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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />may be required by the Articles of Incorporation or By-laws of the <br />Company to properly execute the contract and perform all the <br />terms and conditions thereof in a timely manner. <br />5. The Company is authorized to execute and perfect a security <br />interest in the form provided by the State in the revenues result- <br />ing from the assessments levied for the purpose of repayment of <br />the contract loan to the State. That security interest shall be <br />signed by the President and Secretary. That security interest <br />shall be deemed to include any future assessment revenues ob- <br />tained for repayment of the contract loan. The Company shall <br />insure that the State has a priority interest in such revenues. <br />6. The Company is authorized to establish a separate fund account in <br />the Company name and in the name of lithe State of Colorado, for <br />the use and benefit of the Colorado Water Conservation Con- <br />struction Fund" at a state or national bank or savings and loan <br />association insured by the federal government, and to deposit in <br />such account all revenues resulting from the assessments made to <br />repay the contract loan to the State, and to pay such monies to <br />the State as required by the contract. The Company shall assure <br />that these revenues are not used for any other purpose. <br />7. The Company is authorized to issue a Deed of Trust as security <br />for the loan from the State within thirty (30) days of substantial <br />completion of the Project which shall convey to the State an <br />undivided fifty percent (50%) of the following, as such are <br />incorporated in the project: <br />a. Approximately 1830 cubic yards of Class A fill material. <br />b. Approximately 2875 cubic yards of Class C fill material. <br /> <br />3 <br />