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CT2019-2250 Contract
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CT2019-2250 Contract
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Last modified
9/25/2018 3:49:06 PM
Creation date
9/25/2018 3:48:51 PM
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Loan Projects
Contract/PO #
CT2019-2250
Contractor Name
Roxborough Water and Sanitation District
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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District's Water Transmission Charge within the Ravenna Area, as received by or <br /> otherwise credited to the District, shall immediately be subject to the lien of the pledge <br /> stated above without any physical delivery, filing, or further act. The lien of each such <br /> pledge, and the obligation to perform the contractual provisions made in this Resolution <br /> and the Financing Documents, shall have priority over any or all other obligations and <br /> liabilities of the District except as may be otherwise provided in this Resolution or in the <br /> Financing Documents. The lien of the above pledge shall be valid, binding, and <br /> enforceable as against all persons having claims of any kind in tort, contract, or otherwise <br /> against the District irrespective of whether such persons have notice of such liens. <br /> (b) Establishment of Accounts. There shall be established and maintained by <br /> the District such accounts or subaccounts within the Water Enterprise Fund necessary or <br /> convenient to carry out the terms and provisions of this Resolution and the Loan <br /> Contract, including without limitation the Note Account and the Reserve Account. <br /> (c) Other Legally Available Revenues. In setting the District's Water <br /> Transmission Charge, the Board may, but shall not be obligated to consider other <br /> revenues legally available to the District for the purpose of paying the principal of and <br /> interest on the Note when due, including but not limited to revenues generated by the <br /> imposition of the District's availability of service charge. <br /> (d) The Note Does Not Constitute a Debt. CWCB may not look to any <br /> general or other fund of the District for the payment of the principal of or interest on the <br /> Note, except the funds and accounts pledged thereto pursuant to authority of this <br /> Resolution, and the Note shall not constitute a debt or an indebtedness of the District <br /> within the meaning of any constitutional or statutory provision or limitation; nor shall <br /> they be considered or held to be a general obligation of the District. <br /> Section 5. Various Findings, Determinations, Declarations and Covenants. The <br /> Board, having been fully informed of and having considered all the pertinent facts and <br /> circumstances, hereby reaffirms the covenants set forth in the Loan Contract and further finds, <br /> determines, declares and covenants that: <br /> (a) Additional Obligations. No bonds, notes, interim securities or other <br /> obligations shall be issued payable from the Pledged Revenues and having a lien thereon <br /> which is on a parity with or subordinate to the lien of the Note unless the requirements set <br /> forth in Section 14(E) of the Loan Contract have been met. <br /> (b) Note Account. Moneys in the Note Account shall be used solely for the <br /> purpose of paying the interest on and principal of the Note on each Payment Date. Upon <br /> the determination that the Project is substantially complete the District shall, on or before <br /> the last day of each month, credit to the Note Account from the Net Revenue an amount <br /> equal to the Pro Rata Portion of the interest and principal to come due on the Note on the <br /> next succeeding Payment Date. In the event of insufficient Net Revenue, moneys shall <br /> be first applied to the payment of interest. <br /> 5 <br /> A vin 114 41 ccnn <br />
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