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Section 3. Security Instruments. To secure the State in the repayment of the debt, the Town <br />is authorized to, and shall execute and deliver to the State, the instrument titled "Security <br />Agreement," granting the State a first and prior security interest in the amount of the general <br />revenues of the Town to be pledged for the annual payment each year, and shall execute and <br />deliver to the State that instrument titled "Deed of Trust ", granting to the State a security interest <br />in the following described property of the Town: <br />Raw water intake, grit removal chamber, approximately 850 linear <br />feet of raw water pipeline, and intake connection, located within <br />and along Bear Creek in southwest comer of Section 35, Township <br />4 S, Range 70W, 6th P.M., in and immediately west of the Town of <br />Morrison. <br />Section 4. Ordinance Irrenealable. After execution and delivery of the Loan Documents by <br />the Town and receipt of any funds under the Loan Documents by the Town, this Ordinance shall <br />be and remain a duly adopted legislative measure of the Town, irrepealable until the debt and <br />interest thereon have been fully paid, satisfied and discharged. <br />Section 5. Severability. Should any one o �t or provisions of this Ordnance be <br />1" I <br />judicially determined to be invalid or unenforc 19ucli determination shall not affect, impair or <br />invalidate the remaining provisions of this Ordina 4 .thy: e f io4eing that the various <br />provisions of this Ordinance are severabkp, <br />Section 6. Authorization. The Mayor, or in her absence, the Mayor Pro Tem and the Town <br />Clerk, or in her absence, the Deputy Town Clerk, are hereby authorized and directed to execute <br />and deliver all Loan Documents to the State. <br />Section 7. Emergency. Because the Town and its inhabitants must be properly supplied with <br />water and that it is necessary to obtain the loan to pay the costs and expenses of extending and <br />improving the water system, which costs and expenses have and will hereafter become due and <br />payable, it is hereby declared that an emergency exists, that this Ordinance is necessary to the <br />immediate preservation of the public peace, health and safety, and that it shall take effect upon <br />adoption and compliance with the provisions of Section 13 -16 -104, Colorado Revised Statutes <br />1973, as amended. <br />Ulf <br />INTRODUCED, READ, PASSED and ADOPTED this J day of <br />1997. <br />2 <br />