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8-27-2001 12 35P FROM P. 2 <br /> • • <br /> "Project Costs" means the District's costs properly attributable to the Project and <br /> permissible as "Eligible Expenses" as set forth in provision B(2) of the Loan Agreement_ <br /> "Promissory Note" means the Promissory Note, dated August 1, 2001, evidencing the <br /> District's repayment obligation from the dat e of substantial completion of the Project, as set forth <br /> in Appendix 2 to the Loan Agreement, <br /> "Pro Rata Portion" means the dollar amount derived by dividing the amount of principal <br /> and interest to come due on the next Payment Date by the number osthly credits required to <br /> be made prior to such Payment Date. <br /> "Required Reserve Amount" means the amount oft u loan pa •ue under the <br /> Promissory Note on any Payment Date. •, 4 <br /> "Reserve Account" means a special account of the District Jt `2001 Note <br /> Reserve Account," created by this Resolution for the purpose of paying,,tt sary, the <br /> principal of and interest on the Promissory Note. <br /> "Resolution" means this Resolution which authorizes the execution of the Loan Contract <br /> and the issuance of the Promissory Note, including any amendments properly made hereto_ <br /> "State"means the State of Colorado. <br /> "Subordinate Lien Obligations" means one or more series of additional bonds, notes, <br /> interim securities or other obligations issued by the District having a lien on the Net Revenue <br /> which is subordinate or junior to the lien of the Promissory Note. <br /> "Wastewater System" means all of the District's sanitation and storm drainage facilities <br /> including without limitation interests in real and personal property now owned or hereafter <br /> acquired whether situated within or without the District boundaries and all present or future <br /> improvements, extensions, enlargements, betterments, replacements and additions thereto. <br /> Section 2. Authorization. In accordance with the Constitution of the State; the Acts; <br /> and all other laws of the State thereunto enabling, there is hereby authorized and approved the <br /> Loan Contract. There shall be issued by the District, acting and through its water activity <br /> enterprise, the Promissory Note in the aggregate principal amount not to exceed $1.500,000, for <br /> the purpose of paying the Project Costs and other costs in connection with the Promissory Note. <br /> All covenants, statements, representations and agreements contained in the Loan Contract and <br /> the Promissory Note are hereby approved and adopted as the covenants, statements, <br /> representations and agreements of the District. The accomplishment of the Project is hereby <br /> authorized, approved and ordered and it is hereby determined that the Promissory Note matures <br /> at such time not exceeding the estimated life of the Project. <br /> Section 3. Form of Promissory Note. The Promissory Note shall be in substantially the <br /> form set forth in Appendix 2 to the Loan Contract with such changes thereto, not inconsistent <br /> herewith, as may be necessary or desirable and approved by the officials of the District executing <br /> 02-96978.02 4 <br />