C150121 Paid in Full Contract

• Contract/PO #: C150121
• Contractor Name: Little Thompson Water District
• Contract Type: Loan
• Loan Projects - Doc Type: Application

BORROWER;
b. the resolutions or ordinances of the BORROWER authorizing the execution and
delivery of the contract were duly adopted by the governing bodies of the
BORROWER;
c. there are no provisions in the Colorado Constitution or any other state or local law
that prevent this contract from binding the BORROWER; and
d. the contract will be valid and binding against the BORROWER if entered into by the
CWCB.
8. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for purposes
of repayment of this loan, revenues levied for that purpose as authorized in Appendix 3
and any other funds legally available to the BORROWER, in an amount sufficient to pay
the annual payment due under this contract ("Pledged Revenues"). Further, the
BORROWER agrees to:
a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep the
Pledged Revenues in an account separate from other BORROWER revenues, and
warrants that these revenues will not be used for any other purpose.
b. Establish Security Interest. The BoRR MdV xecuted a Security
Agreement, attached hereto as Appendix 4herein, to provide a
security interest to the CWCB in the Pledg CWCB shall have
priority over all other competing claims for said reve L�J.
for the liens of
the BORROWER's existing loans as liste on exipting Debt), of
the Project Summary, which sets fort t os reated by this
contract in relation to an existing lien(s). H
Y 9
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 described in
Appendix 3, in amounts sufficient to pay this loan as required by the terms of this
contract and the Promissory Note, to cover all expenditures for operation and
maintenance and emergency repair services, and to maintain adequate debt
service reserves, including obtaining voter approval, if necessary, of increases in
the BORROWER's rate schedule or taxes, if applicable.
d. Debt Service Reserve Account. To establish and maintain the debt service
reserve account, the BORROWER shall deposit an amount equal to one-tenth of an
annual payment into its debt service reserve fund on the due date of its first annual
loan payment and annually thereafter for the first ten years of repayment of this
loan. In the event that the BORROWER applies funds from this account to
repayment of the loan, the BORROWER shall replenish the account within ninety
(90) days of withdrawal of the funds.
e. Additional Debts or Bonds. The BORROWER shall not issue any indebtedness
payable from the pledged revenues and having a lien thereon which is superior to
the lien of this loan. The BORROWER may issue parity debt only with the prior
written approval of the CWCB, provided that:
i. The BORROWER is currently and at the time of the issuance of the parity debt
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