Agdapkt 2010-12-06 clsd and regular

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ATTAC P age18 Limited Obligation of the City. The general fund of the City is not liable and the full faith and credit of the City is not pledged for the payment of fhe interest on, or principal of or redemption premiums, if any, on the Bonds. The Bonds are not secured by a legal or equitable pledge of or charge, lien or encumbrance upon any property of the City or any of its income or � receipts, except the money in the Special Tax Fund (described herein) established under the Fiscal Agent Agreement, and neither the payment of the interest on nor principal of or redemption premiums, if any, on the Bonds is a general debt, liability or obligation of the City. The Bonds do not constitute an indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restrictions and neither the City Council, the City nor any officer or employee thereof are liable for the payment of the interest on or principal of or redemption premiums, if any, on the Bonds other than from the proceeds of the Special Taxes and the money in the Special Tax Fund, as provided in the Fiscal Agent Agreement. Summary of /nformation. Brief descriptions of certain provisions of the Fiscal Agent Agreement, the Bonds and certain other documents are included herein. The descriptions and summaries of documents herein do not purport to be comprehensive or definitive, and reference is made to each such document for the complete details of all its respective terms and conditions, copies of which are available for inspection at the office of the Director of Finance of the City. All statements herein with respect to certain rights and remedies are qualified by reference to laws and principles of equity relating to or affecting creditors' rights generally. Capitalized terms used in this Official Statement and not otherwise defined herein have the meanings ascribed to such terms in the Fiscal Agent Agreement. The information and expressions of opinion herein speak only as of the date of this Official Statement and are subject to change without notice. Neither delivery of this Official Statement, any sale made hereunder, nor any future use of this Official Statement shall, under any circumstances, create any implication that there has been no change in the affairs of the City or the District since the date hereof. Any statements made in this Official Statement involving matters of opinion or of esfimates, whether or not so expressly sfated, are set forth as such and not as represenfations of fact, and no representation is made that any of the estimates will be realized. Definitions of certain terms used herein and not defined herein have the meanings prescribed in the Fiscal Agenf Agreement. THE BONDS Authority for Issuance The Bonds are issued pursuant to the Fiscal Agent Agreement, approved by Resolution No. adopted by the City Council on , 2010 and the Act. On September 13, 2010, the City Council adopted Resolution No.15052 (the "Resolution of Formation"), which formed the District. The District was established and authorized to incur bonded indebtedness in an aggregate principal amount not to exceed $17,000,000 at a special election in the District held on the same day. The Bonds are the first series to be issued under the authorization; Parity Bonds are expected to be issued as development in the District proceeds. Under the provisions of the Act, since there were fewer than 12 registered voters residing within the District at a point during the 90-day period preceding the adoption of the Resolution of Formation, the qualified electors entitled to vote in the special election consisted of the Developer. The Developer voted to incur the indebtedness -4- �