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<br />.... <br /> <br />(;; <br /> <br />. <br /> <br />I." <br />W <br /> <br />. <br /> <br />which will produce revenues sufficient to payoff this contract <br />loan pursuant to its terms and to discharge this lawful <br />indebtedness; the setting aside ot this revenue in a special <br />fund separate and apact from other Contractor revenues to <br />assure repayment of this revenue to the State. The passage of <br />the necessary ordinances by the Contractor and the reservation <br />on the balance sheet of the water utility fund of the Two <br />Hundred Thousand Dollars ($200.000) are conditions precedent to <br />SLate performance and shall be ~ttached hereto and included <br />herein by this reference. <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 <br />to its city charter. immediately take all necessary actions to <br />levy an additional assossment and to pledge additional revenues <br />in sufficient amount and in a timely manner to cure the default <br />and to repay the State as reqlJired by the contract. Such <br />additional revenues shall be deemed covered by the existing <br />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 uecurity interest such that the State has priority over <br />all other competing claims for such secured revenues. <br /> <br />Q. The Contractor warrants that by acceptance of the loan <br />money pursuant to the terms of this contract and by the <br />Contractor IS representation herein. the Contractor shall be <br />estopped from asserting for any reason that it is not <br />authorized or Obligated to repay the loan money to the State as <br />required by this contract. <br /> <br />R. No monies will become available from this contract unless <br />an equal amount is made available by the Contractor. as the <br />equal cost-share for the project. <br /> <br />S. All notices. correspondence. or <br />this contract shall be delivered or <br />addresses: <br /> <br />other documents required by <br />mailed to the following <br /> <br />(a) For the State: <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver. CO 80203 <br />Attn: Nick Ioannides <br /> <br />(b) For the Contractor: <br />City of Longmont <br />1100 So. Sherman Street <br />Longmont. CO 80501 <br />Attn: Ken S. Huson <br />Raw Water Engineer <br />Water/Wastewater Utilities <br /> <br />Page ~ of 10 Pages <br />