Laserfiche WebLink
within 30 calendar days from notification from the CWCB of either (1) completion of the <br /> PROJECT or (2) determination by the CWCB that the PROJECT will not be completed. <br /> Any such loan funds so remitted to CWCB shall be applied to the payment of amounts <br /> due on the Loan. <br /> 6. Borrower's Authority To Contract. The BORROWER warrants that it has full power and <br /> authority to enter into this CONTRACT. The execution and delivery of this CONTRACT and <br /> the performance and observation of its terms, conditions and obligations have been <br /> duly authorized by all necessary actions of the BORROWER. The BORROWER'S <br /> AUTHORIZING RESOLUTION (THE "LOAN RESOLUTION") is attached as APPENDIX 3 and <br /> incorporated herein. <br /> 7. Attorneys' Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, the <br /> BORROWER shall submit to the CWCB a letter from its bond counsel stating that it is <br /> the bond counsel's opinion that: <br /> a. the CONTRACT has been duly executed by officers of the BORROWER who are duly <br /> elected or appointed and are authorized to execute the CONTRACT and to bind the <br /> BORROWER; and <br /> b. the Loan Resolution was duly adopted by the governing body of the BORROWER; <br /> and <br /> c. the CONTRACT will be valid and binding against the BORROWER if entered into by the <br /> CWCB subject to typical limitations related to bankruptcy, police power, and <br /> creditor's rights generally; and <br /> d. when incurred, the LOAN will constitute a Parity Bond within the meaning of the Loan <br /> Resolution. <br /> e. In addition to the foregoing opinion of bond counsel, prior to execution of this <br /> CONTRACT by the CWCB, the BORROWER shall submit to the CWCB a letter from its <br /> general counsel stating that it is the general counsel's opinion that the BORROWER <br /> was formed and is operated as a water authority pursuant to the provisions of <br /> C.R.S. §29-1-204.2 and there are no provisions in the Colorado Constitution or any <br /> other state or local law that prevent this CONTRACT from binding the BORROWER. <br /> 8. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for purposes <br /> of repayment of this loan, the PLEDGED REVENUES as defined in the Loan Resolution set <br /> forth in APPENDIX 3 and any other funds legally available to the BORROWER, in an <br /> amount sufficient to pay the annual payment due under this CONTRACT. <br /> a. Segregation of Pledged Revenues. The BORROWER shall set aside and <br /> keep the PLEDGED REVENUES in an account separate from other BORROWER <br /> revenues and warrants that these revenues will not be used for any other <br /> purpose. <br /> b. Establish Security Interest. The BORROWER has duly executed a SECURITY <br /> AGREEMENT, attached hereto as APPENDIX 4 and incorporated herein, to provide <br /> a security interest to the CWCB in the PLEDGED REVENUES. The CWCB shall <br /> Loan Contract C150317 <br /> Page 3 of 12 <br />