C150335 PIF Documents

• Contract/PO #: C150335
• Contractor Name: Cemter of Colorado Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

authorizing resolution(s) or ordinance(s) are attached as Appendix 3 and incorporated
herein.
7. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the
BORROWER shall submit to the CWCB a letter from its bond counsel stating that it is the
attorney's opinion that
a. the contract has been duly executed by officers of the Bo i•WER who =re duly
elected or appointed and are authorized to execute the • .4 . • to bind the
BORROWER;
b. the resolutions or ordinances of the BORROWE iz' the - on and
delivery of the contract were duly adopted by go odie- of the
BORROWER;
c. there are no provisions in the Colorado Constitution or any other - •cal law
that prevent this contract from binding the BORROWER;
d. the contract will be valid and binding against the BORROWER if entered ins• by the
CWCB.
e. the election held by the Borrower to obtain voter approval of this loa met all
requirements of the Colorado Constitution or any other state or local law.
8. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for •urposes
of repayment of this loan, revenues levied for that purpose as authorized in Ap•endix 3
and any other funds legally available to the BORROWER, in an amount sufficie t to pay
the annual payment due under this contract ("Pledged Revenues"). Fu her, the
BORROWER agrees to:
a. Segregation of Pledged Revenues. The BORROWER shall set aside and eep the
Pledged Revenues in an account separate from other BORROWER reven es and
warrants that these revenues will not be used for any other purpose.
b. Establish Security Interest. The BORROWER has duly executed a Security
Agreement, attached hereto as Appendix 4 and incorporated herein, to •rovide a
security interest to the CWCB in the Pledged Revenues. The CWCB s -Al have
priority over all other competing claims for said revenues, except for th= liens of
the BORROWER'S existing loans as listed in Section 5 (Schedule of Existing Debt), of
the Project Summary, which sets forth the position of the lien create• by this
contract in relation to any existing lien(s).
c. Rate Covenant. Pursuant to its statutory authority and as permitted by law, the
BORROWER shall take all necessary actions consistent therewith during the term of
this contract to establish, levy and collect rates, charges and fees as des ribed in
Appendix 3, in amounts sufficient to pay this loan as required by the ter s of this
contract and the Promissory Note, to cover all expenditures for opera ion and
maintenance and emergency repair services, and to maintain adequ.:to debt
service reserves, including obtaining voter approval, if necessary, of incr-ases in
the BORROWER'S rate schedule or taxes, if applicable.
Loan Contract C150335
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