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combination of such assessments as the Board may determine from time to time, which <br /> assessments for special benefits are respectively designated in the Water Conservancy Act as <br /> "Class B" assessments,as "Class C" assessments and as"Class D"assessments,respectively. <br /> "Specific Ownership Taxes" means the specific ownership taxes which are collected by <br /> the Counties and remitted to the District pursuant to Section 42-3-107, C.R.S., or any successor <br /> statute. <br /> "State"means the State of Colorado. <br /> "Subordinate Obligations"means loans,bonds,notes, debentures, or other multiple fiscal <br /> year financial obligations having a lien upon the Pledged Revenues or any part thereof junior and <br /> subordinate to the lien thereon of the Promissory Notes. <br /> "Supplemental Act" means Part 2 of Article 57 of Title 11, Colorado Revised Statutes, as <br /> amended. <br /> "Water Conservancy Act" means Article 45 of Title 37, Colorado Revised Statutes, as <br /> amended. <br /> Section 2. Approval of Loan Contracts and Authorization of Promissory Notes. <br /> Pursuant to and in accordance with the Enabling Laws and the Ballot Authorization, there is <br /> hereby authorized and approved the execution of the Loan Contracts. There shall be issued by <br /> the District the Promissory Notes in the aggregate principal amount not to exceed $30,750,000, <br /> for the purpose of paying the Project Costs and other costs in connection with the Promissory <br /> Notes. All covenants, statements, representations and agreements contained in the Loan <br /> Contracts and the Promissory Notes are hereby approved and adopted as the covenants, <br /> statements,representations and agreements of the District. The accomplishment of the Project is <br /> hereby authorized, approved and ordered and it is hereby determined that the Promissory Notes <br /> matures at such time not exceeding the estimated life of the Project. <br /> Section 3. Security for the Promissory Notes. <br /> (a) The Promissory Notes are limited tax general obligations of the District, <br /> payable from the Pledged Revenues and moneys on deposit in the Reserve Account, and <br /> the District pledges its full faith and credit to the payment of principal of and interest on <br /> the Promissory Notes. All of the Promissory Notes, together with the interest thereon, <br /> shall be payable solely from and to the extent of the Pledged Revenues and moneys on <br /> deposit in the Reserve Account, and the Pledged Revenues are hereby pledged to the <br /> payment of the Promissory Notes. The Promissory Notes shall constitute an irrevocable <br /> lien upon the Pledged Revenues which is subordinate to the lien of the Series 2013 <br /> Bonds. Nothing herein shall be construed to require the District to levy an ad valorem <br /> property tax for payment of the Promissory Notes in excess of the Limited Mill Levy. <br /> The Promissory Notes shall not constitute a debt or indebtedness of the Counties, the <br /> State or any political subdivision of the State other than the District. <br /> (b) The amounts necessary to pay all costs and expenses incidental to the <br /> issuance of the Promissory Notes and to pay the principal of and interest on the <br /> 5 <br /> 4842-9493-1230.1 <br />