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<br />exclusively, such Net Revenues to the payment of the Loan and the interest thereon and the <br />proceeds. <br /> <br />Section 6. Loan Details. The total principal amount of the Loan is expressly <br />limited to the principal amount of$3,009,800.00 and the obligation of the Enterprise as <br />represented by the Loan Contract shall be the maximum principal amount of $3,009,800.00. <br />Interest on the Loan shall accrue at the rate of3.0% per annum for a term of30 years. <br />Section 7. Special Obligations. Principal of and interest on the Loan shall be <br />payable solely out of the Net Revenues of the System, The Net Revenues of the System are <br />pledged for that purpose. The holders may not look to any general or other fund for the payment <br />of Loan principal or interest, except the special funds pledged therefore. The Loan shall not be <br />considered general obligation of the Enterprise. <br />Section 8. Delegated Powers, The members of the Board and officers of the <br />Enterprise be, and they hereby are, authorized and directed to take all action necessary or <br />appropriate to effectuate the provisions of this resolution, including, without limitation, the <br />execution and delivery of the Loan Contract and Promissory Note and such other documents, <br />certificates or forms as are necessary to carry out this resolution or as may be reasonably <br />required by the Colorado Water Conservation Board, relating to the signing of such, and the <br />tenure and identity of the officials ofthe Board and of the Enterprise. <br />Section 9, Pledge of Revenues. The creation, perfection, enforcement, and <br />priority of the pledge of revenues to ,secure or pay the Loan as provided herein shall be governed <br />by applicable law and this Resolution. <br />Section 10, Resolution Irrepealable. After execution of the Loan Contract and <br />Promissory Note, this resolution shall be and remain irrepealable until the Loan and the interest <br />thereon shall be fully paid, canceled, and discharged, as herein provided. <br />Section 11. Severability. If any section, paragraph, clause, or provision of this <br />resolution shall, for any reason, be held to be invalid or unenforceable, the invalidity or <br />unenforceability of such section, paragraph, clause or provision shall not affect any of the <br />remaining provisions of this resolution. <br />Section 12, Repealer Clause. All bylaws, orders, and resolutions, or parts <br />thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This <br /> <br />Appendix 3 to Loan Contract C150192 <br />Page 3 of 5 <br />