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Section 7.02. Authority of Company. The execution, delivery and performance by <br />Company of this Agreement are within the Company's powers and have been duly authorized. <br />Section 7.03. Valid and Binding Obligation of Company. This Agreement is the legal, <br />valid and binding obligation of the Company, enforceable against the Company in accordance with <br />its terms except as limited by applicable relief, liquidation, conservatorship, bankruptcy, <br />moratorium, rearrangement, insolvency, reorganization or similar laws affecting the rights or <br />remedies of creditors generally, as in effect from time to time. <br />Section 7.04. No Defaults. To the best of the Company's current, actual knowledge, the <br />Company is not in default in the performance, observance or fulfillment of any of the obligations, <br />covenants or conditions contained in any agreement or instrument to which they are parties or by <br />which they or any of their property is bound that would have any material adverse effect on <br />Company's ability to perform under this Agreement. <br />Section 7.05. Representations of City. As of the Effective Date, the City represents and <br />warrants to the Company, as follows: <br />a. The execution, delivery and performance by the City of this Agreement are <br />within the City's powers and have been duly authorized. <br />b. This Agreement is the legal, valid and binding obligation of the City, enforceable <br />against the City in accordance with its terms except as limited by applicable law, as in <br />effect from time to time. <br />ARTICLE VIII <br />PERSONAL LIABILITY OF PUBLIC OFFICIALS <br />AND LIMITATIONS ON CITY OBLIGATIONS <br />Section 8.01. Personal Liability of Public Officials. No employee or elected official of <br />the City shall be personally responsible for any liability arising under or growing out of the <br />12 <br />