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makes to the BORROWER. <br /> 5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br /> PROJECT in accordance with the terms of this CONTRACT shall be remitted to the CWCB <br /> 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 /> 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 OR ORDINANCE is attached as APPENDIX 3 and incorporated <br /> 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 or letters from its bond counsel or general <br /> counsel stating, as applicable, that it is such 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 resolutions or ordinances of the BORROWER authorizing the execution and <br /> delivery of the CONTRACT were duly adopted by the governing bodies of the <br /> BORROWER; and <br /> c. there are no provisions in the Colorado Constitution or any other state or local law <br /> that prevent this CONTRACT from binding the BORROWER; and <br /> d. the CONTRACT will be valid and binding against the BORROWER if entered into by the <br /> CWCB; and <br /> e. the BORROWER was formed and is operated as a drainage authority pursuant to the <br /> provisions of C.R.S. §29-1-204.2. <br /> 8. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for purposes <br /> of repayment of this loan, revenues levied for that purpose as authorized in APPENDIX 3 <br /> and any other funds legally available to the BORROWER, in an amount sufficient to pay <br /> the annual payment due under this CONTRACT (as more particularly defined in <br /> Appendix 3, the "PLEDGED REVENUES"). <br /> a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep the <br /> PLEDGED REVENUES in an account separate from other BORROWER revenues and <br /> warrants that these revenues will not be used for any other 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 a <br /> security interest to the CWCB in the PLEDGED REVENUES. The CWCB shall have <br /> priority over all other competing claims for said revenues, except for the liens of <br /> the BORROWER'S existing loans as listed in Section 5 (Schedule of Existing Debt), of <br /> the PROJECT SUMMARY, which sets forth the position of the lien created by this <br /> Loan Contract C150352 <br /> Page 3 of 12 <br />