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<br />instrument by the appropriate officers of the Issuer herein authorized shall be conclusive <br />evidence of the approval by the Issuer of such instrument in accordance with the terms hereof. <br />Section 4. Nature of Obligation. Under the provisions of the Act, and as provided in <br />the Agreement and the Bond, the Bond shall be a special, limited obligation of the Issuer payable <br />solely from, and secured by a pledge of, the revenues derived from the Agreement, and any deed <br />of trust provided by the Borrower. The Issuer will not pledge any of its property or secure the <br />payment of the Bond with its property. The Bond and the interest thereon shall never constitute <br />the debt or indebtedness or a multi-year fiscal obligation or the financial obligation of the State <br />of Colorado or any political subdivision thereof, including the Issuer, within the meaning of any <br />provision or limitation of the Colorado Constitution or statutes of the State of Colorado, and shall <br />not constitute or give rise to a pecuniary liability of the Issuer, its agents, employees or officers, <br />or a charge against its general credit or taxing powers. In entering into the Issuer Documents, the <br />Issuer will not obligate itself, except with respect to the application of the revenues derived from <br />the Agreement and the Bond proceeds. The Issuer will not payout of its general fund or <br />otherwise contribute any part of the cost of financing the Project. No costs are to be borne by the <br />Issuer in connection with the issuance of the Bond. The Agreement provides that all fees and <br />expenses of the Issuer shall be paid by the Borrower. <br />Section 5. Bond Printing and Related Matters. The officers of the Issuer are hereby <br />authorized and directed to arrange for the printing of the Bond, provided that, subject to Section <br />3( c) above, the Borrower shall pay for all costs in connection with the preparation and printing of <br />the Bond and no such costs are to be borne by the Issuer. The Bond will be purchased by the <br />Bank in accordance with the Agreement. <br /> 5 <br />