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<br />necessary reserves, and the expenses of issuance and <br />sale of the Bonds, not to exceed an aggregate principal <br />amount of $500,000. <br /> <br />(d) The City considers that financing of the <br />Project and entering into the Loan Agreement wi th the <br />User wi th respect to the Project will promote industry <br />and develop trade within the City, which constitutes a <br />public purpose as described in S29-3-102(1), C.R.S. <br />1973. <br /> <br />2. Undertakings ~the Ci!y. The City agrees as <br />follows: <br /> <br />(a) The City will issue the Bonds or other Obliga- <br />tions pursuant to the terms of the Act in the principal <br />amount of $500,000 to complete the Project, the funding <br />of any necessary reserves and the expenses incident to <br />the authorization, sale, and issuance of the Bonds. <br /> <br />(b) The City wi 11 adopt such proceed i ngs and <br />authorize: (i) the execution and delivery of such <br />documents as may be reasonably necessary or advi sable <br />for the authorization, issuance, and sale of the Bonds" <br />(ii) the financing, acquisition, construction, improve- <br />ment and equipment of the Project, and (iii) the execu- <br />tion of the Loan Agreement with the User and such other <br />documents relating to the Bonds as shall be authorized <br />by the Act or other law and as shall be mutually satis- <br />factory to the City and the User. <br /> <br />(c) The aggregate sums to be paid by the User <br />under the Loan Agreement shall be sufficient to pay <br />the principal of, redemption premiums, if any, and <br />interest on the Bonds as and when the same shall become <br />due. <br /> <br />(d) The City will take such other acts and adopt <br />such further proceed ings as may be reasonably requi red <br />to impl ement the aforesaid undertakings and as it may <br />deem appropriate in pursuance thereof. <br /> <br />(e) The Bonds shall provide that they shall be <br />payable solely from and secured by a pledge of the <br />revenues derived from and payable pursuant to the <br />provisions of the Loan Agreement, that they shall never <br />constitute the general obligations of the City within <br />the meaning of any provision or limitation of the <br />Consti tution or statutes of the State, and that they <br />shall not constitute or give rise to a pecuniary <br />liability or a charge against the general credit or <br />taxing powers of the City, the State of Colorado or any <br />political subdivision thereof. <br /> <br />- 2 - <br />