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<br /> WHEREAS, the anticipation warrants shall have an <br />irrevocable and first lien on the Net Revenue (defined hereafter) <br />of the golf course, but not necessarily an exclusive first lien, <br />shall be payable solely from such Net Revenue, and shall not <br />constitute an indebtedness or a general obligation of the City <br />within the meaning of any statutory or constitutional provision or <br />limitation; and <br /> WHEREAS, the City has not heretofore authorized, issued, <br />or sold any obligations payable in whole or in part from, secured <br />by, or having a lien on such Net Revenue~ and <br /> WHEREAS, due to the nature of the warrants and the <br />security therefor, the Council has determined that it is in the <br />best interests of the City and its inhabitants to sell the <br />warrants by negotiated sale; and <br /> WHEREAS, the City has received a proposal in the form of <br />a Bond Purchase Agreement from Kirchner Moore & Company, Denver, <br />Colorado, concerning the purchase of the warrants; and <br /> WHEREAS, the Council has determined that the warrants <br />shall be sold to Kirchner Moore & Company, in accordance with and <br />pursuant to the terms and conditions of such Bond Purchase <br />Agreement~ and <br /> WHEREAS, it is necessary to provide for the form of the <br />warrants, the warrant details, the payment of the warrants, and <br />other provisions relating to the authorization, issuance, and sale <br />of the warrants: <br /> BE IT ORDAINED BY THE CITY COUNCIL OF LOUISVILLE, <br />COLORADO: <br /> Section 1. Definitions. As used herein, unless the <br />context clearly indicates otherwise, the following terms shall <br />have the respective meanings set forth below: <br /> Annexation Agreement: that certain Annexation Agreement <br />dated March 9, 1988, among the City; Raymond N. Joeckel and First <br />Interstate Bank of Denver, N.A. ~ and Coal Creek Associates, a <br /> - 3 - <br />