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<br />RGO NRT. RES. SECTION Fax:3038663558 Jul 3 '97 <br />SENT BY: COli.O WATER & PWR. AlITH; ;- 3-97~:..4..6.AM' rt'l WT" Ii. PWI:Io "I"I'U_ <br />. ~. . <br /> <br />11 :34 P.01 <br /> <br />~IV.l {)~t:! ~"'~.4 <br /> <br /> <br /> <br /> Post-it'" Fax Nole 7671 Date <br />JUl 0 3 1997 To From U' <br />Colorado Water Co. <br />Conservation Board Pl'1One It PI'lone # <br /> Fax- Fax # <br /> <br />or audits promptly after. completion to: t <br />with the District to receive an annual sta.____. -.'J. .......100 -Q-'-J u._u ........."u..u'5 ... .....~...G.uu- <br />the Bonds arid the Paying Agent. <br /> <br />(n) The District win cause to be prepared and adopted annually, and at such other <br />times as may be provided by law. a budget for the System, which budget shall include payment <br />of the Bonds. <br /> <br />(0) Each official of the District having custody of any money derived from thE: <br />operation of the System, or respon~ible for its handling, shall be fully bonded at all times, which <br />bond shall be conditioned upon the proper application of such money. and (be cost of each such <br />surety bond may constirute an Operation aDd Maintenance Expense. <br /> <br />. (p) The District will not extend or assem to the cxtt:nsion 'of time for paying any <br />c.laim for interest. Any installment of interest so extended shall Dot be entitled in an event of <br />default under the Series 1993 Boed Resolution [0 the benefit or security of the Series 1993 Bond <br />Resolution, ~ccpt upon the prior payment in full of the principal of all the Boz:tds and in'terest <br />which has not been extended. <br /> <br />(q) The District or any officers, agents or employees of the District shan not take any <br />action that will prejudice the securily for the payment of tbc Bonds and the "interest thereon <br />according to the terms of the S~rics 1993 Bond Resolution. <br /> <br />(r) No contnict will be entered into, nor will any action be taken, by [be District by <br />which the rights and privileges of any Bond owner are impaired or diminished. <br /> <br />Additional Obligations Secured by tbe Net. Revenues <br /> <br />PariJy Bonds. The Series 1993 Bond Resolution a.uthorizes the District to issue Parity <br />Bonds upon satisfaction of the following conditions; <br /> <br />(i) A t me time of lbf adoption of the resolution or other enactJnent authorizing <br />the issuance of the Parity Bonds, the Districl shall not be in default as to any payments <br />or accumulations required by the Series 1993,Bopd Resolution; . <br /> <br />(ii) The amount of Net Revenues and General Tax proceeds collected in the <br />Fiscal (calendar) Year immediately preceding the date of issuance of the proposed Parity <br />Bonds shall have been sufficient to pay an amoun[ equal to the greater of: (A) 110% of <br />the combined maximum annual principal and interest requirements of the Bonds, the <br />Series 1987A Bond and any Parity Bonds then outstanding. plus the.parity Bonds <br />proposed to be issued: and (B) 110% of the a'Yerage of the combmed principal and <br />interest requiremenu; for each Fiscal Year (to and including the Fiscal Year in which <br />occurs the final maruriry of the Bonds) of the Bonds, the S~ries 1987A Bond and any <br />Parity Bonds then our.sumding, plus the Parity Bonds proposed 00 be issued (exc:luding <br /> <br />19 <br /> <br /> <br />., <br />". <br /> <br />.., <br />:c <br />;l <br />;;: <br />1,1' <br />I'r' <br />".., <br />,.' <br />t:t~" <br /> <br />,. . <br />t <br /> <br />iI' <br />:t <br />~i <br />" <br />,:l, <br />i <br />! <br />.,' <br />," <br />:i <br /> <br />" <br /> <br />;l <br />'I <br />'. <br />" <br />.t <br />