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WHEREAS, City's obligation to make payments under this Cooperation Agreement, including without limitation payments equal to the debt service on the Note, will be secured by the full faith and credit of City, and as such, the Obligation (hereinafter defined) will be a "general obligation bond" within the meaning of the Public Finance Act of 1991 (the "Public Finance Act "), Section 15.2 -2600 et seq. of the Virginia Code; WHEREAS, Section 15.2 -4905 (12) of the Act authorizes EDA: to accept contributions, grants and other financial assistance from . the Commonwealth, or any political subdivision, agency, or public instrumentality of the Commonwealth, for or in aid of the construction, acquisition, ownership, maintenance or repair of the authority facilities, ... or in order to make loans in furtherance of the purposes of this chapter of such money, contributions, grants, and other financial assistance, and to this end the authority shall have the power to comply with such conditions and to execute such agreements . .. as may be necessary, convenient or desirable and to agree to such terms and conditions as may be imposed; WHEREAS, the Project constitutes an "authority facility" within the meaning of the Act; WHEREAS, Section 15.2 -4901 of the Act concludes with the statement that "This chapter shall be liberally construed in conformity with these intentions," evidencing the legislative intent that all aspects of Title 15.2, Chapter 49 be broadly interpreted in order to promote and facilitate economic development in the Commonwealth and its localities; WHEREAS, on January 15, 2019, the Board of Directors of EDA adopted a resolution approving the form and substance of the Note and this Cooperation Agreement, authorizing the execution and delivery thereof and hereof on behalf of EDA, and authorizing the performance of, and agreeing to perform, all obligations undertaken by EDA under this Cooperation Agreement; WHEREAS, on January 22, 2019, the Council of City adopted Resolution No. [_] approving this Cooperation Agreement, authorizing the execution and delivery hereof on behalf of City and the performance of all obligations undertaken by City under this Cooperation Agreement; and WHEREAS, the parties hereto desire to enter into this Cooperation Agreement for the purpose of setting forth their understandings and agreements in connection with City's obligation to make principal and interest payments as debt service on the Note and EDA's undertaking of the Project. NOW, THEREFORE, the parties agree as follows: 1. Authority Obligations. EDA agrees that the expenditure authorized hereby and any appropriations in future years for purposes of paying the Obligation shall be used exclusively for such purpose. EDA shall issue the Note and apply all revenues that EDA receives from (i) the development, sale, or leasing of the Property, (ii) EDA's bond program, (iii) prior property sales, and (iv) any other sources to the payment of principal and interest on the Note and any other amounts due under the Financing Agreement. If the amounts referenced in the preceding