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<br />I <br /> <br /> <br />NOW THEREFORE, BE I~~ RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> <br />Secti n 1. In order to induce the User to complete the <br />Project wIthl the City, the City shall take all steps neces- <br />sary or advisable to effect the issuance of industrial development <br />revenue bonds or other obligations (the "Bonds") in a maximum <br />aggregate prin ipal amount of: $1,000,000. The Bonds and the fi- <br />nancing docume ts relating to said Bonds shall be subject to the <br />terms and cond tions of the Memorandum of Agreement between the <br />City and the ser attached hereto as Exhibit "A" and incorpor- <br />ated herein by specific reference. No costs are to be borne by <br />the City in connection with the issuance of the Bonds. <br /> <br />Secti n 2. The terms and conditions of the Bonds and of <br />the financing ocuments relating to said Bonds or other obliga- <br />tions will be utually agreed upon by the City and the User, and <br />prior to thei execution, such documents will be subject to <br />authorization by Ordinance of the City Council pursuant to law and <br />any ordinances, resolutions, or rules of the City. <br /> <br />Sect' on 3. The User has agreed to provide for re- <br />imbursement of all expenses incurred or to be incurred by the <br />City related t the User's Project pursuant to the Memorandum of <br />Agreement attached hereto as Exhibit "A". <br /> <br />Neither the Bonds, including interest and <br />any premiums t ereon, nor anything contained in this Resolution <br />shall constitu e a debt or indebtedness of the City within the <br />meaning of the Constitution or statutes of the State of Colorado, <br />nor give rise to a pecuniary liability of the City or a charge <br />against its ge eral credit or taxing powers. The Bonds shall be <br />payable solel from and secured by a pledge of the revenues <br />derived from nd payable pursuant to the financing documents <br />referred to in Section 2 hereof. <br /> <br />Sect All commitments by the City made herein <br />are subject t the condition that on or before twelve (12) <br />months from t e date hereof, the City and the User shall have <br />agreed to mutu lly acceptable terms for the Bonds or other obliga- <br />tions provid d for hereunder, in an amount not to exceed <br />$1,000,000, an for the sale and delivery thereof. <br /> <br />Sect ion 6. The form of Memorandum of Agreement pre- <br />sented to the City Council is hereby approved and the Mayor and <br />City Clerk are authorized to execute the Memorandum of Agreement, <br /> <br /> <br /> <br /> <br /> <br /> <br />- 2 - <br />