Ordinance 1985-856 - Laserfiche WebLink

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Agreement, a nd all actions required un d e r the laws of the Sta te of Color ado to make the Loan Agreemen t and Bond val id and binding obI iga tions of the Is s ue r in accordance with the ir terms, are . authorized by the Act. ~ ( h) No member 0 f the City Counc il of the Issuer ha v i ng acted upon this Bond Ordinance in his or her off ic i al capacity: ( i) has a direc t or ind irec t in teres t in the Project, the Loan Agreemen t, the Deed of Trust, the Guaranty Agreement, or the So nd , ( i i) owns any in teres t in the Project, the Borrower, or the Guar an tor, (iii) is an officer or employee of the Borrower or the Guar an tor, ( iv) will be involved in supervising the compl etio n of the Project on be hal f of the Borrower, or ( v) will rece ive any commission, bonus or other remuner a tio n for or in respec t to the Project, the Loan Agreemen t, the Deed of Trus t, the Guaranty Agreement, or the Bo nd . ( i) The Iss uer , pur suan t to the Loan Agreement, hereby preserves the option to i s s ue , at its di scre t ion, upon r eq ue s t 0 f the Borrower, and only with the terms set fo r th therein, such Addi tional Bonds as are necessary to com pIe te the Pr 0 j ec t , prov ide fun ds for improvemen ts to the ,Pro j ec t and to refund or advance refund any Bond then Outstanding. Section 5. Na t ur e of Obl iga t i0n. Under the provis ion s of the Ac t , and as prov ided in the Lo an Agreemen t, the Bond shall be a s pe c i al , 1 imi ted obligation of the Issuer payable so I e 1 y from, and sec ur ed by a pI ed g e of, the revenues derived from the Loan Agreemen t and the Promi s sory No te 0 f the Borrower, and shall be fur ther secured by the lien of the Deed of Trust upon the Project and by the Guaranty Agreement. The Issuer will not pI edge any of its proper ty or sec ur e the payment of the Bond with its proper ty. The Bond shall never constitute the debt or indebtedness of the Issuer wi thin the meaning of any provision or limitation of the s ta te consti tution or s ta t ute s , and shall not constitute nor give rise to a pecun iary liability of the Is sue r or its el ec ted and appo in ted officers and off ic ials or a charge against its general credit or taxing powers. The Is s ue r will not pay out of - 15 - .