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FROM BRIGGS&MORGAN (TUE) 12. 02' 97 13: I5 /ST. 12: 18/NO. 3561674903 P d /17 payable solely £ram the revenues pledged and assigned pursuant 'to the Indenture. The Bonds are not to be payable from nor charged upon any funds of the City other than the revenues pledged to their payment, nor is the City subject to any liability thereon; no holders of the Bonds shall ever have the right to compel any exercise of the taxing power of the- City to pay any of the principal of, premium, it any, or interest on the Bonds; the Bonds shell not constitute a. charge, lien or encumbrance, legal or equitable, upon any property of the City Other thus_ .= revenues pledged ends r the indenture and each Bond shn11 recite that the Bonds, ins uding interest thereon, are payable solely from the revenues pledged to the payment thereof and that no Bond shall constitute a debt of the City within the meaning of any constitutional or statutory limitation. The Bonds shall, contain a recital that they are issued pursuant to the Act and such recital iaouencc t creef. 2. Terms of Sonde. The Series 1997A Bands will bear interest at the rat or rates to be set forth in the Indenture, not to exceed t per annum, and will be in:the principal amounts and will mature and be subject to redemption, all as set fortis in the Indenture. The Series 1997E Bonds will bear interest at the rate to be set forth in the Indenture, not to exceed ;f 12sk per annum, and will mature and be subject to redemption,• all as set forth in the Indenture. 1e of.Deccmbcr 1, 1997 (the "Loan Agreement ) re =e, ee to .are 5 •- eof are .• -city to approve the final terms of •e =-.._, 3. -_ . ,Leas acrreceaent, the City will loan.. the procee• = o t•e Bonds to the Company to finance the acquisition, rehabilitation of and improvement to, the Project. The payments to be made by elle Company under the Loan Agreement are fixed so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. It is further proposed that the City assign certain rights under the Loan Agreement to the Trustee as security for payment of the Bonds under the Indenture. A Regulatory Agreement dated as of December 1, 1997 (the "Regulatory Agreement") will be entered into, by and among the City, the Trustee and the Company. A Bond Purchase Agreement (the "Bond Purchase Agreement ") will be entered into by and among. the City, the Trustee, the Company and Piper Jaffrey Inc. (the "Purchaser ")._ $v a Contin-pkteg Di Hsu - -r eemeat dated as of December 1 19 7 "Cont , D seloauza Agreement °), between the Company ea • e Trustee, the a. will . -, ee to di = ose on as -• -o basis carts tormatioa with respect to the Series 1997,A Bonds. 3. Forms of Documents Submitted. Pursuant to the preliminary approval of this Beerri Councils, forms of the following documents have been submitted to the Board ,g_gams&I far approval; (a) the Loan Agreement; 50977.6.2 Page 3