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<br />, <br />. City or its power or authority to issue the Bond or execute <br /> and deliver the Loan Agreement and the Loan Agreement <br /> Assignment. <br /> (e) The execution, delivery and performance of the <br /> City's obligations under the Bond, the Loan Agreement and <br /> the Loan Agreement Assignment have been fully authorized by <br /> all requisite action and do not and will not violate any <br /> charter provision or any order of any court or other agency <br /> of government, or any indenture, agreement or other <br /> instrument to which the City is a party or by which it or <br /> any of its property is bound, or be in conflict with, result <br /> in a breach of, or constitute (with due notice or lapse of <br /> time or both) a default under the city charter or any such <br /> indenture, agreement or other instrument. <br /> (f) The Loan Agreement provides for payments by the <br /> Borrower to the Lender for the account of the City of such <br /> amounts as will be sufficient to pay the principal of, <br /> premium, if any, and interest on the Bond when due. No <br /> reserve funds have been deemed necessary for this purpose. <br /> The Loan Agreement obligates the Borrower to provide for the <br /> operation and maintenance of the project facilities, <br /> including provision for adequate insurance and taxes. <br /> (g) Under the provisions of the Act, the Bond is not <br />. to be payable from nor charged upon any funds other than <br /> amounts payable by the Borrower pursuant to the Loan <br /> Agreement, which amounts are pledged to the payment thereof, <br /> and moneys derived from foreclosure or other enforcement of <br /> the Mortgage or the Lease Assignment; no Holder of the Bond <br /> shall ever have the right to compel the exercise of the <br /> taxing power of the City to pay the Bond or the interest <br /> thereon, nor to enforce payment thereof against the general <br /> funds or property of the City, other than the City's <br /> interest in the Loan Agreement assigned to the Lender <br /> pursuant to the Loan Agreement Assignment; the Bond shall <br /> not constitute a charge, lien or encumbrance, legal or <br /> equitable, upon any property of the City; and the Bond does <br /> not constitute an indebtedness of the City within the <br /> meaning of any constitutional, statutory or charter <br /> limitation. <br /> (i) No member of the City Council (i) has a direct or <br /> indirect interest in the project, the Loan Agreement, <br /> (ii) owns any capital stock of or other interest in the <br /> Project or the Borrower, (iii) is an officer or director of <br /> the Borrower, (iv) will be involved in supervising the <br /> completion of the Project, or (v) will receive any <br /> commission, bonus or other remuneration for or in respect of <br /> the project or the Loan Agreement. <br />. -3- <br /> -~ ~- <br />