C153351 Paid in Full Documents

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

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12. District To Cease To Exist: No Mill Levv. On and after
the date Order of the District Court entered pursuant to the
provisions of Section 32-1-707, C.R.S., the District will cease to
exist for all purposes. From and after such date, the District
will not have the power to impose a mill levy on the taxable
property located within the boundaries of the former District.
13. Limitations on District Authority. From and after the
date of this Agreement (i) no additional property will be included
within the boundaries of the District, nor will the boundaries of
the District be altered in any way, (ii) no new contract to
provide water service to property located outside the current
boundaries of the District will be entered into by the District,
and (iii) no new debt or financial obligation of any kind (other
than obligations arising from the normal, day to day operations of
the District) will be incurred by the District without the prior
written consent of the Town. Provided, however, that the Town
consents to the inclusion of Lot 10, Gold King Placer, County of
Summit and State of Colorado within the District, if such
inclusion is completed prior to the effective date of this
Agreement as described in Paragraph 1.
14. Certification of District As To Easements. The District
hereby certifies to the Town that, to the best of its knowledge,
information and belief, no substantial inadequacies exist in the
easements to the conveyed to Town pursuant to this Agreement.
15. protection of Directors. It is the intent of the Town
to release the Directors of the District from any further
liability (except for liability arising from the malfeasance or
intentional wrongdoing of such Directors) . If possible, an
extension of the Director's insurance coverage ("tail coverage")
will be purchased for a reasonable period extending beyond the
effective date of the dissolution of the District.
16. enforcement of Agreement. This Agreement may be
enforced by any owner of taxable real property located within the
boundaries of the former District.
17. Mutual Cooperation. The District and the Town mutually
agree to cooperate with one another to take such actions as are
necessary to expedite the dissolution of the District.
18. Dindina Effect. The terms and conditions set forth in
this Agreement shall be binding upon and shall inure to the
benefit of the District and the Town, and their respect successors
and assigns.
19. Enforcement of Agreement. Every obligation assumed by
or imposed upon either party shall be enforceable by any
appropriate action, petition or proceeding at law or in equity.
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