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liens or in any other manner. <br />e. je BORROWER hereby pledges sufficient annual revenues from the BORROWER'S general funds <br />pay the annual installment amount under this contract and the attached Promissory Note, <br />d hereby agrees to establish a separate account into which said revenues shall be deposited. <br />12. Pledge of revenues. For the purpose of repayment of this loan, the BORROWER hereby irrevocably <br />pledg s from its general revenues received each year an amount sufficient to pay the annual <br />paym Bnt due under this contract and an additional sum each year for the first 10 years for its <br />reser,e debt service fund. <br />a. lievenues, for this loan are to be kept separate. The BORROWER shall set aside and keep the <br />tiedged revenues in an account separate from other BORROWER revenues, and shall not use <br />e pledged revenues for any purpose other than repayment of this loan. <br />b. Establish security interest in the revenues. To provide a security interest to the STATE in the <br />edged revenues so that the STATE shall have priority over all other competing claims for said <br />r venues, the BORROWER shall provide a prop 2r ed Security Agreement, attached <br />h Breto as Appendix 4 and incorporated her <br />c. Lavy charges and fees for repayment of a loan, T,i'Bo ER shall, pursuant to its <br />s atutory authority and as authorized by its or 'tali ecessary actions consistent <br />tt ierewith to provide sufficient funds for a p ' iir end maintenance, emergency repair <br />s -rvices, obsolescence reserves, debt r are and to set aside revenues in an amount <br />s ifficient to pay this contract loan in a time y manner as required by the terms and conditions <br />h Brein to assure repayment of the loan to the STATE. In the event these revenues are or <br />b acome insufficient to assure repayment to the STATE as required by the terms and conditions <br />h rein, then the BORROWER shall immediately take all necessary action consistent with its <br />s atutory authority to raise sufficient revenue to assure repayment of the loan to the STATE. <br />RROWER shall deposit an amount equal to one -tenth of an annual payment into its reserve <br />d bt service fund on an annual basis for the first ten years of this loan. <br />d. APditional Debts or Bonds. The BORROWER shall not issue any indebtedness payable from <br />t e pledged revenues and having a lien thereon which is superior to the lien of this loan. The <br />RROWER may issue parity debt only with the prior written approval of the STATE, provided <br />The BORROWER is currently and at the time of the issuance of the parity debt in substantial <br />compliance with all of the obligations of this contract, including, but not limited to, being <br />current on the annual payments due under this contract and in the accumulation of all <br />amounts then required to be accumulated in the BORROWER'S debt service reserve fund; <br />The BORROWER provides to the STATE a Parity Certificate from an independent certified <br />public accountant certifying that, based on an analysis of the BORROWER's revenues, <br />excluding tap fees, for 12 consecutive months out of the 18 months immediately preceding <br />the date of issuance of such parity debt, the BORROWER'S revenues are sufficient to pay at <br />leant the annual debt service on all outstanding indebtedness having a lien on the pledged <br />revenues, including this loan, the annual debt service on the proposed indebtedness to be <br />issued, and all required deposits to any reserve funds required by this contract or by the <br />Town of Morison Page 6 of 13 <br />