C153351 Paid in Full Documents

• Contract/PO #: C153351
• Contractor Name: Town of Breckenridge
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Hundred Twenty-Four Dollars ($60,624)each, which first installment shall be due and
payable on July 15, 1983,and yearly thereafter until the entire principal sum shall have
been paid. Said installment payments shall be made payable to the Colorado Water
Conservation Board, payable at the offices of said Board in Denver, Colorado. The
ASSIGNEE may, at any time, request the STATE'S consent to prepayment of the loan.
The ASSIGNEE agrees that the specific revenues to be pledged to repay the STATE shall
be derived from revenues from the ASSIGNEE'S water system enterprise fund, as
authorized by ordinance of the ASSIGNEE. Furthermore, ASSIGNEE agrees that
a. The ASSIGNEE hereby pledges such revenues to repay the STATE loan, agrees that
these revenues will be set aside and kept in an account separate from other ASSIGNEE
revenues, warrants that these revenues will not be used for any other purpose, and
agrees to provide the STATE a perfected security interest such that the STATE has priority
over all other competing claims for such revenues.
b. The ASSIGNEE agrees that, in order to provide a security interest irrevocably pledging
such revenues to the STATE, it will provide a completed and properly executed Uniform
Commercial Code Security Agreement and Financing Statement, attached hereto as
ATTACHMENT 4 and incorporated herein. The ASSIGNEE shall, within thirty (30) days
prior to the end of the fourth year that this contract is in effect and every five (5) years
thereafter, deliver to the STATE a completed and properly executed Continuation
Statement (Form UCC-3) of the security interest (UCC Security Agreement and
Financing Statement) required by this contract amendment.
c. The ASSIGNEE shall, pursuant to its home rulehrt a s ..;,uthorized by its
ordinance,take all necessary actions consistent they `with t fi . 4e es and charges
sufficient to pay this contract loan in a timely manne5 nd ass ` . ••'.y the terms and
conditions herein. In the event the fees and charges fixed by the ASSIGNEE become
insufficient to assure repayment to the STATE-AS glired-byst r s a. j conditions
herein,then the ASSIGNEE shall immediately takeal necesstii n i ;e nt with its
home rule charter, including but not be limited to�fixirig a #itio f • c arges to
raise sufficient revenue to assure repayment of the loan to the STATE.
D. Paragraph I is amended to read as follows:
Upon completion of repayment to the STATE of the sum of Two Million Four Hundred
Twenty-Four Thousand Nine Hundred Sixty Dollars ($2,424,960) as set forth in
paragraph A.12 of this contract, the STATE agrees to execute a release of deed of trust
to convey to the ASSIGNEE all of the STATE'S right, title and interest in and to the
PROJECT and any other property described in paragraph A.5 of this contract, and to
execute a UCC-3 form to terminate all of the STATE'S right, title and interest in and to
the revenues pledged to repay this loan.
9. The effective date of this Amendment is the date first written above.
10. Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance, or
contradiction between the provisions of this Amendment and any of the provisions of the ORIGINAL
CONTRACT, the provisions of this Amendment shall in all respects supersede, govern, and control.
The SPECIAL PROVISIONS shall always be controlling over other provisions in the contract or
Page 4 of 5