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executioti ota Joint Powors Agreement between. the City, the EDA and lviahtomedi. (the <br />Point Pbwdrs-Agreement'1. A drat of the Joint Powers Agreement was.available {prior �. <br />to this nlectiny. <br />(g) The Note -will be a -speeial, limited.bbligation of'the* City. The. Note. shall <br />not be payable from or charged upon any funds other than, the revenues pledged to tlxe* <br />payment. thereof. not- sh 11 the City be subJect to ticiy liability thereon._ No Bolder of the <br />Note .shall over helve the tight to compO.any excl:cise of the taxing powe.r.o:f the City to <br />pav the Note or the interest tlaerpon,.nor to cnforce payment thereof against any property <br />Of the City. The Note shall not constitute a debt of the City. within the meaning . of any <br />costt.itutional. or statutory limitation. <br />(h) It is desirable, feasible and consistent with. the objects and purposes of tlac <br />Act to issue the Note for the purpose of assisting in refinancing the costs of the Pr(ject. <br />(i) The pa ibonts under the Loan Agreement are fixed to produce,. reventie <br />suff'icient.toprovide for the prompt: payrrtent.of'principal off, premium, iiatly, and interest <br />on the ..Note when due, and the Loan Agreement also provides that the torrower is. <br />regUired to poly ail expenses of the: operation arid. maintenance of the. Projeet, Including.. <br />but without limitation adequate insurance.thereon and Insurance against all liability for <br />injury to persons or property arising from the operation thetea�,. and all taxes. and special <br />assessments lQvied' upon or -with respect to the Projcct and payable durw2 the term of the <br />Loan Agreement. <br />0) "['here is. no. li:tigatiop.. pendingor. to. the: actual knowledge .of: the City. <br />threatened against the Gtty'questionlng. the C.:it.y,S execution or.deliver, of -the ?rote, loan <br />Agreement, the Joint Powers Agrc:epie:nt, or fledge; !Agreement or questioning the clue <br />organization of the City, or the powers or authority of the City to issue the Now wid <br />undertake the trausactiolzs eontetn.p.l.atecl hereby. <br />(k) The. executiott, delivery and performance of the Qity's Obligations under <br />the Note. Pledge Agreement, the joint lowers Agreement, and Loan:.Agreernent do .not <br />and. will not violate any order against the City of any court or other .agency of <br />eoverninent, or any indcnture, agreement or other iilstRirnent tci which the City is a party <br />Or ley tivhlch it or any of its property is bound., or be: in conflict with, result in a breach of, <br />or co.nsti.tutc< (with due notice or lap[ e oftitne or both) a-deffattlt under any :such indenture, <br />agreoment or other instrument. <br />1.? Authori �'ltion and 17atificatii�n cif i?iaiect. '1'hc GNty hereby authdri;�es the <br />RorroNver, in accordance with�tM provisions -of the Act and subject to the berms and conditions <br />imposed by tla�e Lender, to provide for the refinancing of the Pv ject'by such means as shall be <br />available to the. Borrower and in the manner determined by the Borrower; the C.`.ity hereby <br />ratilzes, affirms; and approves all actions -heretofore taken by the Bogower gojiMstent.Nvith and in <br />anticipation of such authority. <br />.4 <br />462911vl..AR MA335-7 <br />