PROJ01988

• Contract/PO #: FS0068FX
• Contractor Name: Minturn, Town of
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Approval Letter

--FRi1M II=lGO NRT . RES. SECTION
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303 866 4474

1'3'37.03-06

16145 #381 P.01/02

post-tt- Fax Note 7671
To ~. ( ~
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this contract is not paid when due, the BORROWER agrees
attorney fees. In the event of any bankruptcy or sirnillf
tomev fees incurred in c~nnection with such proceedings,
:reditors' committees or other committees.

Fax I CoIoradC? Water

ving:

a. By acceptance of the loan money pursuant to the terms of this contract and by their representations herein, the
BORROWER and the TOWN shall be estopped from asserting for any reason that the BORROWER and the TOWN, acting by
and through the BORROWER, are not authorized or obligated to repay the loan money to the STATE as required bV this
contract.

b. Both the BORROWER and the TOWN have full power and authority to enter into this contract. The execution and
delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly
authorized .by all necessary actions of the BORROWER and the TOWN.

c. The BORROWER and the TOWN have not employed or retained any company or person, other than a bona fide employee
working solidly for the BORROWER and/or the TOWN, to solicit or secure this contract. The BORROWER and the TOWN have
not paid or agreed to pay any person, company, corporation, individual, Dr firm, other than a bona fide employee, any
fee, commission, percentage, gift, or other consideration contingent upon Dr resulting from the award Dr the making of
this contract.

d. The BORROWER is an enterprise legally created and maintained in compliance with ~ 37-45.1.101, at seD.. C.R.S.,
and Article X, Section 20 of the Colorado Constitution, and has authority to enter into this contract with the STATE.
The BORROWER and/or the TOWN shall immediately notify the STATE in writing if the circumstances which formulate the
basis of this warranty change.

e. The collateral identified in the Collateral Provisions of this contract is not encumbered by any other liens or in any
other manner.

f. The BORROWER and the TOWN agree not to terminate or dissolve the BORROWER, nor adversely withdraw Dr deplete
its assets, nor otherwise adversely affect the BORROWER'S ability to perform during the term Df this contract.

g. The specific revenues to be pledged to repay the STATE under this contract shall be water, sanitation and recreation
activity charges and fees, the establishment of which have been authorized by ordinances of the TOWN and the BORROWER.
The TOWN and the 'BORROWER h~reby pledge sufficient annual revenues to pay the annual Installment amount pursuant
to the Promissory Note provisions of this contract, and hereby agree to establish a separate account into which all such
moneys and the BORROWER'S debt service reserve fund shall be deposited.

11. Pledge of revenues. The TOWN and the BORROWER agree that the specific revenues to be pledged'to repay the STATE
shall include, but not be limited to, water, sanitation and recreation activity charges and fees levied for that purpose as authorized
by ordinance of the BORROWER.

a. Revenues for this loan are to be kept separate. The TOWN and the BORROWER hereby irrevocably pledge such revenues
to repay the STATE loan, agree that these revenues shall be set aside and kept in an account separate from other
BORROWER revenues, and warrant that these revenues will not be used for any other purpose, except for repayment of
the TOWN'S 1987, 1988 and 1991 Impact Assistance loans from the Colorado Department of local Government ("DOLAn).

Town of Minturn and Town of
Mintum Water, Sanitation and Recreation
Activity Enterprise

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