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m. <br /> the final disbursement of loan funds that the CWCB makes to the BORROWER. <br /> 5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for <br /> the PROJECT in accordance with the terms of this CONTRACT shall be remitted to <br /> the CWCB within 30 calendar days from notification from the CWCB of either (1) <br /> completion of the PROJECT or (2) determination by the CWCB that the PROJECT will <br /> not be completed. Any such loan funds so remitted to CWCB shall be applied to <br /> the principal payment of amounts due on the Loan. <br /> 6. Borrower's Authority to Contract. The BORROWER warrants that it has full power <br /> and authority to enter into this CONTRACT. The execution and delivery of this <br /> CONTRACT and the performance and observation of its terms, conditions and <br /> obligations have been duly authorized by all necessary actions of the BORROWER. <br /> The BORROWER'S AUTHORIZING RESOLUTION(S) (LOAN RESOLUTION) OR <br /> ORDINANCE(S) are attached as APPENDIX 3 and incorporated herein. <br /> 7. Bond Counsel's Opinion Letter. Prior to the execution of this CONTRACT by the <br /> CWCB, the BORROWER shall submit to the CWCB a letter from its bond counsel <br /> stating that it is the bond counsel's opinion that: <br /> a. The SUBDISTRICT has full legal right and authority to execute the LOAN <br /> DOCUMENTS and to observe and perform its duties, covenants, obligations and <br /> agreements thereunder. <br /> b. All of the taxable property of the SUBDISTRICT is subject to the levy of an ad <br /> valorem property tax, which shall not exceed fifty mill, in an amount, when <br /> taking into account all revenues generated by the imposition of user rates, <br /> fees, or surcharges by the SUBDISTRICT is sufficient to pay the principal of and <br /> interest on the PROMISSORY NOTE according to its terms. <br /> c. The LOAN DOCUMENTS have been duly authorized, executed and delivered by <br /> authorized officers of the SUBDISTRICT; and, assuming in the case of the LOAN <br /> CONTRACT and the SECURITY AGREEMENT, that the CWCB has all the requisite <br /> power and authority to authorize, execute and deliver, and has duly <br /> authorized, executed and delivered the LOAN CONTRACT and the SECURITY <br /> AGREEMENT, the LOAN DOCUMENTS constitute legal, valid and binding <br /> obligations of the SUBDISTRICT, enforceable in accordance with their respective <br /> terms. <br /> d. The SUBDISTRICT has complied with the requirements of Article X, Section 20 of <br /> the Colorado Constitution in connection with an election held within the <br /> SUBDISTRICT in November 2014 and the execution and delivery of the LOAN <br /> DOCUMENTS. <br /> 8. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for <br /> purposes of repayment of this loan, the PLEDGED REVENUES as defined in the Loan <br /> Resolution set forth in APPENDIX 3 and any other funds legally available to the <br /> BORROWER, in an amount sufficient to pay the annual payment due under this <br /> CONTRACT. <br /> Page 3 of 13 <br />