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<br /> The Bonds will not be general obligations of the City. Neither <br /> shall the Bonds, including interest thereon, constitute the debt <br /> or indebtedness of the City within the meaning of any limitation <br /> of the Constitution or statutes of the State of Colorado or the <br /> Horne Rule Charter of the City, nor give rise to a pecuniary <br /> liability of the City or a charge against its general credit or <br /> taxing powers. The Bonds shall be payable solely from and <br /> secured by a pledge of revenues derived from and payable by the <br /> Company pursuant to financing agreements with the City. <br /> Section 2. No costs or expenses, whether incurred by the <br /> City or any other party in connection with the issuance of the <br /> Bonds or the preparation of any documents by any leg al or <br /> financial consultants retained in connection therewi th, shall be <br /> borne by the City. All such costs or expenses shall be paid from <br /> the proceeds of the Bonds or otherwise borne by the Company. In <br /> addition to the costs and expenses to be borne by the Company as <br /> described in the preceding sentences, if the Project is approved <br /> by the City and the Bonds are issued, the Company shall pay to <br /> the City at the time the Bonds are issued all applicable fees of <br /> the City. <br /> Section 3. Prior to any execution of a financing agreement, <br /> mortgage, indenture of trust, bond purchase agreement or any <br /> other necessary documents and agreements in connection with such <br /> Bonds, such documents and/or agreements shall be submitted for <br /> approval to the City, and, if satisfactory to the City, their <br /> execution shall be authorized by ordinance of the Council <br /> pursuant to law. <br /> Section 4. Prior to any further action by the Council, the <br /> Company shall provide the City with the opinion of a recognized <br /> Bond Counsel supporting the legality of the financing of the <br /> Project and the utilization of bond proceeds for said Project. <br /> Section 5. Nothing contained in this resolution shall <br /> constitute the debt or indebtedness of the City within the <br /> meaning of any limitation of the Constitution or statutes of the <br /> State of Colorado or the Home Rule Charter of the City, nor give <br /> rise to a pecuniary-liability of the City or a charge against its <br /> general credit or taxing powers. <br /> Section 6. All commitments of the City contained herein are <br /> subject to the condition that within twelve (l2) months of the <br /> date hereof, unless otherwise extended by agreement between the <br /> City and the Company the Bonds to be issued pursuant hereto shall <br /> be issued and sold. In the event that said Bonds to be issued <br /> pursuant hereto are not issued within twelve ( 12) months, the <br /> City of Louisville, Colorado shall be under no obligation to <br /> perform any of the terms and conditions contained herein. <br /> Nothing contained herein shall constitute a warranty or <br /> representation by the City that the Bonds will receive from the <br /> State of Colorado an allocation of a portion of the private <br /> activity bond limit authorized for the State of Colorado pursuant <br /> 2 <br />