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<br />.~ <br />. '} <br /> <br />..... <br />r>.. <br /> <br />principal of the Loan Contract pursuant to its terms and to discharge this lawful indebtedness; and <br /> <br />Section 4. That the revenues generated by the Assessments(s) (the "Assessment Revenues"), <br />when collected, shall be applied only towards repayment of the Loan Contract until the <br />indebtedness is paid and discharged; and <br /> <br />Section 5. That the Board of Trustees hereby authorizes the Borrower to set aside the assessment <br />revenues in a special fund separate and apart from other Borrower revenues to assure repayment <br />of this revenue to the State; and <br /> <br />Section 6. That the Board of Trustees hereby authorizes the Borrower to execute a Security <br />Agreement creating a security interest in the Assessment Revenue, and <br /> <br />Section 7. That this ordinance shall be irrepealable until the Loan Debt is fully paid or discharged. <br /> <br />Emenzencv <br />. The adoption of this ordinance is necessary for the immediate preservation of the public peace, <br />health, safety and welfare. Therefore an emergency exists requiring that this ordinance take effect <br />immediately upon the adoption by an affirmative vote of three fourths of the members of the <br />Board of Trustees. <br /> <br />INTRODUCED, PASSED, APPROVED AND ADOPTED on this 14th day of August, 1995, by <br />a vote of ~ for and~against, 6 mem1ers ()fthe 7-member ard being p t. <br /> <br />I: . <br /> <br />/i,/. ) . /:11 "; <br />, , .'.'.. .: ( / <br /> <br />r' ro Tem <br /> <br /> <br /> <br />--- <br />'i!-/O; - 0;-5 <br /> <br />ATTEST: <br /> <br />~~ <br /> <br />Town Clerk /' <br />