C150358 Contract

• Contract/PO #: C150358
• Contractor Name: Henrylyn Irrigation District
• Contract Type: Loan
• Water District: 1
• County: Weld
• Loan Projects - Doc Type: Contract Documents

PROJECT or (2) determination by the CWCB that the PROJECT will not be completed.
6. BORROWER's Authority To Contract. The BORROWER warrants that it has full power
and authority to enter into this CONTRACT. The execution and delivery of this CONTRACT
and the performance and observation of its terms, conditions and obligations have
been duly authorized by all necessary actions of the BORROWER. The BORROWER'S
AUTHORIZING RESOLUTION(s) OR ORDINANCE(s) are attached as APPENDIX 3 and
incorporated herein.
7. Attorney's Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, the
BORROWER shall submit to the CWCB a letter from its bond counsel stating that it is the
attorney's opinion that
a. the CONTRACT has been duly executed by officers of the BORROWER who are duly
elected or appointed and are authorized to execute the CONTRACT and to bind the
BORROWER;
b. the resolutions or ordinances of the BORROWER authorizing the execution and
delivery of the CONTRACT were duly adopted by the governing bodies of the
BORROWER; and
c. there are no provisions in the Colorado Constitution or any other state or local law
that prevent this CONTRACT from binding the BORROWER; and
d. the CONTRACT will be valid and binding against the BORROWER if entered into by the
CWCB; and
e. the special election held by the BORROWER to obtain voter approval of this loan met
all requirements of the Colorado Constitution or any other state or local law.
8. PLEDGE OF PROPERTY. The BORROWER irrevocably pledges to the CWCB for purposes
of repayment of this loan: (1) revenues from assessments levied for that purpose as
authorized by the BORROWER's resolution(s) and (2) all of the BORROWER's rights to
receive said assessment revenues, hereinafter collectively referred to as the "PLEDGED
PROPERTY ".
a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep the
pledged revenues in an account separate from other BORROWER revenues and
warrants that these revenues will not be used for any other purpose.
b. Establish Security Interest. The BORROWER has duly
executed a
AGREEMENT, attached hereto as APPENDIX 4 and incorporated herein, to provide a
security interest to the CWCB in the PLEDGED PROPERTY. The CWCB Shall have
priority over all other competing claims for said PLEDGED PROPERTY, except for the
liens of the BORROWER's existing loans as listed in Section 5 (Schedule of Existing
Debt) of the PROJECT SUMMARY, which sets forth the position of the lien created by
this CONTRACT in relation to any existing lien(s).
SECURITY
c. Revenue Assessments. Pursuant to its statutory authority, articles of incorporation
and bylaws, the BORROWER shall take all necessary actions consistent therewith
during the term of this CONTRACT to levy assessments sufficient to pay this loan as
Loan Contract C150358
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