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<br />WHEREAS, the Town has h<;:retofore entered into a project contract made on March 3,
<br />1994 (the "Project Contract") with the Colorado Water Conservation Board (the "CWCB
<br />Board") for a water loan currently outstanding in the amount of 51,518,438 (the Water Contract,
<br />and supplemental documentation herein referred to as the "CWCB Loan"); and
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<br />WITNESSETH:
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<br />WHEREAS, a copy of the repayment schedule for the CWCB Loan, which has a 40-year
<br />term and accrues interest on the unpaid balance at the rate of2% per annum, is attached hereto as
<br />Exhibit A; and
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<br />WHEREAS, the Town has 39 remaining payments on the CWCB Loan, which are made
<br />annual installments of $56,442.07 to the Colorado Water Conservation Board, 1313 Shennan
<br />Street, Suite 721, Denver, Colorado 80203 on June 1 st of each year (the respective principal and
<br />interest payment dates referred to herein as a "CWCB Payment Date"), the first of which is due
<br />June 1, 1999; and
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<br />This document is incorporated
<br />into the contract by reference.
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<br />WHEREAS, pursuant to Ordinance No. 622 of the Town adopted by. the Board of
<br />,Trustees of the Town on December 17, 1998 ("Ordinance 622"), the Board of Trustees of the
<br />:yown (the "Town Board") has duly authorized the issuance of that certain series of its Water
<br />'Enterprise Revenue Refunding and Improvement Bonds, Series 1998, dated December I, 1998
<br />;ltjJe "1998 Bonds") (capitalized tenns used herein and not otherwise defined shall have the
<br />(~eanings set forth in Ordinance No. 622); and
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<br />~:' WHEREAS, paragraphs (a) and (b) of Section 16 of Ordinance No. 622 provide as
<br />"follows:
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<br />(a) Pledge of Revenues, The Town hereby pledges for the payment of the
<br />principal of, premium, if any, and interest on the Bonds and Parity Lien Bonds at
<br />any time Outstanding, and grants an irrevocable and first lien (but not an
<br />exclusive first lien) for such purpose on (i) the Net Revenues, and (ii) all moneys
<br />on deposit from time to time in the Water Fimd, subject to the application of the
<br />Gross Revenues as provided in the section hereof entitled "Deposit of Gross
<br />Revenues." These pledges shall be valid and binding from and after the date of
<br />the first delivery of the Bonds, and the moneys, as received by the Town and
<br />hereby pledged, shall immediately be subject to the lien of the respective pledges
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