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<br />.. .'17" <br /> <br />principal and interest due under the Loan Contract as a cash <br />reserve to be held in the office of the Colorado state Treasurer <br />(the "Treasurer"), to be invested in any legal investment <br />approved by the Treasurer and to be used only for the purpose of <br />paying principal and interest due under the Loan Contract not <br />otherwise paid by the Enterprise. Any amount withdrawn from this <br />reserve will be replenished by the Enterprise from net revenues <br />of the System within one year after withdrawal. Any unused <br />amount held in this reserve will be applie~ to the final <br />payments due under the Loan Contract. <br /> <br />The Town and the Enterprise are not permitted by <br />applicable law without an election to pledge or mortgage any <br />land, buildings, equipment or other tangible real or personal <br />property to secure the payment of the obligations of the <br />Enterprise under the Loan Contract. <br /> <br />Very truly yours, <br /> <br />~C-,~~ <br /> <br />Loring E. Harkness III <br /> <br />LEH:dg <br /> <br />cc: Mr. Steve Rippy, Mayor <br />Loyal E. Leavenworth, Esq., Town Attorney <br /> <br />177796.001(PF) <br /> <br />2 <br /> <br />02/19/96 <br />