C150243 PIF Documents

• Contract/PO #: C150243
• Contractor Name: Aurora, City of
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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b. The Loan shall be secured by an irrevocable and second lien (but not necessarily
an exclusive second lien), on a parity with Outstanding and subsequently issued
Second-Lien Obligations but expressly subordinate and jun'. to Outstanding and
subsequently issued First-Lien Obligations, as defined in i ' `- o, General
Ordinance (Appendix 3) and Article 2 of Ordinance No. 2c , c d ereto
as Appendix 4). .
c. Debt Service Reserve Account. There is here is *V . 107 CWCB
Debt Service Reserve Account, into which shall be p.'' • a llyi "b r a
period of ten years an amount equal to one-tenth of the ann I at r 'ce
Requirement of the Loan from Net Pledged Revenues after payment o - - -bt
Service Requirements of the Loan, and as further described in Section 5 of the
2007 CWCB Series Ordinance. The 2007 CWCB Reserve Account shall be held
and maintained for the purpose of defraying Debt Service Requirements of the
Loan to the extent the Net Pledged Revenues are not sufficient for such purpose,
and if so applied shall be replenished from legally available funds within 90 days
of withdrawal of the funds.
d. Additional Obligations. Additional Obligations payable from the Net Pledged
Revenues shall be issued only upon compliance with Section 5.02 of the General
Ordinance and Section 4.01 of the 2004 Series Ordinance.
e. Annual Statement of Debt Coverage. Each year during the term of this
Contract, the Borrower shall submit to the CWCB an annual audit report and a
certificate of all Utility Enterprise debt service coverage from a certified public
accountant.
9. Compliance with Covenants. The Borrower shall, throughout the term of the Loan,
comply with all of the covenants on its part contained in the General Ordinance, the
CWCB 2007 Series Ordinance and this Agreement.
10. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
principal, all accrued interest, and late charges, if any, as specified in the Promissory
Note, the CWCB agrees to release and terminate any and all of the CWCB's right, title,
and interest in and to the Pledged Revenues.
11. Warranties.
a. BORROWER'S Authority To Contract. The BORROWER warrants that it has full
power and authority to accept the Loan and enter into this Contract. The execution
and delivery of this Contract and the performance and observation of its terms,
conditions and obligations have been duly authorized by all necessary actions of
the BORROWER. The BORROWER'S authorizing ordinances are attached as
Appendices 3-5 and incorporated herein.
b. The BORROWER warrants that, by acceptance of the loan under this Contract and
by its representations herein, the BORROWER shall be estopped from asserting for
any reason that it is not authorized or obligated to repay the loan to the CWCB as
required by this Contract.
Loan Contract C150243
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