PROJ00110

• Contract/PO #: C153491
• Contractor Name: Upper Yampa Water Conservancy District
• Contract Type: Loan
• Water District: 0
• County: Routt
• Bill Number: HB 83-1102
• Loan Projects - Doc Type: Contract Documents

hereby pledged to [he payment of [he principal of and interest
on [he Bond and Che obliga[ion of Che Contractor [o pay the
principal and in[eres[ on the Bond cons[ituCes a qeneral
obligation of the Contrac[o[ and shall be payable fcom General
Taxes (as defined in the Resolu[ion) on all taxable propecty in
che geoqcaphical acea of [he Contractor (excep[ [o the exten[
any net revenues of the Contrac[or's water system are available
therefor). There is also pledged to the payment of [he �
principal of and interest on the Bond an irrevocable pledge�of
Revenues (as defined in Che Resolution) and the funds created
under the Resolution subjec[ to [he applications of such
Revenues and fund6 fo� the purposes contained in [he Resolution.
NotwithsCandin9 anything contained in this agreemen[ to che
contrary, Che obli9ation Co make paymen[ to Che Boacd of
amounts, other than pcincipal and in[erest on the Bond, is
subject and subordina[e Co [he paymen[ of [he Hond and the
Ou[s[anding Bonds (as defined in the Resolution) pucsuan[ [o
the Resolu[ion and Che resolu[ions au[hocizing [he Outstanding
Bonds.
19. No[ sell, convey, assign, grant, transEe�, mor[gage,
pledge, encumbec, or othe�wise dispose of [Ae pcoject or any
portion Che�eof without the prior wri[Cen concurrence of the
S[a[e so lonq as any of the annual installments cequired by
pacagraph B.16. above remain unpaid.
C. Upon defaul[ in [he payments herein set forth to be made by
[he Contrac[or to the State, or default in [he perfo[mance of
any covenant or agreement contained herein, the State shall
have all Che cights of a holder of the•BOnd under the
Resolution and, a[ i[s op[ion, may Cake any othe[ appropciate
leqal action. All remedies described hecein may be
simultaneously or selec[ively and successively enEocced. The
provisions oE Chis contrac[ may be enforced pY [he S[a[e at its
op[ion withou[ cegard [o prior waivers by it of pcevious
defaults by the Contcactor, [hcough judicial proceedings to
require specific perfo[mance of [his contrac[, or by such o[her
proceedinqs in law or equity as may be deemed necessacy by the
S[a[e [o insure compliance wi[h provisions of Chis con[ract and
[he laws and [equlations under which t�is con[ract is enteced
in[o.
D. This contract is not assignable by [he Con[ractor excep[
upon Che prior wri[[en approval of [he State,
E. The pacties to this con[cact intend [hat the rela[ionship
be[ween Chem contempla[ed by this con[�act i5 that of
lender-borcower, not employer-employee. No agent, employee, ot
secvan[ of the Contractor shall be or shall be deemed [o be an
employee, agent, or servant of Che Sta[e. The Contractor will
be salely and entirely cesponsible foc i[s aC[s and the acts of
its agents, employees, servants, engineering firms,
Cons[ruction Firms, and subcontrac[ors durinq [he pe�fo[mance
of Chis contrac[.
F. AC all times during Che performance of [bis cont�ac[, the
Contractor shall strictly adhere to all applicable fede�al and
state laws that have been or may hereafter be established.
G. This agreement is in[ended as [he compleCe integration of
all unde[standings between the parties. No prior or
contemporaneous addi[ion, deletion, or other amendment hereto
shall have any force or eEfec[ wha[soever unless embodied
herein in writing. No subsequent novation, renewal, addi[ion,
deletion, or other amendmen[ hereto shall haVe any force or
effect unless emCOdied in a wLitten con[rac[ execu[ed and
approved pursuan[ Co the Sta[e fiscal rules.
Page 5 of B Pages