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and interest represented by the Certificates. To the extent proceeds of rental interruption insurance are available or there are moneys in the Reserve Fund with respect to the Certificates (as described below), Lease Payments (or a portion thereof) may be made during periods of abatement. See "SECURITY AND SOURCES OF PAYMENT FOR THE CERTIFICATES - Abatement" and "RISK FACTORS." Financial Guaranty Insurance. Payment of the principal and interest with respect to the Certificates when due will be insured by a bond insurance policy to be issued by (the" " or "Insurer") simultaneously with the delivery of the Certificates. See "FINANCIAL GUARANTY INSURANCE POLICY" and "APPENDIX F - Specimen Financial Guaranty Insurance Policy." Summaries of Documents. The summaries or references to the Trust Agreement, the Lease Agreement, the Assignment Agreement and other documents, agreements and statutes referred to in this Official Statement, and the description of the Certificates included in this Official Statement, do not purport to be comprehensive or definitive, and such summaries, references and descriptions are qualified in their entireties by reference to each such document or statute. All statements herein with respect to certain rights and remedies are qualified by reference to laws and principles of equity relating to or affecting creditors~ rights generally. The information and expressions of opinion herein speak only as of the date of this Official Statement and are subject to change without notice. Neither delivery of this Official Statement, any sale made hereunder, nor any future use of this Official Statement shall, under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof. THE FINANCING PLAN The Certificates are being executed and delivered for the purpose of refinancing the City's lease payment obligations relating to the 1999 Certificates. Refunding of the 1999 Certificates. The 1999 Certificates were issued by the Authority in the original aggregate principal amount of $26,000,000, and are currently outstanding in the amount of $23,600,000. Pursuant to an Escrow Agreement dated as of May 1, 2007, among the City, the Authority and U.S. Bank National Association, as Escrow Agent Certificates (the "Escrow Agent"), the Escrow Agent will establish an Escrow Fund (the "Escrow Fund") t<;> be held by the Escrow Agent in trust as an irrevocable escrow securing the payment of the 1999 Certificates and the City's obligations with respect thereto. All cash and securities in the Escrow Fund will be irrevocably pledged as a special fund for the payment of the principal and interest represented by the 1999 Certificates in accordance with the 1999 Trust Agreement. Amounts in the Escrow Fund will be invested in certain United States Treasury securities, the principal of and interest on which, together with any uninvested cash therein, will be sufficient to pay and prepay all of the outstanding 1999 Certificates on November 1, 2009, and the Authority and the City have irrevocably elected to call all of the outstanding 1999 Certificates for redemption on that date. Sufficiency of the deposits and investment earnings for those purposes will be verified by Causey, Demgen & Moore, Denver, Colorado. See "VERIFICATION OF MATHEMATICAL COMPUTATIONS" below. Amounts in the Escrow Fund cannot be used for payment of principal or interest represented by the Certificates. Leased Premises. The Leased Premises consists of the City's Library and the land on which it is located. The Library is a two-floor, approximate 44,000 square foot building located -3-