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. ..-'" (,\ (:) NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GREELEY, COLORADO: SECTION 1. By virtue and pursuant to Article 11, Sections 1 and 6, and Article III of the Greeley City Charter, the Colorado Revised Statutes and the Colorado Constitution, and all other laws thereunto enabling, the City of Greeley shall agree to pay and pledge its full faith and credit to repay all the costs incurred in constructing and installing the Rehabilitation of Hou rgl ass Dam. Payment shall consist of fifteen (15) equal principal payments of Twenty-Four Thousand Ei~hty-Six Dollars ($24,086) with interest accruing at 5% per annum, in accordance with the project contract and the project contract amendment herinbefore stated. ' The payment 'schedule is as set out in the Payback Schedule (Exhibit C). The maximum net effective interest rate authorized to be paid under this contract shall be 5percent (5%) per annum. SECTION 2. Payinq A~ent. The afore-referenced payments shall be payable in lawful money of the United States of America at the offices of the Colorado Water Conservation Board, or such other place as designated in writing to the City of Greeley, or: to their successors and assigns. Such payment may be paid by ,check or warrant of the City' of Greeley. SECTION 3. Execution oftheProiect Contract and proiect Contract Amendment. The Project Contract 'has been previously executed by the City, of Greeley through its 'WaterandSewerB,oardChairman, W.D. Farr, and attested by , its Clerk, Betsy Holder, by lawful resolution of the City of Greeley imd the project contract amendment shall lie further executed by the City of ,Greeley through its lawfully elected Mayor,l<Iilliam J. Morton, and attested by its duly appointed Clerk. SECTION 4. Irrepealability of this Ordinance. This ordinance shall be irrepealable for a period not to exceed twenty-seven (27) years or such lesser time as is necessary to complete the payments referenced in Section 1 of this ordinance. , SECTION 5. Security for the Performance of the Obl i'lations Provided for in this Ordinance. A mortgage, in a form mutually satisfactory to the City of Greeley and the Colorado Water Conservation Board, shall be incorporated into this ordinance by reference as provided in Article III, Section 3-5 of the Greeley City Charter. In summary: a. The mortgage provides that the Colorado Water Conservation Board shall take a mortgage interest as provided by Colorado law in the Rehabilitation of Hourglass Dam. b. The mortgage provides that all the arore-referenced items are real property or fixtures and that if the sam shall be considered to be personal property under Colorado law or the Uniform Commercial Code, the mortgage shall be deemed to be a security agreement in personal property and shall be treated as such. Ie;