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payments sufficient to pay the purchase price of any Bonds tendered for purchase <br /> • under the Indenture. By the Indenture, the City will grant a security interest to the <br /> Trustee in certain revenues and payments to be received by the City under the Loan <br /> Agreement. To further secure the payment of principal of and interest on the Bonds <br /> Asset Guaranty Reinsurance Company, a New York corporation (the "Insurer") will <br /> issue a Bond Insurance Policy (the "Policy"). The Bonds are to be purchased by Piper <br /> Jaffray Inc. (the "Underwriter") pursuant to a Bond Purchase Agreement (the "Bond <br /> Purchase Agreement"), by and among the City, the Borrower and the Underwriter. <br /> In connection with the issuance of the Bonds, the City, the Insurer and the Trustee <br /> will enter into an Intercreditor Agreement (the "Intercreditor Agreement"), with <br /> respect to the exercise by the Trustee, the Insurer and the City of certain rights, <br /> remedies and options under the various financing documents related to the Bonds <br /> and the Policy. The Indenture, the Loan Agreement and the Intercreditor <br /> Agreement are referred to as the "City Financing Documents". _ <br /> 1.5. Drafts of the following documents relating to the Bonds have been <br /> prepared and submitted to this Council and are hereby directed to be filed in the <br /> office of the City Clerk: <br /> (i) Loan Agreement; <br /> (ii) Indenture; <br /> • (iii) Intercreditor Agreement; <br /> (iv) Bond Purchase Agreement; and <br /> (v) Preliminary Official Statement (the <br /> "Preliminary Official Statement") relating to <br /> the offering of the Bonds for sale by the <br /> Underwriter. <br /> 1.6. Pursuant to notice duly published in a newspaper of general <br /> circulation in the City not less than 14 days prior to the date fixed therefor, this <br /> Council has held a public hearing on July 14, 1992, at which all interested persons <br /> were afforded an opportunity to express their views, in person or in writing, on the <br /> proposed issuance of the Bonds. This Council has carefully considered the views <br /> submitted at the public hearing and the written comments (if any) submitted to the <br /> City on the proposed issuance of the Bonds. <br /> Section 2. Approval and Authorization. <br /> 2.1. It is hereby determined that it is desirable for the City to proceed <br /> with the issuance of the Bonds in a maximum aggregate principal amount not to <br /> • -2- <br />