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<br />)3' ) \ <br /> <br />Section 4. Determinations. <br />determined and declared that: <br />(a) The execution and delivery of the Amending <br />Documents, the performance of all covenants and agreements of the <br />Issuer contained in the Amending Documents, and all actions <br />required under the laws of the State of Colorado to make the <br />Amending Documents and Bond valid and binding obligations of the <br />Issuer in accordance with their terms, are authorized by the Act. <br />(b) No member of the Council of the Issuer having acted <br />upon this Ordinance in his or her official capacity: (i) has a <br />direct or indirect interest in the Project, the Amending Documents <br />or the Bond, (ii) owns any interest in the Project or the <br />Borrower, (iii) is an officer or employee of the Borrower, or (iv) <br />will receive any commission, bonus or other renumeration for or in <br />respect to the Project, the Amending Documents, or the Bond. <br />Section 5. Nature of Obligation. Under the provisions <br />of the Act, the Bond shall be a special, limited obligation of the <br />Issuer payable solely from, and secured by a pledge of, the <br />revenues derived from the Loan Agreement of the Borrower, and <br />shall be further secured by the lien of the Mortgage upon the <br />project. The Issuer will not pledge any of its property or secure <br />payment of the Bond wi th its property. The Bond shall never <br />consti tute the debt or indebtedness of the Issuer wi thin the <br />meaning of any provisions or limitation of the state constitution <br />or statutes and shall not constitute nor give rise to a pecuniary <br />liability of the Issuer or its elected and appointed officers and <br />officials or a charge against its general credit or taxing powers. <br />Section 6. Ordinance Irrepealable. After the Bond is <br />amended, this Ordinance shall constitute an irrevocable contract <br />between the Issuer and the holder of the Bond and shall be and <br />remain irrepealable until the Bond, both principal and interest, <br />shall be fully paid, cancelled and discharged. <br />Section 7. Ratification. All action heretofore taken <br />by the Issuer and by the officers thereof not inconsistent <br /> <br />It is hereby found, <br /> <br />- 12 - <br />