C153568 3/27/12

• Contract/PO #: C153568
• Contractor Name: Coon Creek Reservoir & Ditch Company
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

actions necessary to guarantee
herein including, without being
specified in this contract.
is,
such repayment as provided
limited to, the actions
L. The Contractor agrees that the specific revenues to be
pledged to repay the State shall include, without being limited
to, an assessment levied for that purpose as authorized by
Resolution of the Contractor. The Contractor hereby pledges
such assessment revenues to repay the State loan, warrants that
these revenues will not be used for any other purpose, and
agrees to provide the State a perfected security interest in
the form provided by the State irrevocably pledging such
revenues on the date of execution of this contract.
M. The Contractor warrants that it has duly passed a
Resolution by its Board of Directors, as provided in its
By -Laws and Articles of Incorporation authorizing: the
Contractor to enter into this contract with the State to borrow
the principal sum of Fifty -Five Thousand Dollars ($55,000);
assessment(s) sufficient to pay off this contract loan pursuant
to its terms and to discharge this lawful indebtedness; the
setting aside of this assessment revenue in a special fund
separate and apart from other Contractor revenues to assure
repayment of this revenue to the State; and the signing of a
security interest in such assessment revenues in favor of the
State to secure the repayment. The Resolution of the
Contractor and the security interest of the Contractor are
conditions precedent to State performance and shall be attached
hereto as Exhibits A, D -1 and D -2 and included herein by this
reference.
N. The Contractor warrants that in the event of a default by
the Contractor in the repayment to the State, and upon written
notice thereof from the State, the Contractor shall, pursuant
to its By -Laws, immediately take all necessary actions to levy
an additional assessment and to pledge additional revenues in
sufficient amount and in a timely manner to cure the default
and to repay the State as required by the contract. Such
additional revenues shall be deemed covered by the existing
security interest.
O. The Contractor warrants that the security interest executed
by the Contractor in favor of the State to secure repayment of
this loan is a valid security interest which shall be binding
against the Contractor and that the Contractor has perfected
this security interest such that the State has priority over
all other competing claims for such secured revenues.
P. The Contractor warrants
money pursuant to the terms
Contractor's representation
estopped from asserting for
authorized or obligated to
required by this contract.
that by acceptance of the loan
of this contract and by the
herein, the Contractor shall be
any reason that it is not
repay the loan money to the State as
Q. No monies will become available from this contract unless
an equal amount is made available by the Contractor, as the
equal cost -share for the project.
R. All notices, correspondence, or other documents required by
this contract shall be delivered or mailed to the following
addresses:
(a) For the State:
Director
Colorado Water Conservation Board
721 State Centennial Building
1313 Sherman Street
Denver, CO 80203
Attn: Nick Ioannides
(b) For the C actor:
Coon Creek R it d
Ditch Com
Box 145
Mesa, CO 3
Attn: Har ld
Pr Jsnr
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