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~ . . ,- Th~ mGixirrn..Im rI::[ effectiv:= 1..:.1[!;!reS( r.:!t~ ;lUth;)r~zed co be paid u.nder this contract shall bl~ 5:;' ~<?:r annum. SECI'IOll 2. PdYL.'l~ Agent. Th~ .-i[ore-re::.:;!rzm.:ed payrnzots shall be payabb L'1 lawfuL iTOi1~Y or tne Ulllt~d SC_lt~S Df P-.m=rlca uc tne of:l.ces a: the '':olorado \-!dte.r CJu.sc.rv~a[ion ;}oard, 'x suen ~[ner ;,lacc:! 25 design3ced L'1 l:lI'lt:i...ng to C02 Cicv 0f Cor(.e::. 0(" co thc1.r succ~ssa.rs ::u"le ::iss.Lgns. Such paym=n'c may be paid "by check or '''''arrant :J: th.; Ci1::1 IJ: CorL::!:::. SECfIOtl 3. Execution Jf the. rro1ecc C0ntract: cad Proiccc Contract AmendrrY2nc. The Pro_i ecc: CO:ltracc nas been pr~v1.ously e.v.:ecuc2d by the Cicy of Corte:: through its ~.fayor, :Silly!:. Smrc, and 2ttested by its Clerk, :,onnie L. Gdllion, by ldwful ces01ucion of the City of Cort2z, aod the Prq~ect Contract ~~ndment shall be further ~~ecut~C ~y the CiQ! of Curte: through 1t3 lawfully .:l:::!ct.ed !~ayor. :3illy F. Smart. arId act.ested by iL:S duly appolilced Clerk. SECTIOH 4. Irrepealability of this ()rd~nanc2. This -:)rdinance shall be irrepealable for a period not to exceed t:Jrcy f40' years or such lesser c~ dS ~s necessary to camplet2 the payments refer~lced in S~ction 1 of this J rdi.nance. SECTIon 5. S~cur~ty ;~or the Performance '.Jf tDe Obligations ProVided ror in this Ordi(lanC;. A rrortgag-e:. L'1 a tvrIIl mutually satistactory to the City at Cortez. tne Dolore3 I,Jater Conserva..'1CY District, wid the Colorado Hater Conservation :Joard, .shall be incorporaced into this Ordina..1.ce by reference as provld:::!d in Art~cle III. Scct~Oil 11 of the Corte:::: City Charter. 1.1 stmmary: a' The trort:gage provu!es that the Colora.do \1.<.lter Conservation Board shall cake 8 rrorcgage incerest as provided by Colorado law in the ~4" and 30" ductile iron pipe Gild appurtenances. vaults, air release valves, draw valves and asserrbli2s, and all land acqu~red as easement for said pipeline. b) The aDrtgage provides that all the afore- referenced it~ are real property or fixtures and that if the SaIIJ?: shall be considered to be persunal property tL."lder Colorado law or the UnifOiTIl Conm::!rcial Code. the rortgage shall be deemed to be a security dgreement in personal property and shall be treated as such. c) The rortgage provides chat the rrortgagae is justly indebted to the rrortgagor L""l r.he amJunt of t>1.241~,141.51 and has agreed to pay the sarre with interest. eP The mortgdge requl.res that rortgagor has good tith~ to the premis~s and warraots the S~~ free of all oncurnbr~ces. .e) The: m:Jrtgdg~ provides for a future advance clause and provides that such ITDrtgagor .shall pledge its full faith and credit to assure repa~nt of t~e agrc~nt l~an tJ the mortgag~e. f) The mrtgage provides that the rrortgagor shall ~10t damage or ocherwise allow the destruction of the security, will keep the security insured to che extent such insurance can be obtained. and shall maintain the premises in good condition and repair and shall not suffer any waste to the premises artd shall ccxnpiy 'i.vic.n all statutes and requirements of government authoriti::!.s 'i.V1.ch jurisdl:::tion. g) pay ene 'i,oJaS te of The roort:gage provides. for-eveni~f;defauit - suci1:-as indebtedness. breach of warrancie's',.~ derivlicion. or the premises. or attachment of mechanics -li~is. _~__L._ _, ^,,~ failure. lio~-~ ',?I<~ :-_-,~tt;'~j'!; . Chreat,e'ned\'" ~, ~ '~'. i SFCTION 6. Payment of Princ~pal and L'lterest. There may be establisned a spec1al prJ.llc1pai and interest rurld 'the Rav7 Uater Project C,mcract Fund' co concain che proceeds fraIl such assessments which may be l~V1ed againsc che propc:rc~i;!.s of che City of Cortez or ymich may be levied by asses::.-mellt of water charges fvr the use of rami.cipal water either wit:hin or w1thout th2 l~ts vf the City of Cortez. rIor:hing in this Ordir.anc2 or 111 the creation of the afore-referenced fund snall preclude the City from budget1ng and applying such rrnnies from other 40907/0RDS2 - 3 - 694