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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 not <br /> be completed. Any such loan funds so remitted to CWCB shall be applied to the <br /> 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. The <br /> BORROWER'S AUTHORIZING RESOLUTION(S) OR ORDINANCE(S) are attached as APPENDIX <br /> 3 and incorporated herein. <br /> 7. Attorney's Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, <br /> the BORROWER shall submit to the CWCB a letter from its attorney stating that it is the <br /> attorney's opinion that: <br /> a. the CONTRACT has been duly executed by officers of the BORROWER who are duly <br /> elected or appointed and are authorized to execute the CONTRACT and to bind the <br /> BORROWER; and <br /> b. the resolutions of the BORROWER authorizing the execution and delivery of the <br /> CONTRACT were duly adopted by the BORROWER'S board of directors and/or <br /> shareholders; and <br /> c. there are no provisions in the BORROWER'S articles of incorporation or bylaws or <br /> any state or local law that prevent this CONTRACT from binding the BORROWER; and <br /> d. the CONTRACT will be valid and binding against the BORROWER if entered into by <br /> the CWCB. <br /> e. the BORROWER was formed and is operated as a water authority pursuant to the <br /> provisions of C.R.S. 37-45.1-101 and is a government-owned business <br /> authorized to issue its own revenue bonds and receiving fewer than 10% of <br /> annual revenue in grants from all Colorado state and local governments <br /> combined within the meaning of Article X, Section 20 of the Colorado <br /> Constitution. <br /> 8. Pledge of Revenues and Pledge of Property. The BORROWER irrevocably pledges <br /> to the CWCB, for purposes of repayment of this loan: (1) the PLEDGED REVENUES as <br /> defined in the Loan Resolution set forth in Appendix 3 and any other funds legally <br /> available to the BORROWER, in an amount sufficient to pay the annual payment <br /> due under this CONTRACT (collectively PLEDGED REVENUES), and (2) 200 acre-foot <br /> units of Colorado-Big Thompson Project Water contractual rights administered <br /> through Northern Water(PLEDGED PROPERTY OR COLLATERAL). <br /> a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep <br /> the PLEDGED REVENUES in an account separate from other BORROWER <br /> revenues and warrants that these revenues will not be used for any other <br /> purpose. <br /> b. Establish Security Interest. The BORROWER has duly executed a SECURITY <br /> Page 3 of 13 <br />