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. same to carry out the intent of this Resolution and as are approved by counsel to the Authority, such approval to be conclusively evidenced by the execution and delivery of the Loan Agreement. Payment of the principal, premium, if any, and the interest on the Loan shall be made solely from the revenues received by the Authority from the Borrower pursuant to the Loan Agreement, and the Loan shall not be deemed to constitute a debt or liability of the Authority, the City, the State of California or any political subdivision thereof. The Authority further authorizes and approves lending the proceeds of the Loan to the Borrower to finance a portion of the costs of the Project pursuant to the terms and provisions of the Loan Agreement. Section 3. Subject to approval as to form of the Authority Attorney, the form of the Tax Regulatory Agreement presented at this meeting is hereby approved, and the Authorized Representative is hereby authorized to execute by manual of facsimile signature and deliver the Tax Regulatory Agreement with such changes and insertions therein as may be necessary to cause the same to carry out the intent of this Resolution and as are approved by counsel to Authority, such approval to be conclusively evidenced by execution and delivery of the Tax Regulatory Agreement by an Authorized Representative. Section 4. determines that: The Board of Directors of the Authority hereby finds and . (a) the use of the Project in an Empowerment Zone is in accord with Section 91503 of the Act; (b) the use of the Project is likely to result in public benefits and employment benefits by securing or increasing the number of employees of the Borrower, and any other direct users of the Project or the compensation for such employment; (c) the Loan made by the Authority in the amount sufficient to finance all or a portion of the costs of the Project is likely to be a substantial factor in the accrual of each of such public benefits from the use of the Project; and (d) the proposed financing of the Project is otherwise in accord with the purposes and requirements of the Act. . Section 5. In no event shall the Loan constitute a pledge of faith and credit of the Authority, the City, the State of California (the "State") or any political corporation, subdivision or agency of the State, and none of the City, the State or any political corporation, subdivision or agency of the State shall be liable to make any appropriation for the repayment of the Loan. The Loan shall constitute a special obligation of the Authority payable solely from the revenues or other sources provided for in the Loan Agreement and proceedings relating to the Loan. IDA Resolution No. 2004-001 Page 3 of 5