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1' <br />2 <br />3 <br />4 <br />5 <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 <br />23 <br />24 <br />25 <br />27 <br />28 <br />Section 3. The City by the adoption of this <br />Resolution does hereby incur the general fund obligation to loan' <br />to the SBIAA, under the terms of the Loan Agreement, a portion of <br />the principal amount to be borrowed by the SBIAA in an amount not <br />to exceed $500,000, which amount shall be loaned in the manner as <br />provided in the Loan Agreement on June 30, 1997. Such loan) <br />amount may be reduced to a lesser principal amount representing, <br />one-sixth (1/6th) of the total principal amount loaned to thee, <br />SBIAA under the Loan Agreement as may be authorized by the Board' <br />of the SBIAA and as shall be incurred by the SBIAA. <br />The City agrees that in the event the City should fail <br />to extend the required loan amounts to the SBIAA as required by <br />the Loan Agreement and written timeline limits therein provided, <br />this Resolution shall constitute an amendment to the JPA <br />Agreement establishing the SBIAA as referenced in the recitals <br />hereof and shall have the effect of automatically expelling the <br />City from the membership of the SBIAA as of September 29, 1997, <br />upon notice as provided in the Loan Agreement without any further <br />action being required by either the City or any other member <br />jurisdiction of the SBIAA. The City agrees and represents to the <br />Members that in the event of such automatic expulsion from the <br />membership of the SBIAA, the City shall execute such documents as <br />may reasonably be requested by any trustee or lender in <br />connection with any subsequent financing or by the SBIAA to <br />evidence such expulsion from the membership of the SBIAA, <br />