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4 <br />F <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 I <br />23 <br />24 <br />25 t <br />26 t <br />27 <br />r <br />28 t <br />I e' <br />L WHEREAS, notwithstanding the aforesaid estimated maximum aggregate <br />� <br />principal amount of Power Project Revenue Bonds proposed to be issued by the <br />Authority for the Project and to be outstanding at any one time i <br />� n accordance <br />with their terms, additional Power Project Revenue Bonds may be required to <br />com-plete the financing of the Project; and <br />WHEREAS, the Authority has entered or will enter into agreements <br />(the Power Sales Contracts") with two or more of the Members, pursuant to which <br />the Members entering into such Power Sales Contracts (the "Participants") will, <br />in the aggregate, purchase 100% of the output of the Project; and <br />WHEREAS, the Power Project Revenue Bonds are to be payable from <br />funds held in trust for the benefit of the holders of such Bonds and from reven- <br />ues of the Authority from the Project, including payments to be made by the Par- <br />ticipants under the Power Sales Contracts; and <br />WHEREAS, the Notes are to be payable from proceeds of the Power <br />Project Revenue Bonds and, to the extent not so paid, may be payable from reven- <br />ues of the Authority from the Project, including payments to be made by the Par- <br />ticipants under the Power Sales Contracts; and <br />WHEREAS, in accordance with the Joint Powers Act, the exercise by <br />the Authority of its power to issue the Power Project Revenue Bonds is subject to <br />the authorization of such issuance by the Members pursuant to Ordinance; and <br />WHEREAS, neither the payment of principal of the Power Project <br />tevenue Bonds nor any part thereof nor interest thereon shall constitute a debt, <br />iability or obligation of the City of Colton; and <br />WHEREAS, this City Council has determined that the acquisition of <br />he Project by the Authority is appropriate to assist the Participants in meeting <br />he future power needs of their customers for electric energy and in reducing the <br />eliance by the Participants on oil -fired generation and to realize for the Par- <br />icipants savings in capital and operating costs and economies of scale of large <br />lectric generating units; and <br />