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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 />26 <br />27 <br />28 <br />the City will be a substantial factor in the accrual of public <br />benefits to be received from the Project, should the Project be <br />approved and constructed, and that the proposed financing is in <br />accord with the purposes and requirements of the Act. <br />Section 2. Issuance of Obligations. Subject to the <br />completion of the proceedings and other matters relating thereto <br />to the full satisfaction of this City Council, and subject to <br />the proposed Project receiving all necessary local governmental <br />approvals, this City Council hereby agrees to provide financing <br />to the Developer or such other person or entity approved by the <br />City for the Project through the issuance of obligations as <br />described in Section 3 of this resolution in an amount not to <br />exceed $24,00.0,000. <br />Section 3. Nature of Obligations. The obligations to <br />be issued shall be special obligations of the City payable solely <br />from revenues to be received by the City pursuant to all <br />agreements in connection with the financing of the Project, all <br />in a form acceptable to the City, and shall not be a general <br />obligation of the City, the State of California, or any political <br />subdivision thereof. <br />Section 4. Official Action. It is intended that this <br />Resolution shall constitute "some other similar official action <br />toward the issuance of indebtedness within the meaning of Section <br />103 of the Internal Revenue Code of 1954, as amended, and the <br />regulations thereunder. <br />Section 5. Other Approvals. The adoption of this <br />Resolution shall not bind the City to issue bonds or other <br />obligations until and unless all other necessary actions and <br />-2- <br />