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<br />PARITY LIEN BOND CERTIFICATE <br /> <br />$280,500 <br />Town of Lyons, Colorado <br />Colorado Water Conservation Board Loan <br />Loan Contract #C153721 <br /> <br />The undersigned, by and on behalf of the Town of Lyons, Colorado (the "Town"), in connection with that <br />certain Loan Contract & Promissory Note between the Colorado Water ConselVation Board and the Town, <br />dated September 16, 1996 (the "Loan Agreement"), hereby certifies as follows (unless otherwise defined <br />herein, capitalized terms and phrases shall have the meanings set forth in Ordinance No. 525 of the Town, and <br />the Colorado Water Resources and Power Development Authority Direct Loan Agreement ("Direct Loan <br />Agreement") of August 19, 1996: <br /> <br />I. As indicated below, I am the Finance Director or Administrator of the Town. <br /> <br />2. I have reviewed unaudited financial statements for the Town for the 12 month period <br />commencing September I, 1995 and ending August 31, 1996 (the "Fiscal Year" and "Consecutive <br />Months") and such other information as I have deemed appropriate to execute this certificate. <br /> <br />3. I have reviewed Ordinance No. 525 of the Town and the Direc~ Jgr~ent. <br /> <br />4. I have reviewed a copy of the Loan Repayments (as tV.. in the ~~ <br />Promissory Note)., ~ <br /> <br />~" <br /> <br />5. As of the date of this Certificate, the Town is in substantial co le <br />covenants of Ordinance No. 525 and the Direct Loan Agreement and no event 0 t s <br />occurred and is continuing as defined in Ordinance No. 525 or the Direct Loan Agreem _, <br /> <br /> <br />6. The Net Revenues for the Fiscal Year are sufficient to pay an amount representing not less <br />than 100 percent of the Combined Average Annual Principal and Interest Requirements for the <br />Bonds, the State Loan, the L.R., and the Parity Lien Bonds proposed to be issued (as defmed in <br />Ordinance No. 525). In addition, the requirements set forth in Exhibit F of the Direct Loan <br />Agreement for parity lien have been met. <br /> <br />IN WITNES S WlfEREOF, I have hereto subscribed my name this z.C; "\\ day <br />of ~Qf-\-Q ;V\i\._~,- ,1996. <br /> <br />Town of Lyons, Colorado <br /> <br /> <br />Title: <br />