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<br />Underwriter: Kirkpatrick, Pettis, Smith & Polian, Inc., of Denver, Colorado, the <br />original purchaser of the Bonds. <br />Section 2. Authorization. In accordance with the Constitution of the State of <br />Colorado; Title 11, Article 56, Part 1, C.R.S.; and all other laws of the State of Colorado <br />thereunto enabling, the City hereby authorizes the issuance of its sewer revenue refunding <br />bonds, each to be designated "Sewer Revenue Refunding Bond, Series 1994", in the total <br />principal amount of $2,345,000, for the purpose of paying the costs of refunding the Series <br />1989 Bonds. <br />Section 3. Special Obligations. All of the Bonds, together with the interest thereon <br />and any premIUm due in connection therewith, shall be payable only out of (i) the Bond <br />Account, into which the City covenants to deposit the Net Revenue in amounts sufficient to <br />pay promptly, when due, the principal of, premium if any, and interest on the Bonds, or (ii) <br />if necessary, the Reserve Account. The Bonds shall constitute an irrevocable and first lien <br />upon the Net Revenue, but not necessarily an exclusive first lien, and the Net Revenue is <br />hereby pledged to the payment of the Bonds. The Owners may not look to any general or <br />other fund of the City for the payment of the principal of, premium if any, and interest <br />on-the Bonds, and the Bonds shall not constitute a debt or an indebtedness of the City <br />within the meaning of any constitutional or statutory provision or limitation; nor shall they <br />be considered or held to be general obligations of the City. <br />Section 4. Bond Details. The Bonds shall be issued only as fully registered Bonds <br />without coupons in the denomination of $5,000 each or any integral multiple thereof. Unless <br />the City shall otherwise direct, the registered Bonds shall be numbered in such manner as the <br />Registrar may determine. <br />The Bonds shall be dated as of May 1, 1994, shall bear interest payable semiannually <br />on June 1 and December 1, commencing on December 1, 1994, and shall mature on <br />December 1 each year as follows: <br /> <br />-10- <br />