Laserfiche WebLink
of the 2010 Note has consented to the incurrence of the obligations of the Loan. Accordingly,the <br /> District is authorized to and hereby determines to incur the Loan as a Parity Obligation. <br /> Section 7. Delegation. <br /> (a) Pursuant to §11-57-205, C.R.S.,the Board hereby delegates to any member <br /> of the Board the authority to make the following determinations relating to and contained in the <br /> Financing Documents, subject to the restrictions contained in paragraph(b)below: <br /> (i) The interest rate on the Loan; <br /> (ii) The principal amount of the Loan; <br /> (iii) The amount of principal of the Loan maturing in any given year and the <br /> final maturity of the Loan; <br /> (iv) The dates on which the principal of and interest on the Loan are paid; <br /> and <br /> (v) The existence and amount of capitalized interest or reserve funds for the <br /> Loan, if any. <br /> (b) The delegation in paragraph (a) of this Section shall be subject to the <br /> following parameters and restrictions: <br /> (i) the interest rate on the Loan shall not exceed 3.00%per annum; <br /> (ii) the principal amount of the Loan shall not exceed $1,427,130; and <br /> (iii) the final maturity of the Loan shall not be later than a date which is 40 <br /> years past the date on which the Financing Documents are executed and delivered. <br /> Section 8. Conclusive Recital. Pursuant to §11-57-210, C.R.S. and §31-35- <br /> 413, C.R.S., the Note may contain a recital that the Note is issued pursuant to and under the <br /> authority of such statutes. Pursuant to such statutes, such recital shall be conclusive evidence of <br /> the validity and the regularity of the issuance of the Note after its delivery for value, shall <br /> conclusively impart full compliance with all of the provisions of Title 31,Article 35,Part 4,C.R.S., <br /> and the Note containing such recital shall be incontestable for any cause whatsoever after its <br /> delivery for value. <br /> Section 9. Pledge of Revenues; Lien. The creation, perfection, enforcement, <br /> and priority of the pledge of revenues to secure or pay the Loan as provided herein shall be <br /> governed by §11-57-208, C.R.S., and this Loan Resolution. The amounts pledged to the payment <br /> of the Loan shall immediately be subject to the lien of such pledge without any physical delivery, <br /> filing,or further act. The lien of such pledge shall have the priority described in the Loan Contract. <br /> The lien of such pledge shall be valid,binding,and enforceable as against all persons having claims <br /> - 5 - <br />