Laserfiche WebLink
instruments or certifications as are deemed necessary or desirable in connection with the <br /> District's performance of its obligations under the Supplemental Financing Documents. <br /> Section 3. Accounts. The following accounts of the District, if not already <br /> established, are hereby established which shall be maintained by the District in accordance with <br /> the provisions of this Resolution and the Supplemental Financing Documents: The Project <br /> Account, the Note Account, and the Reserve Account. <br /> Section 4. Project Account. All moneys received from the CWCB under the Loan <br /> Contract shall be credited to the Project Account and shall be applied solely to the payment of <br /> the Project Costs. Upon the determination of the Board that all Project Costs have been paid or <br /> are determinable, any balance remaining in the Project Account (less any amounts necessary to <br /> pay Project Costs not then due and owing) shall be applied solely in accordance with the terms of <br /> the Loan Contract, including without limitation provision A(5)thereof. <br /> Section 5. Note Account. Moneys in the Note Account shall be used solely for the <br /> purpose of paying the principal of and interest on the Promissory Note. All moneys derived <br /> from the Pledged Revenues shall be deposited into the Note Account as and when they are <br /> received. <br /> Section 6. Reserve Accounts. Moneys in the Reserve Account shall be used, if <br /> necessary, only to prevent a default in the payment of the principal of or interest on the <br /> Promissory Note on any payment date and the Reserve Account is hereby pledged to the <br /> payment of the Promissory Note. In the event the moneys credited to the Note Account are <br /> insufficient to pay the principal of or interest on the Promissory Note when due, the District shall <br /> transfer from the Reserve Account to the Note Account an amount which, when combined with <br /> moneys in the Note Account will be sufficient to make such payments when due. <br /> Section 7. Election to Apply Supplemental Act. Section 11-57-204 of the <br /> Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, Colorado Revised <br /> Statutes (the "Supplemental Act") provides that a public entity, including the District, may elect <br /> in an act of issuance to apply all or any of the provisions of the Supplement Act. The District <br /> hereby elects to apply all of the sections of the Supplemental Act to the Supplemental Financing <br /> Documents. <br /> Section S. Delegation. <br /> (a) Pursuant to Section 11-57-205 of the Supplement Act, the Board hereby <br /> delegates to the President or any member of the Board the Authority to make the <br /> following determinations relating to and contained in the Supplemental Financing <br /> Documents, subject to the restrictions contained in paragraph(b) below: <br /> (i) The interest rate on the Loan; <br /> (ii) The principal amount of the Loan; <br /> {220091.DOC/} 4 <br />