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<br />executed releases of its security interests in the pledge of revenues and the <br />BORROWER'S interest in the Allotment Contract, which releases are attached hereto <br />as Appendix 1 and incorporated herein. The BORROWER has entered into a <br />Defeasance Escrow Agreement with the Bank of Cherry Creek, N.A. ("Bank") <br />qated December 30, 1998 and a First Amendment to Defeasance Escrow <br />Agreement dated April 24, 2001, both of which are incorporated herein by <br />reference and collectively referred to as "Escrow Agreement"), establishing the <br />"Town of Erie CWCB Loan Defeasance Escrow Account" ("Escrow Account"). Per <br />the Escrow Agreement, the moneys deposited into the Escrow Account shall be <br />used to purchase U.S. Government obligations ("Escrow Account Securities") and <br />establish a cash balance, and the Bank shall apply money from the cash balance <br />and maturing principal of and interest on the Escrow Account Securities to <br />payment of the principal of and interest on the loan due annually under this <br />contract until the loan is paid in full." <br /> <br />b. Paragraph B.8 is revised to read as follows: "The BORROWER agrees that the <br />specific revenues to be pledged to repay the STATE under this Contract shall be <br />the cash balance of the above-described Escrow Account and maturing principal of <br />and interest on the Escrow Account Securities. The BORROWER warrants that the <br />Escrow Account Securities and other moneys held in the Escrow Account are <br />irrevocably appropriated for the payment of this loan, and that the Bank shall hold <br />said moneys and Escrow Account Securities wholly segregated from other funds <br />and securities of the Bank." <br /> <br />c. Paragraph B.9 is revised to read as follows: "During the term of this contract, if for <br />any reason at any time the funds on hand in the Escrow Account are insufficient to <br />meet payments on the annual loan payment date as the same shall be about to <br />become due and payable, the BORROWER shall forthwith deposit in the Escrow <br />Account such additional funds as maybe required fully to meet the amounts so <br />about to become due and payable." <br /> <br />d. Paragraphs B.10 and B.11 are deleted. <br /> <br />e. Paragraph B.12 is revised to read as follows: "The BORROWER shall not convey, <br />assign, grant, transfer, mortgage, pledge, encumber or otherwise dispose of the <br />moneys and securities held in the Escrow Account, or any portion thereof, so long <br />as any of the annual installments required by this Contract remain unpaid. Further, <br />the BORROWER shall not amend the Escrow Agreement without the prior written <br />concurrence of the CWCB." <br /> <br />f. Paragraphs C.2, C.3, and the last three paragraphs of Paragraph C.4 are deleted. <br /> <br />g. Paragraph D is deleted. <br /> <br />h. Paragraph J(a) is revised as follows: Colorado Water Conservation Board, Attn: <br />Construction Fund, 1313 Sherman Street, Room 721, Denver, CO 80203. <br /> <br />i. Paragraph J(b) is revised as follows: Town of Erie, Attn: Mayor, P. O. Box 100, <br />Erie, CO 80516, <br /> <br />4. . Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, <br /> <br />Page 2 of 3 <br />