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<br />Section 4. Determinations. It is hereby found, <br />determined and declared that: <br />(a) In the opinion of bond counsel, the execution and <br />delivery of the Amending Documents, the performance of all <br />covenants and agreements of the Issuer contained in the Amending <br />Documents, and all actions required under the laws of the State of <br />Colorado to make the Amending Documents and Bond valid and binding <br />obligations of the Issuer in accordance with their terms, are <br />authorized by the Act. <br />(b) No member of the Council of the Issuer having acted <br />upon this Ordinance in his or her official capacity: (i) has a <br />direct or indirect interest in the Project, the Amending Documents <br />or the Bond, (ii) owns any interest in the Project or the Borrower, <br />(iii) is an officer or employee of the Borrower, or (iv) will <br />receive any commission,_ bonus or other renumeration for or in <br />respect to the Project, the Amending Documents, or the Bond. <br />Section S. Nature of Obliqation. Under the provisions <br />of the Act, the Bond shall be a special, limited obligation of the <br />Issuer payable solely from, and secured by a pledge of, the <br />revenues derived from the Loan Agreement and the Promissory Note of <br />the Borrower, and shall be further secured by the lien of the Deed <br />of Trust upon the project. The Issuer will not pledge any of its <br />property or secure payment of the Bond with its property. The Bond <br />shall never constitute the debt or indebtedness of the Issuer <br />within the meaning of any provisions or limitation of the state <br />constitution or statutes and shall not constitute nor give rise to <br />a pecuniary liability of the Issuer or its elected and appointed <br />officers and officials or a charge against its general credit or <br />taxing powers. <br />Section 6. Ordinance Irrepealable. After the Bond is <br />amended, this Ordinance shall constitute an irrevocable contract <br />between the Issuer and the holder of the Bond and shall be and <br />remain irrepealable until the Bond, both principal and interest, <br />shall be fully paid, canceled and discharged. <br /> <br />- 7 - <br />