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<br />Escrow Agreement: the Escrow Agreement entered into between the City and <br />the Escrow Agent, pursuant to which the Escrow Agent agrees to hold moneys to pay the <br />Certificates and to pay the amount necessary to terminate the Golf Course Leases relating <br />only to Equipment. <br />Federal Securities: non-callable direct obligations of, or obligations the <br />principal and interest of which are unconditionally guaranteed by, the United States of <br />America or interests in the same. <br /> <br />Golf Course: the Coal Creek Golf Course located in Boulder County, <br />Colorado, including the pro shop, clubhouse facility, maintenance facility, practice ranges and <br />parking lot. <br /> <br />Golf Course Leases: the three lease purchase agreements to which the City <br />is a party and pursuant to which it is leasing the Golf Course and the Equipment. <br />Ordinance: this Ordinance which authorizes the issuance of the Bonds. <br />Paying Agent: the Finance Director of the City, or its successor, which shall <br />perform the function of paying agent with respect to the Bonds. <br />Proiect: the acquisition of the Golf Course and Equipment being financed with <br />the proceeds of the Bonds. <br />Underwriter: Kemper Securities, Inc. of Denver, Colorado, the original <br />purchaser of the Bonds. <br />Section 2. Authorization. In accordance with the Constitution of the State <br />of Colorado; and Title 31, Article 15, Colorado Revised Statutes, as amended ("C.R.S."); and <br />all other laws of the State of Colorado thereunto enabling, the City shall issue its Bonds in <br />the total aggregate principal amount of $5,160,000 for the purpose of financing the Project <br />and paying costs of issuance of the Bonds. <br />The Bonds shall be designated "General Obligation Bonds, Series 1992". The <br />Bonds shall constitute general obligations of the City, and the full faith and credit of the City <br />shall be pledged for their payment. <br />Section 3. Bond Details. The Bonds shall be issued in fully registered form <br />initially registered in the name of Cede and Co. as nominee for The Depository Trust <br />Company, N ew York, New York, as securities depository for the Bonds. Subject to the <br /> <br />-3- <br />