Common use of Obligation of the Authority Clause in Contracts

Obligation of the Authority. The Parties acknowledge that, according to the decision of the Colorado Court of Appeals in ▇▇▇▇▇ v. City of Golden, 53 P.3d 747 (2002), an urban renewal authority is not a local government and therefore is not subject to the provisions of Article X, Section 20 of the Colorado Constitution (the “▇▇▇▇▇ Amendment”). Accordingly, the Authority understands and agrees that, the Authority is under an obligation to annually appropriate Pledged Revenues for Pledged Revenue Payments to satisfy the Funding Obligation.

Obligation of the Authority. The Parties acknowledge that, according to the decision of the Colorado Court of Appeals in ▇▇▇▇▇ v. City of Golden, 53 P.3d 747 (2002), an urban renewal authority is not a local government and therefore is not subject to the provisions of Article X, Section 20 of the Colorado Constitution (the “▇▇▇▇▇ Amendment”). {00710706.DOCX v:1 } 6 } 18 Accordingly, the Authority understands and agrees that, the Authority is under an obligation to annually appropriate Pledged Revenues for Pledged Revenue Payments to satisfy the Funding Obligation.