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purpose of financing of the costs of the Authority for the Project, <br />including costs of Development Work, costs of issuance and interest <br />on the Notes; and <br />WHEREAS, upon the satisfactory conclusion of the <br />Development Work and the occurrence of certain other events, the <br />Authority proposes to issue its Transmission Project Revenue Bonds <br />for the purpose of providing funds for the acquisition, construction <br />and financing of the Authority's interest in the Project; and <br />WHEREAS, notwithstanding the aforesaid estimated maximum <br />aggregate principal amount of Notes proposed to be issued by the <br />Authority and to be outstanding at any one time in accordance with <br />their terms, additional Notes may be required to complete the financ- <br />ing of such costs of the Authority for the Project; and <br />WHEREAS, the Authority has entered or will enter into <br />agreements (the "Project Development Agreements") with two or more of <br />the Members and other entities pursuant to which the Members and <br />other entities entering into such Project Development Agreements <br />(collectively, the "Development Participants") will, in the aggre- <br />gate, undertake to pay to or on behalf of the Authority 100% of such <br />costs of the Authority for the Project; and <br />WHEREAS, the Notes are to be renewable from time to time <br />and payable from proceeds of the Transmission Project Revenue Bonds <br />and, to the extent not so paid, from revenues of the Authority from <br />the Project, including payments to be made by the Development <br />Participants under the Project Development Agreements; and <br />WHEREAS, in accordance with the Joint Powers Act, the <br />exercise by the Authority of its power to issue the Notes is subject <br />