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<br />Jan-08-9g 11:50A First Nat1a~al Bank Ouray 1 970 325 4300 <br /> <br />P.03 <br /> <br />The City will maintain and enforce a schedule of rates and charges for <br />services provided by the Hot Springs Pool and Visitor's Center to create Pledged <br />Revenue equal to or greater !han the sum of the following: (1) the amount required <br />to pay repairs and administration, (2) the amount necesss!'v to maims!!'! the <br />Fiedgecl nevaflui:l a~ a Cuvflf.sge of 100% af aiiiiual debt sarvice on the Anticipation <br />Warrant. In the event that the Pledged Revenue "~hl!1ii at any time be or become <br />insufficient to meet such minimum requirements, the City covenants to increase <br />the rates and charges to such extent as is necessary to meet ot exceed such <br />requirements and to insure the payment of principal and interest on the Anticipation <br />Warrant. <br /> <br />It is hereby certified. recited and warranted that for the p~y~nt of th!~ <br />Anticipation Warrant, the City has created and wiii maimain a Special Sinking Fund <br />and will deposit therein, out of Pledged Revenues the amount OT revenue specified <br />in said Ordinance, and out of said Special Sinking Fund and as an irrevocable <br />charge thereon, will pay this Anticipation Warrant, in the manner provided by said <br />O!'dinance and this Wa!'!"Bnt_ <br /> <br />This Anticipation Warrant shall be iegiste:-ed ;n th~ m:me of the holder. !t <br />may be sold or negotiated onlv upon change of registration. <br /> <br />Provided that there is no default in the payment of this Anticipation Warrant, <br />the City may prepay this warrant by paying an amount equal to the unpaid principal <br />balance due, plus interest acerl..led at the agreed rate of 5.125% from the date of <br />the last payment. There will be no prepayment penalty because the City may <br />desire to pay this Antic:ipation Warrant agily, or the Cit'{ may desire to make <br />additionai or partiai payments at any time during the term hereuf. No such <br />additional or partial payment shall affect the obljgation to ma~e future payments as <br />provided herein. <br /> <br />This Warrant constitutes an irrevocable and first lien on the "Pledged <br />Revenue. " <br /> <br />Nothing in this Warrant shall be construed in slich manner as to prevent the <br />issuance by the City of additional obligations payable from the City's pool revenue <br />constitlJting a subordinate.. lien upon said revenues. A parity or ptior lien may be <br />created onlv with written consent of the Registered Holder of the Warrant. <br /> <br />Any limitatiQrl in th1s Warrant authorized herein may be waived or modified <br />by the written consent cf 't~ f~istered holder of the Warrant. <br /> <br />2 <br /> <br />600 Iii <br /> <br />VJ.13~ dO XJ.I::> <br /> <br />9LLS vLS OL6 XVd OZ:Sl 66/LO/Zl <br />