C150036 Paid in Full Contract

• Contract/PO #: C150036
• Contractor Name: Weld County Tri-Area Sanitation District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

6-27-2001 12.36PM FROM P. 3
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the same (whose manual or facsimile signatures thereon shall constitute conclusive evidence of
such approval). The maximum net effective interest rate authorized for the Promissory Note is
7-0% per annum, which is the rate of default interest thereunder.
Section 4. Fund and Accounts. There is hereby reaffirmed the Enterprise Fund and
there is hereby established the following accounts of the Enterprise Fund, which shall be
maintained by the District in accordance with the provisions of this Resolution: the Project
Account; the Note Account; and the Reserve Account.
Section 5. Project Account. All moneys received fro W B under the Loan
Agreement shall be credited to the Project Account shall be applied ' '+ ,- :: • ent of the
Project Costs. Upon the determination of the Board that all Project o1s i, e •aid or are
determinable, any balance remaining in the Project Account ., ounts necessary to pay
Project Costs not then due and owing) shall be applied solely`in a Ord i terms of the
Loan Contract, including without limitation provision A(3) thereof." - 1:
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Section 6. Security for Payment of the Promissory Note; Flow of Funds.
(a) Pledge of Net Revenues. The Promissory Note shall constitute an irrevocable
and first lien upon the Net Revenue, but not necessarily an exclusive such lien. The Net
Revenue is hereby pledged to the payment of the Promissory Note.
(b) Flow of Funds. The District shall credit to the Enterprise Fund all Gross
Revenue immediately upon receipt. The District shall pay from the Enterprise Fund all
Operation and Maintenance Expenses as they become due and payable. After such
payment or the allocation of Gross Revenue to such payment, the District shall apply the
Net Revenue in the following order of priority:
FIRST, to the credit of the Note Account, the amounts required by the
Section hereof entitled "Note Account", and to the credit of any other bond
account or subaccount hereafter established for the payment of interest on Parity
Lien Obligations issued in accordance with the Loan Contract;
SECOND, to the credit of the Reserve Account, the amounts required by
the Section hereof entitled "Reserve Account" and to the credit of any other
account hereafter established as a reserve account for Parity Lien Obligations;
THIRD, to the credit of any other fund or account hereafter established for
the payment of Subordinate Lien Obligations, including any sinking fund, reserve
fund or similar fund or account established therefor, the amounts required by the
resolution or other enactment authorizing issuance of the Subordinate Lien
Obligations; and
FOURTH, to the credit of any other fund or account as may be designated
by the District, to be used for any lawful purpose, any moneys remaining in the
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