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<br />4. Financial Plan <br /> <br />4.1 General. In accordance with the provisions of Section 32-1-702(3){c), <br />c.R.S., St. Vrain and Tri-Area agree to foHow the following financial plan <br />encompassing: (i) the discharge of Tri-Area's outstanding indebtedness with the <br />Colorado Water Conservation Board or it assignment to and assumption by either by St. <br />Vrain of said loan in a manner that obtains a full release of liability thereunder for Tri- <br />Area, or from the proceeds of a new loan to be taken out by St. Vrain acting by and <br />througll an appropriately established water activity enterprise established for that purpose <br />and for the purpose of continuing Tri-Area's storm sewer function and services, as more <br />particularly provided herein, and (ii) St. Vrain's assumption of all other Tri-Area <br />financial and contractual obligations that are not terminated as of the date ofTri-Area's <br />Dissolution, and (Hi) S1. Vrain's assumption of financial responsibility for the <br />continuation of both wastewater and storm sewer services within Tri-Area's territol'ial <br />boundaries. <br /> <br />4.2 - Tri-Area LORn From the Colorado Water Conservation Board. Tri-Area <br />is currently indebted to the Colorado Water Conservation Board in the outstanding <br />principal amount of one millio:1l1ine hundred seven thousand three hundred eighty-six <br />and eighty-three one-hundredths dollars ($1,907,386.83), as evidenced by that certain <br />promissory note dated September 9, 2003 and related loan contract documents ofevell <br />date in the original principal amount of $2,002AOO bearing interest at the rate of 5% per <br />annum and due August I, 2034 (''Tri-Area Loan"). TIle Tri-Area Loan is a revenue <br />obligation of and was made to Tri-Area's Water Activity Enterprise established pursuant <br />to the provisions of Section 37-45.1-101, et seq., C.R.S. <br /> <br />4.2.1 PavmentlAsshmment of Tri-Area Loan. St. Vrain shall be <br />responsible for establishing a water activity enterprise having territorial boundaries co- <br />terminus with Tri-Area's water activity enterprise. 81. Vrain agrees that prior to t.~e <br />hearing on tl1e Petition for Dissolution, it shall obtain a written commitment from the <br />Colorado \Vater Conservation Board allowing St.,.Vrain to either take an assignment and <br />assumption of the Tn-Area Loan or to take out a new loan as soon as is reasonably <br />practical following the entry of an Order of Dissolution, but in no event later than the <br />effective date of the Order of Dissolution and/or December 31, 2007, whichever shall <br />occur first. Whichever option is pursued, 81. Vrain shall obtain and deliver to Tri-Area <br />either the original cancelled Promissory Note or other evidence satisfactory to Tn-Area <br />that the Tri-Area Loan has either been discharged and paid in full or assigned to S1. Vrain <br />and Tn-Area has no fllrther liability or obligatIon thereon. Said evidence shall be <br />provided to Tn-Area prior to the effective date of the Order of Dissolution. <br /> <br />4.3 Assumption of Conb'actual OblifIations. S1. Vrain shall assume and agree <br />to perform all Tri-Area contractual obligations that will not terminate as of December 31, <br />2007 and which have been disclosed to Tri-Area no later than thitty (30) days after the <br /> <br />6 <br />