent being that the same are sever- able, Section 9. Repealer. All orders, resolutions, bylaws, ordinances or reg- ulations of the City, or parts thereof, inconsistent with this Ordinance are hereby repealed to the extent only of such inconsistency. Section 10. Ordinance Irrepealable. After the Note Is issued, this Ordinance shall constitute an irrevocable contract between the City and the CWCB, and shall be and remain irrepealable until the Note and the interest thereon shalf have been fully paid, satisfied, and dis- charged. No provisions of any constitu- tion, statute, charter, ordinance, reso- lution or other measure enacted after the Issuance of the Note shall in any manner be construed as impairing the obligations of the City to keep and per~ form the covenants contained in this Ordinance. Section 11. DispositIon of Ordinance. This Ordinance, upon its final passage and adoption, shall be filed in the records kept by the City Clerk for that purpose and shall be authenticated by the signatures of the Mayor and the City Clerk. As soon as practicable 'after approval on first read- ing, this Ordinance shall be published in full in a newspaper published within the City with notice that it will be con- sidered for final adoption on February 25, 2002. After passage and adoption, this Ordinance will be published by title only with references to the date of ini- tial publication; provided, however, if any section herein shall be amended upon final passage,' such section shalf be published in full. Notwithstanding the foregoing, the Council may order this Ordinance published in full follow- ing final passage. Section 12. Declaration of Emergency and Effective Date. The immediate effectiveness of this Ordinance after final adoption is nec- essary in order to allow the City to exe~ cute the Financing Documents while favorable market conditions exist and in order to enable the City to secure a construction contract for the Project in sufficient time to take advantage of the remaining construction season. This Ordinance is therefore necessary for the immediate preservation of the pub- lic peace, health, safety and financial well-being of the City and an emer- gency is hereby declared. Pursuant to Section 31-11-105, C.R.S., this Ordinance shall take effect immediate~ Jy upon its passage and adoption. INTRODUCED, READ, PASSED ON FIRST READING AND ORDERED PUBLISHED THIS 25th OAY OF FEB- RUARY, 2002. CITY OF IDAHO SPRINGS, COLORADO Is/Mayor ATTEST: IslCity Clerk Published in the Clear Creek Courant issue dated Mar. 6, 2002.