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AMOUNT due. <br /> 6. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br /> PROJECT in accordance with the terms of this CONTRACT shall be remitted to the CWCB within <br /> 30 calendar days from notification from the CWCB of either (i) completion of the PROJECT or <br /> (a) determination by the CWCB that the PROJECT will not be completed. Any such loan Funds <br /> so remitted to CWCB shall be applied to the principal payment of amounts due on the Loan. <br /> 7. BORROWER'S Authority to Contract. The BORROWER warrants that it has full power and <br /> authority to enter into this CONTRACT. The execution and delivery of this CONTRACT and the <br /> performance and observation of its terms, conditions and obligations have been duly <br /> authorized by all necessary actions of the BORROWER. The BORROWER's AUTHORIZING <br /> RESOLUTION is attached as APPENDIX 4 and incorporated herein. <br /> S. Attorney's Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, the <br /> BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's <br /> 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 governing bodies of the BORROWER; and <br /> c. there are no provisions in the Colorado Constitution or any other state or applicable <br /> and binding 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 the <br /> CWCB subject to typical limitations related to bankruptcy, police power, and creditor's <br /> rights generally;and <br /> e. the BORROWER was formed as a water authority (or water conservancy district) <br /> pursuant to the provisions of C.R.S. 37-45•i-iol, et. seq., and is operated as a water <br /> activity enterprise pursuant to the provisions of C.R.S. 37-45.1-1o1, et. seq., and is a <br /> government-owned business authorized to issue its own revenue bonds and receiving <br /> fewer than lo% of annual revenue in grants from all Colorado state and local <br /> governments combined within the meaning of Article X, Section ao of the Colorado <br /> Constitution; and <br /> 9. Pledge of Revenues. The Borrower irrevocably (but not exclusively) pledges to the CWCB, <br /> for the purpose of repaying the LOAN AMOUNT, the PLEDGED REVENUES, in such amount as is <br /> necessary to make each annual payment due under this LOAN CONTRACT. Such pledge of the <br /> PLEDGED REVENUES is on parity with the loans identified in SECTION 5 OF APPENDIX 1 (the <br /> "EXISTING PARITY LOANS") and any additional indebtedness that may be secured by the <br /> PLEDGED REVENUES in the future that is incurred in accordance with SECTION B.9.E. hereof, <br /> (the "ADDITIONAL PARITY INDEBTEDNESS," and together with the EXISTING PARITY LOANS, the <br /> "PARITY INDEBTEDNESS.") <br /> Page 4 of 14 <br />