Ordinance 1990-1022 - Laserfiche WebLink

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q-lP Section 4. Determinations. It is hereby found, determined and declared that: (a) The execution and delivery of the Amending Documents, the performance of all covenants and agreements of the Issuer contained in the Amending Documents, and all actions required under the laws of the State of Colorado to make the Amending Documents and Bond valid and binding obligations of the Issuer in accordance with their terms, are authorized by the Act. (b) No member of 1:he Council of the Issuer having acted upon this Ordinance in his or her official capacity: (i) has a direct or indirect interest in the Project, the Amending Documents or the Bond, (ii) owns any interest in the Project or the Borrower, (iii) is an officer or employee of the Borrower, or (iv) will receive any commission, bonus or other renumeration for or in respect to the Project, the Amending Documents, or the Bond. Section 5. Nature of Obligation. Under the provisions of the Act, the Bond shall be~ a special, limited obligation of the Issuer payable solely from, and secured by a pledge of, the revenues derived from the Loan Agreement and the Promissory Note of the Borrower, and shall be further secured by the lien of the Deed of Trust upon the project. The Issuer will not pledge any of its property or secure payment of the Bond with its property. The Bond shall never constitute the debt or indebtedness of the Issuer within the meaning of any provisions or limitation of the state constitution or statutes and shall not constitute nor give rise to a pecuniary liability of the Issuer or its elected and appointed officers and officials or a charge against its general credit or taxing powers. Section 6. Ordinance Irrepealable. After the Bond is amended, this Ordinance shall constitute an irrevocable contract between the Issuer and the holder of the Bond and shall be and remain irrepealable until the Bond, both principal and interest, shall be fully paid, cancelled and discharged. - 7 -