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from notification from the CWCB of either (1) completion of the PROJECT or (2) determination by the <br /> CWCB that the PROJECT will not be completed. Any such loan funds so remitted to CWCB shall be <br /> applied to the payment of amounts due on the Loan. <br /> 6. Borrower's Authority to Contract. The BORROWER warrants that it has full power and authority to <br /> enter into this CONTRACT. The execution and delivery of this CONTRACT and the performance and <br /> observation of its terms, conditions and obligations have been duly authorized by all necessary <br /> actions of the BORROWER. The BORROWER'S AUTHORIZING RESOLUTION (LOAN RESOLUTION) is <br /> attached as APPENDIX 3 and incorporated herein. <br /> 7. Attorneys' Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, the BORROWER <br /> shall submit to the CWCB a letter from its bond counsel stating that it is the bond counsel's <br /> opinion that: <br /> a. the resolution or ordinances of the BORROWER authorizing the execution and delivery of the <br /> CONTRACT were duly adopted by the governing bodies of the BORROWER; and <br /> b. the CONTRACT will be valid and binding against the BORROWER if entered into by the CWCB; <br /> and <br /> c. the election held by the BORROWER to obtain voter approval of this loan met all requirements <br /> of the Colorado Constitution or any other state or local law. <br /> In addition to the foregoing opinion of bond counsel, prior to execution of this CONTRACT by the <br /> CWCB, the BORROWER shall submit to the CWCB a letter from its general counsel stating that it is <br /> the general counsel's opinion that: <br /> a. the CONTRACT has been duly executed by officers of the BORROWER who are duly elected or <br /> appointed and are authorized to execute the CONTRACT and to bind the BORROWER; and <br /> b. there are no provisions in the Colorado Constitution or any other state or local law that <br /> prevent this CONTRACT from binding the BORROWER. <br /> 8. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for purposes of repayment <br /> of this loan, the PLEDGED REVENUES as defined, in the Loan Resolution set forth in APPENDIX 3, as <br /> an ad valorem property tax revenue in an amount sufficient to pay the annual payment due under <br /> this CONTRACT. <br /> a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep the pledged <br /> revenues in an account separate from other BORROWER revenues and warrants that these <br /> revenues will not be used for any other purpose. <br /> b. Establish Security Interest. The BORROWER has duly executed a SECURITY AGREEMENT, <br /> attached hereto as APPENDIX 4 and incorporated herein, to provide a security interest to the <br /> CWCB in the pledged revenues. The CWCB shall have priority over all other competing <br /> claims with respect to the Revenue, except for the liens of the BORROWER'S existing loans <br /> as listed in Section 5 (Schedule of Existing Parity Bonds), of the PROJECT SUMMARY, which <br /> sets forth the position of the lien created by this CONTRACT in relation to any existing lien(s). <br /> c. Debt Service Reserve Account or Fund. To establish and maintain the debt service <br /> Loan Contract C150409D <br /> Page 3 of 12 <br />