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I ( .1 l . . - 8 - general obligation of the District. The new debt will be issued for a twenty year term or the useful life of the assets financed, whichever is less, with an estimated ten year call provision. The debt will be issued at an approximate rate of 7.5%, but with an average rate not to exceed 8.25% subject, of course, to market conditions then prevailing. The City agrees that it will dili- gently and prudently refinance the existing debt of the District to achieve the most savings for the residents of the District. The new debt will not be a general obligation of the City, nor will it otherwise be secured by the assets or revenues of the City, provided however, that the debt may be additionally secured by a subordinate pledge of City sales tax revenues, if such addi- tional pledge is determined to be fiscally prudent by the City. c. The Di$trict will continue in existence after the annexation date to the extent necessary to adequately provide for the payment of its financial obligations and outstand- ing bonds (including the new debt issued pursuant to this para- graph 3.C.), and will only be d~ssolved after payment of such ob- ligations and bonds. Each year until the District is dissolved, the District shall, pursuant to the Special District Act, Sections 32-1-101 et sea., C.R.S., or otper applicable law, determine the amount of money necessary to be raised by taxation to pay the amounts due on the financial ob~igations and bonds of the Dis- trict, taking into account the other funds available as provided in this Plan and Agreement, and fix and certify the levies neces- sary to raise such amount. D. Assets of the Di~trict 1. The real property of the District is described on Exhibit "District Real Property", and is hereafter called the District real property. The District's personal property is de- scribed on Exhibit "District Personal Property", and is hereafter called the District personal property. The District's water rights are described on Exhibit "District Water Rights", and are hereafter called the District water rights. Within ten days after the annexation date, the District real property, personal proper- ty, and water rights will be transferred to the City, by appropri- ate deeds and bills of sale. The City shall be responsible for preparing all necessary deeds, bills of sale and other documents required by law to transfer the District's property to it, and shall bear all recording and other costs incurred with respect to such transfer. 2. Immediately after the annexation date, the City shall obtain an appraisal to be paid for by the District of the value of the District's office building and land upon which the office building is located. The city shall thereafter use its best efforts to sell the office building and land upon which it is located as soon as possible thereafter for the best price it can ::mc