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<br />..- <br />. . <br />~.. -~ . ...-.: ;V" .; <br /> <br />177796.001(pP) <br /> <br />REC' '.' ....~..1.l <br />'L.G \'1.;...__J <br /> <br />LAW OFFICES <br /> <br />BALLARD SPAHR ANDREWS a INGERSOLL <br />1225 17TH STREET, SUITE 2300 <br />DENVER, COLORADO 80202-5523 <br /> <br />JAN 2 2 1996 <br /> <br />PHILADELPHIA, PA <br /> <br />BALTIMORE, MD <br /> <br />CAMDEN, NJ <br /> <br />SALT LAKE CITY, UT <br /> <br />WASHINGTON, DC <br /> <br />Colorado Water <br />Conservation Board <br /> <br />303-292-2400 <br />FAX 303-296-3956 <br /> <br />LORING E. HARKNESS ill <br /> <br />DIRECT DIAL 303-299-7319 <br /> <br />January 22, 1996 <br /> <br />VIA MESSENGER <br /> <br />Mr. John Van Sciver <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />State of Colorado <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />Re: Town of New Castle, Colorado, <br />and <br />Town of New Castle Water and Sewer Enterprise <br />Loan Contract and Promissory Note <br />Dated , 1996 - $266,000 <br /> <br />Dear Mr. Van Sciver: <br /> <br />This firm represents the Town of New Castle, Colorado <br />(the "Town"), and the Town of New Castle Water and Sewer <br />Enterprise (the !'Enterprise") as bond counsel in connection with <br />the proposed execution and delivery of the above-referenced Loan <br />Contract and Promissory Note (the "Loan Contract"). <br /> <br />You have requested this letter describing the security <br />for the payment by the Enterprise of its obligations under the <br />Loan Contract. <br /> <br />The Enterprise has agreed to pledge the net revenues of <br />the Town's water supply, treatment and distribution system (the <br />"System"), which are also pledged to the payment of a loan in the <br />amount of $60,000 in accordance with a Loan/Grant Contract, dated <br />February 13, 1995, between the Colorado Department of Local <br />Affairs and the Town. <br /> <br />In addition, the Enterprise has agreed to pledge net <br />revenues of the System in an amount equal to the average annual <br />