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<br /> <br />. <br /> <br />. <br /> <br />Section 2. Approvals. Authorizations. and Amendments. The forms of the <br /> <br />Financing Documents presented at this meeting are incorporated herein by reference and are hereby <br /> <br />approved. The City, acting by and through the Enterprise, shall enter into and perform its obligations <br /> <br />under the Financing Documents in the forms of such documents, with such changes as are not <br /> <br />inconsistent herewith. The Mayor and City Clerk are hereby authorized and directed to execute the <br /> <br />Financing Documents and to affix the seal of the City thereto, and further to execute and authenticate <br /> <br />such other documents or certificates as are deemed necessary or desirable in connection therewith. <br /> <br />The Financing Documents shall be executed in substantially the forms approved at this meeting, with <br /> <br /> <br />such changes as are hereafter approved by the City Administrator or the Mayor. <br /> <br />The execution of any instrument or certificate or other document in connection with <br /> <br /> <br />the matters referred to herein by the Mayor and City Clerk or by other appropriate officers of the <br /> <br />City, shall be conclusive evidence of the approval by the City of such instrument. <br /> <br />Section 3. Loan Details. The Loan shall be in the principal amount of not to <br /> <br />exceed $955,000, shall bear interest at a net effective interest rate not to exceed 5% per annum, and <br /> <br />shall have a maximum maturity of not to exceed thirty (30) years from the date the CWCB determines <br /> <br /> <br />that the Project is substantially complete, as provided in the Loan Contract, and shall be payable in the <br /> <br />time and manner, and shall be subject to prepayment, as set forth in the Financing Documents. The <br /> <br />City shall execute and deliver to the CWCB the Note pursuant to the Loan Contract as evidence of <br /> <br />the Loan repayments and shall execute and deliver to the CWCB the Security Agreement pursuant to <br /> <br /> <br />the Loan Contract as security for the Loan repayments. <br /> <br />Section 4. Limited Obli?ation: Special Obligation. The obligations of the City, <br /> <br /> <br />acting by and through the Enterprise, set forth in the Financing Documents are payable solely from <br /> <br />the Pledged Revenues (as defined in the Loan Contract) and the Financing Documents do not <br /> <br /> <br />constitute a debt within the meaning of any constitutional or statutory limitation or provision. <br /> <br />No elected or appointed officers or agents of the City shall be subject to any pecuniary <br /> <br />liability in connection with any contract, covenant, or undertaking by the City, or by them, contained <br /> <br /> <br />in any document executed in connection with the authorization, execution, and delivery of the <br /> <br />Financing Documents or this Ordinance or with respect to any action taken or omitted to be taken in <br /> <br /> <br />good faith with reference thereto. <br /> <br />Section 5. Disposition and Investment of Loan Proceeds. The proceeds of the <br /> <br /> <br />Loan shall be applied (l) to refinance the Emergency Loan and (2) to pay the costs and expenses of <br /> <br />CAK\54722.02"J64452.02 <br /> <br />. <br />