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<br />, <br /> <br />. <br /> <br />. <br /> <br />, ' <br /> <br />any lawful action to cure such default, including, but not limited <br />to, action authorized pursuant to ~7-42-104, C.R.S., the Articles <br />of Incorporation and the By-laws of the Company. <br />5. The Board approves the execution and perfection of 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, which security interest shall be <br />deemed to include any future assessment revenues obtained for <br />repayment of the contract loan. The Board shall insure that the <br />State has priority interest in such revenues. The President and <br />Secretary are authorized to sign that security interest. <br />6. The Board approves the establishment of a separate fund account <br />in the Company name and in the name of "the State of Colorado, <br />for 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, depositing in such <br />account all revenues resulting from the assessments made to repay <br />the contract loan to the State, and shall assure that those reve- <br />nues are not used for any other purpose. The President and the <br />Secretary are authorized to establish such an account. <br />7. The Board approves the issuance of a Deed of Trust as security <br />for the loan from the State within thirty (30) days of completion of <br />the Project which shall convey to the Public Trustee of the County <br />of La Plata for the benefit of the State an undivided fifty percent <br />(50%) of the following, as such are 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 />