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. <br />? <br /> <br />of the Project would create and preserve, the City desires to <br />encourage and induce the Borrower to proceed with the Project. <br />NOW, THEREFORE, the City and the Borrower agree as <br />follows: <br />l. At the request of the Borrower and subject to the <br />fulfillment of the public hearing requirement under Section <br />103(k) of the Internal Revenue Code, the City will enact the <br />necessary ordinances or resolutions to authorize the issuance <br />of the Bonds and execution on its behalf of the Loan Agreement, <br />as hereafter defined, and other necessary documents. The <br />Bonds, the Loan Agreement, the ordinances or resolutions and <br />other necessary documents shall have such terms as shall be <br />approved by Peck, Shaffer & Williams as Bond Counsel and by the <br />City, the City Law Director, the purchaser(s) of the Bonds, the <br />Borrower and the respective counsels to such parties, and the <br />City will deliver the Bonds to the purchaser(s) thereof and <br />will cooperate to the fullest extent in consummating the <br />transaction. <br />2. Pending issuance of the Bonds, the Borrower will <br />provide without expense to the City any necessary interim <br />financing f or the Project. The Borrower also agrees that upon <br />issuance of the Bonds for the Project it will enter into an <br />agreement (the "Loan Agreement") with the City providing for <br />the payment by the Borrower of amounts sufficient to pay when <br />due the principal of and premiums, if any, and interest on the <br />- 2 -