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<br />. f- <br /> <br />City Council of the CITY anAe governing body of the BORROWER t.e complied with all statutory <br />and other requirements and duly passed ordinances, which shall be irrepealable for the term of this <br />loan contract, authorizing: <br /> <br />a, The CITY and the BORROWER to enter into and comply with the terms of this contract and to pay <br />the indebtedness; and <br /> <br />b, The BORROWER to fix and collect water rates, fees and charges in an amount sufficient to pay the <br />annual loan payment due under the terms of this contract; and <br /> <br />c, The BORROWER to set aside sufficient revenues pledged to make annual loan payments in <br />accordance with the Pledge of Revenues Provisions of this contract, in a special account separate <br />and apart from other revenues of the CITY and the BORROWER; and <br /> <br />d, The BORROWER to make annual payments in accordance with the Promissory Note Provisions of <br />this contract, and <br /> <br />e, The CITY to obtain a certificate of deposit in the amount of $8,200,00 to serve as security for the <br />loan, and execute an assignment of certificate of deposit as described in the Collateral Provisions <br />of this contract, and <br /> <br />.- ~.,.-.-;< ,-....., <br />f. The CITY and the BORROWER to execute a security Agreem~~(io~etureih~:revenues pledged <br />herein in accordance with the Pledgep.;'Re~er1ues ~!-qvisions of this contract,:ar\d <br />9~~~..1 ':J:'.,t'A ~"" - . . '\ : - i <br />~~~ l;t,:t} r. - .. '~ ',.'; <br />g, The BORROWER to repay this loan tome STAn:, ..,..,;/ <br />If!:Ff>''~ _' - . ,', .,..;.~~.~')~j':' ...:.,.:;,>''''- <br />Said ordinances are attached hereto as 'A~pendi~j.jncoip6rated herein, The actions of the CITY <br />and the BORROWER adopting said ordinanbes;"and executing the necessary documents to convey the <br />security interests required by this contract are conditions precedent to performance by the STATE <br />under this contract, <br /> <br />8, Attorney's opinion letter, Prior to the execution of this contract by the STATE, the BORROWER shall <br />submit to the STATE a letter from its attomey stating that it is the attorney's opinion that the contract <br />will be duly executed by officers of the CITY and the BORROWER who are duly elected or appointed <br />and are authorized to execute the contract and to bind the CITY and the BORROWER; that the <br />ordinances of the CITY and the BORROWER authorizing the execution and delivery of the contract were <br />duly adopted by the governing bodies of the CITY and the BORROWER; that there are no provisions in <br />the Colorado Constitution or any other state or local law that prevent this contract from binding the <br />CITY and the BORROWER; and that the contract will be valid and binding against the CITY and the <br />BORROWER if entered into by the STATE, <br /> <br />9. Promissory note provisions. The Promissory Note setting forth the terms of repayment and <br />evidencing this debt is attached as Appendix 2 and incorporated herein, <br /> <br />a, Revision Of Promissory Note. In the event the Borrower does not use all of the loan funds for <br />construction of the Project, the Promissory Note may be adjusted in accordance with the Changes <br />Provision of this contract. <br /> <br />b. Interest During Construction. As the loan funds are disbursed by the STATE to the BORROWER <br />during construction, interest shall accrue at the rate of 4 %%, The amount of the interest accrued <br /> <br />City of Idaho Springs and <br />City of Idaho Springs, Colorado. Water Enterprise <br /> <br />Page 5 of 14 <br />