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( Cl CJ payback contract ana this ordinance in this form, subject to the commensurate payment schedule incorporated therein; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GREELEY, COLORADO: SECTION 1. By virtue and pu~suant to Article 11, Sections 1 and 6, and Article III of the Greeley City Charter, the Colorado Revised Statutes and the Colorado Constitution,and all other laws thereunto enabling, . the City of Greeley shall agree to pay and pledge its. full faith and credit to repay all the costs incurred in constructing and installing the Rehabilitation of Peterson Dam. Payment shall' consist of twenty-five J12l equal principal payments of FortY-Five Thousa,nd Seven Hundred Ten Dollars and Thirteen Cents ($45.710.13) with interest accruing at 5% per annum, in accordance with the project contract and the project contract a~~ndment hereinbefore sta~ed. . ,.The payment schedule is as . set out in the Payback Schedule (~xhibitC) . >:,,,"the maximurp net effective interest. rate authorized to be paid under this contract shall be 5 percent (5%) per annum. SECTION 2. payina Aaent. ~he afore-referenced payments shall be payable in.lawful money of the United States of America at the offices of the' Colorado Water Conservation Board, or such other place as designated in writing to the City of Greeley, or to their . successors and, assigns. Sucb. payment may. be paid by check or. warraIltof 'the:~Cityof Greeley. -, -. ... . . . , SECTION 3.,' Execution of the. proiect Contract andproiect " Contract. Amendment . The Pro? ect Contract. has' been previously . executed by the City of Greeley through its Water and Sewer Board' ~hairman, W. D. Farr, and atte~ted by its Clerk, Betsy Holder, by lawful resolution of the City of Greeley and the project contract amendment shall be.further executed by the City of Greeley through its lawfully elected Mayor, William J. Morton, and attested by its duly appointed Clerk. SECTION 4. Irrepealability of this Ordinance. This ordinance shall be irrepealable for a period. not to exceed twenty-seven J12l years or such lesser time as is necessary to complete the payments referenced in Section 1 of thie ordinance. SECTION 5. Sec'uri ty for the Performance of the Obliaations Provided for in this Ordinance. A mortgage, in a form mutually satisfactory to the City of Greeley and the Colorado Water Conservation Board, shall be incorporated into this ordinance by reference as provided in Article III, Section 3~5 of the Greeley City Charter. In summary: :AD