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<br />~.~) <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF <br />GREELEY, COLORADO: <br /> <br />SECTION 1. By virtue and pursuant to ~rticle 11, Sections 1 and 6, and <br />Article III of the Greeley City Charter, th~ Colorado Revised Statutes and the <br />Colorado Constitution, and all other laws thereunto enabling, the City of <br />Greeley shall agree to pay and pledge its full faith and credit to repay all <br />the costs incurred in constructing and installing the Rehabilitation of <br />Barnes Meadow Dam. <br /> <br />Payment shall consist of twenty ilQl equal principal payments of Twentv- <br />Five 'Thousand One Hundred Fiftv Dollars and Fortv-Four Cents ($25.150.44) with <br />interest accruing at 5% per annum, in accordance with the project contract and <br />the project contract amendment hereinbefore stated. <br /> <br />The payment schedule is as set out in the PaybaCk Schedule (Exhibit C). <br /> <br />The maximum net effective interest rate authorized to be paid under this <br />contract shall be 5 percent (5%) per annum. <br /> <br />SECTION 2. Pavinq Aqent. The afore-referenced payments shall be payable <br />in lawful money of the United States of America at the offices of the Colorado <br />Water Conservation Board, or such other place as designated in writing to the <br />City of Greeley, or to their successors and assigns. Such payment may be paid <br />by check or warrant of the City of Greeley. <br /> <br />SECTION 3. Execution of the Proiect Contract and Proiect Contract <br />Amendment. The Project Contract has been previously executed by the City of <br />Greeley through its Water and Sewer Board Chairman, W. D. Farr, and attested <br />by its Clerk, Betsy Holder, by lawful resolution of the City of Greeley and <br />the project contract amendment shall be further executed by the City of <br />Greeley through its lawfully elected Mayor, William J. Morton, and attested by <br />its duly appointed Clerk. <br /> <br />SECTION 4. Irrecealabilitv of this Ordinance. This ordinance shall be <br />irrepealable for a period not to exceed twentv-seven 1lll years or such lesser <br />time as is necessary to complete the payments referenced in Section 1 of this <br />ordinance. <br /> <br />SECTION 5. Securitv for the Performance of the Obliqations Provided for <br />in this Ordinance. A mortgage, in a form mutually satisfactory to the City of <br />Greeley and the Colorado Water Conservation Board, shall be incorporated into <br />this ordinance by reference as provided in Article III, Section 3-5 of the <br />Greeley City Charter. In summary: <br /> <br />a. The mortgage provides that the Colorado Water Conservation Board <br />shall take a mortgage interest as provided by Colorado law in the <br />Rehabilitation of Barnes Meadow Dam. <br /> <br />b. The mortgage provides that all the afore-referenced items are real <br />property or fixtures and that if the same shall be considered to be <br />personal property under Colorado law or the Uniform Commercial Code, the <br />mortgage shall be deemed to be a security agreement in personal property <br />and shall be treated as such. <br /> <br />2 <br />