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<br />to, an assessment levied for that purpose as authorized by <br />Resolution of the Contractor. The Contractor hereby pledges <br />such assessment revenues to repay the state loan, warrants that <br />these revenues will not be used for any other purpose, and <br />agrees to provide the state a perfected security interest in the <br />form provided by the state irrevocably pledging such revenues on <br />the date of execution of this contract. <br /> <br />N. The Contractor warrants that it has duly passed, or will <br />pass, a Resolution (Exhibit C) by its Board of Directors <br />authorizing: the Contractor to enter into this contract with <br />the state to borrow the principal sum of Three Hundred Twenty- <br />Five Thousand Dollars ($325,000); to make assessment(s) <br />sufficient to payoff this contract loan pursuant to its terms <br />and to discharge this lawful indebtedness; to set aside this <br />assessment revenue in a special fund separate and apart from <br />other Contractor revenues to assure repayment of this revenue to <br />the state; and to sign a security interest in such assessment <br />revenues in favor of the state to secure the repayment. Copies <br />of such security interest (Uniform Commercial Code--Security <br />Agreement and Uniform Commercial COde--Financing Statement) <br />shall be attached hereto and incorporated herein as Exhibits G <br />and H, respectively. The Resolution of the Contractor and the <br />security interest of the Contractor are conditions precedent to <br />state performance. <br /> <br />O. The Contractor warrants that in the event of a default by <br />the Contractor in the repayment to the state, and upon written <br />notice thereof from the state, the Contractor shall, pursuant to <br />Article 41 of Title 37 and Article 43 of Title 37, CRS, <br />immediately take all necessary actions to levy an additional <br />assessment and to pledge additional revenues in a sufficient <br />amount and in a timely manner to cure the default and to repay <br />the state as required by the contract. Such additional revenues <br />shall be deemed covered by the existing security interest. <br /> <br />P. The Contractor warrants that the security interest executed <br />by the contractor in favor of the state to secure repayment of <br />this loan is a valid security interest which shall be binding <br />against the Contractor and that the Contractor has perfected <br />this security interest such that the state has priority over all <br />other competing claims for such secured revenues. <br /> <br />Q. The Contractor warrants that by acceptance of the loan money <br />pursuant to the terms of this contract and by the contractor's <br />representation herein, the Contractor shall be estopped from <br />asserting for any reason that it is not authorized or obligated <br />to repay the loan money to the state as required by this <br />contract. <br /> <br />R. No monies will become available from this contract unless an <br />equal amount is made available by the contractor, as the equal <br />cost-share for the project. <br /> <br />s. All notices, correspondence, <br />this contract shall be delivered <br />addresses: <br /> <br />or other documents required by <br />or mailed to the following <br /> <br />1. For the state: <br />David Walker, Director <br />Colorado Water Conservation Board <br />721 state Centennial Building <br />1313 Sherman street <br />Denver, CO 80203 <br />Attn: Frank Akers <br /> <br />2. For the Contractor: <br />The Julesburg Irrigation <br />District <br />114 W. 1st street <br />Julesburg, CO 80737 <br />Attn: Alex Gerk <br />President <br /> <br />Page ~ of 10 pages <br />