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CITY OF CORTEZ <br /> RESOLUTION NO. WE-2015-2 <br /> CWCB Loan for AMR Page 2 of 2 <br /> 3. The Enterprise shall place said pledged revenues in the Water Revenue <br /> Fund established pursuant to Ordinance No. 1138, Series 2010. <br /> 4. The Enterprise is to make the annual payments required by the Loan <br /> Contract and related Promissory Note, and to make annual deposits to a debt service <br /> reserve fund as required by the Loan Contract. <br /> 5. The Water Enterprise is authorized to pledge its revenues, backed by <br /> CWCB's customary rate covenant and annual financial reporting, as collateral for the <br /> loan and to execute all documents, including a Promissory Note and Security <br /> Agreement, necessary to convey a security interest in said property to the CWCB. <br /> 6. The Mayor is authorized to execute all documents as required by the Loan <br /> Contract, including, but not limited to, a Promissory Note and Security Agreement. <br /> 7. The Cortez City Manager is authorized to take such other actions and to <br /> execute such other documents as may be necessary to consummate and implement the <br /> loan. <br /> INTRODUCED, READ, AND PASSED AS A RESOLUTION THIS 14TH DAY OF APRIL <br /> 2015, AT A REGULAR MEETING OF THE CORTEZ CITY COUNCIL, ACTING AS THE <br /> GOVERNING BODY OF THE CITY OF CORTEZ WATER ENTERPRISE. <br /> CITY OF CORTEZ, COLORADO, <br /> BY AND THROUGH ITS CITY OF CORTEZ <br /> WATER ENTERPRISE <br /> By: #104% /l4//G <br /> Karen . Sheek, Mayor <br /> ATTEST: <br /> Linda L. Smith, City Clerk <br /> j:\pwadmin\council\resolutions\2015\cwcb loan res#we-2.doc <br /> Appendix 3 <br /> Page 2 of 2 <br />