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<br />I <br /> <br /> <br /> <br />suc financing, the City, pursuant to the Act, will <br />iss e the Bonds in a principal amount sufficient to pay <br />the costs of such site development and construction, <br />imp ovement, and equipment of the Project, the funding <br />of ny necessary reserves and the expenses of issuance <br />and sale of the Bonds, not to exceed an aggregate <br />pri cipal amount of $1,000,000. <br /> <br />(d) The City considers that financing of the <br />Pro 'ect and enteri.ng into the Loan Agreement with the <br />Use with respect to the Project will increase em- <br />plo ment, promote industry, and develop trade wi thin <br />the City, which constitutes a public purpose as de- <br />scr'bed in S29-3-102{l), C.R.S. 1973. <br /> <br />2. Undertakings by the City. The City agrees as <br />follows: <br /> <br />(a) The City will issue the Bonds or other <br />obl'gations pursuant to the terms of the Act in the <br />pri cipal amount of $1,000,000 to complete the Project, <br />the funding of any necessary reserves, and the expenses <br />inc'dent to the authorizat ion, sale, and issuance of <br />the Bonds. <br /> <br />(b) The City will adopt such proceedings and <br />aut orize: (1) the execution and delivery of such <br />doc ments as may be reasonably necessary or advisable <br />for the authorization, issuance, and sale of the Bonds, <br />(2) the financing, development, construction, improve- <br />men and equipment. of the Project, and (3) the execu- <br />tio of the Loan Agreement with the User and such other <br />doc ments relating to the Bonds as shall be authorized <br />by he Act or other law and as shall be mutually satis- <br />fac ory to the City and the User. <br /> <br />(c) The aggregate sums to be paid by the User <br />und r the Loan Agreement shall be sufficient to pay <br />the principal of, redemption premiums, if any, and <br />int rest on the Bonds as and when the same shall become <br />due. <br /> <br />(d) The City will take such other acts and adopt <br />suc further proceedings as may be reasonably required <br />to mplement the aforesa id undertakings and as it may <br />dee appropriate in pursuance thereof. <br /> <br />(e) The Bonds shall provide that they shall be <br />ble solely from and secured by a pledge of the <br />nues derived from and payable pursuant to the <br />isions of the Loan Agreement, that they shall never <br />titute the general obligations of the City within <br /> <br />A-2 <br />