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<br />-:....,.~ <br />, <br /> <br />of the planning, design, right of way acquisition, purchases of raw <br />water rights, and construction for the following segments of the <br />Project: <br /> <br />a. Carter Lake Outlet modifications, <br /> <br />b. Carter Lake to Broomfield Pipeline, and <br /> <br />c. the connecting raw water pipeline from the <br />Broomfield Pipeline to the Borrower's treated <br />water facilities so long as it is part of the <br />Project and under the design and construction <br />control of the District. <br /> <br />B. The Borrower agrees as follows: <br /> <br />1. The Borrower warrants that it has full power and <br />authority to enter into this Contract. The execution and delivery <br />of this Contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all <br />necessary actions of the Borrower. <br /> <br />2. The Borrower warrants that by accepting a loan <br />pursuant to the terms of this Contract and by the Borrower's <br />representations made herein, the Borrower shall be estopped from <br />asserting for any reason that it is not authorized or obligated to <br />repay the loan pursuant to the terms of this Contract to the State. <br /> <br />3. The Borrower warrants that the Erie Water Department <br />is an Enterprise lawfully created and maintained in compliance with <br />~ 37-45.1-101, et ~, C.R.S., and Article X, Section 20 of the <br />Colorado Constitution, and has authority to enter into this <br />Contract with the State. The Borrower shall immediately notify the <br />State in writing if the circumstances which formulate the basis of <br />this warranty change. <br /> <br />The Borrower agrees not to terminate the Erie Water <br />Department, nor adversely withdraw or deplete its assets, nor <br />otherwise adversely affect the Enterprise's ability to perform <br />during the term of this Contract. <br /> <br />4. The Borrower warrants that both the Town of Erie and <br />the Erie Water Department have complied with all statutory and <br />other requirements and duly passed a resolution by their respective <br />Boards, authorizing the Borrower to enter into this Contract with <br />the State to borrow the principal sum of the loan amount set forth <br />in paragraph A.l; to fix and collect water user charges and fees <br />sufficient to payoff the loan made under this Contract; to set <br />aside sufficient revenues each year to pay the annual installment <br />in a special fund separate and apart from other revenues of the <br />Borrower; to sign a security interest in the revenues pledged <br />herein and in the Borrower's interest in the Allotment Contract in <br />favor of the State to secure repayment; and to repay these loans to <br />the State. The Borrower's Resolution is attached hereto as <br />Appendix E and incorporated herein by this reference. The actions <br /> <br />Page 5 of 13 pages <br />