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<br /> <br />l; <br /> <br />P ARITY CERTIFICATE <br /> <br />$707,000 <br />Town of New Castle, Colorado <br />Colorado Water Conservation Board <br />Loan Contract #C 150 152 <br /> <br />The undersigned, by and on behalf of the Town of New Castle, Colorado hereby certifies <br />as follows: <br /> <br />1. The Town of New Castle, Colorado (the "Town") is entering a loan contract with the <br />Colorado Water Conservation Board (the "Board) in the aggregate principal amount of <br />$707,000 on a parity with the Governmental Agency Bond (the "1999 Authority Bond) <br />issued and delivered by the Town in 1999 pursuant to a Loan Agreement (the "1999 <br />Authority Loan Agreement") between the Town and the Colorado Water Resources & <br />Power Development Authority (the "Authority) and presently outstanding in the principal <br />amount of $391,780.11. <br /> <br />2. As of the date of this certification the 1999 Authority Bond and the 2004 Board Loan <br />are the only obligations contractually payable from the Net Revenues. There are no <br />outstanding subordinate obligations secured by Net Revenues. No event of default has <br />occurred under either the 1999 Authority Loan Agreement or the 1999 Bond Ordinance; <br />the Town is in substantial compliance with its covenants under the 1999 Authority Loan <br />Agreement and the 1999 Bond Ordinance; and the Town is current in the accumulation of <br />all amounts required to be credited to all funds and accounts in connection with the 1999 <br />Authority Bond and all other outstanding Water Obligations (as defined in the 1999 <br />Bond Ordinance). There has been no draw on the Operations and Maintenance Reserve <br />Fund (as defined in the 1999 Authority Loan Agreement). <br /> <br />WITNESS my hand this July 1,2004. <br /> <br /> <br />