C150090 PIF Contract - Laserfiche WebLink

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SECURITY AGREEMENT (PLEDGE OF REVENUES) DEBTOR: Parker Water and Sanitation District, acting by and through the Parker Water Activity Enterprise and the Parker Sanitary Sewer Activity Enterprise SECURED PARTY: COLORADO WATER CONSERVATION BOARD 1313 SHERMAN STREET, ROOM 721 DENVER, CO 80203 PROMISSORY NOTE: $15,000,000, DATED NOVEMBER 14, 2002 TERMS: REPAYMENT PERIOD OF 20 YEARS, INTEREST AT THE RATE OF 4.5% PER ANNUM LOAN CONTRACT: C150090, DATED NOVEMBER 14, 2002 COLLATERAL: All revenues pledged to repay this loan as described in Pledge of Revenue provisions of the LOAN CONTRACT. To secure payment of the loan evidenced by the PROMISSORY NOTE payable in accordance with the LOAN CONTRACT and TERMS, or until rincipal, interest, and late charges, if any, are paid in full, the DEBTOR grants to SECURED a sAnu interest in the above described COLLATERAL. This security agreement is issued and del' . rs = ortions of Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2 lemental Act"). Pursuant to Section 11 -57- 210 of the Supplemental Act, such recital sh I b .- ,lusive evidence of the validity and the regularity of the issuance of this promissory note after its ry1for value. DEBTOR EXPRESSLY WARRANTS ANCVENANTS: 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. 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. 4. 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 except as provided in the Pledge of Revenue provisions in the Loan Contract. 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 Appendix 4 to Loan Contract C150090