C150321 Contract

• Contract/PO #: CT2015-055
• Contract/PO #: C150321
• Contractor Name: Georgetown, Town of
• Contract Type: Loan
• Water District: 7
• County: Clear Creek
• Loan Projects - Doc Type: Contract Documents

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SECURITY AGREEMENT
(PLEDGE OF REVENUES
DATE: March 8, 2012
DEBTOR: TOWN OF GEORGETOWN, ACTING BY AND THROUGH ITS WATER
AND SEWER ACTIVITY ENTERPRISE
SECURED PARTY: COLORADO WATER CONSERVATION BOARD
1313 SHERMAN STREET, Room 721
DENVER, CO 80203
PROMISSORY NOTE: $2,976,975, DATED March 8, 2012
TERMS OF REPAYMENT: 4.50% PER ANNUM FOR 30 YEARS
LOAN CONTRACT: C150321, DATED March 8, 2012
COLLATERAL: All Enterprise revenues pledged to repay the loan as
described in Pledge of Revenues provisions of the LOAN
CONTRACT AND DEBTOR'S RESOLUTION DATED NOVEMBER 22,
2011.
To secure payment of the loan evidenced by the PROMISSORY NOTE payable in
accordance with the TERMS OF REPAYMENT, or until all principal, interest, and late
charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest
in the above described COLLATERAL.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
1. That except for the security interest granted hereby and any other security interests
described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner
of the COLLATERAL free from any adverse lien, security interest or encumbrances;
and that DEBTOR will defend the COLLATERAL against all claims and demands of all
persons at any time claiming the same or any interest therein.
2. That the execution and delivery of this agreement by DEBTOR will not violate any law
or agreement governing DEBTOR or to which DEBTOR is a party.
3. To not permit or allow any adverse lien, security interest or encumbrance
whatsoever upon the COLLATERAL and not to permit the same to be attached or
replevined.
4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT
and by its representations herein, DEBTOR shall be estopped from asserting for any
reason that it is not authorized to grant a security interest in the COLLATERAL
pursuant to the terms of this agreement.
UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided
that DEBTOR keeps the COLLATERAL in an account separate from other revenues of
DEBTOR and does not use the COLLATERAL for any purpose not permitted by the
Appendix 4 to Loan Contract C150321
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