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<br />.11 ,,) I' <br /> <br />. <br /> <br />. <br /> <br />- 10 - <br /> <br />b. All amounts needed to perform any out- <br />standing contracts of the District shall be commingled with other <br />funds. The City shall perform the District's contractual obliga- <br />tions. <br /> <br />c. All cash not needed for the purposes <br />stated in SUb-paragraphs 1.a. and 1.b., above, shall be applied by <br />the City in the manner specified in Paragraph 3.F., below. <br /> <br />d. The District agrees to take the necessary <br />actions under the Local Government Law of Colorado to make the <br />necessary budgetary transfers to allow the District's cash to be <br />paid in accordance with the provisions of this Paragraph E.1. <br /> <br />2. standbY fees: Pursuant to District Resolution <br />and applicable statutes, the District assesses standby fees <br />against certain of the District lands. As of October 31, 1991, <br />there remains approximately $18l,396.00 in uncollected standby <br />fees. The City agrees to take such steps as are consistent with <br />good municipal and governmental practice to coll~ct those standby <br />fees and, to the extent that any standby fees are collected, the <br />city agrees to apply the net collections in the manner specified <br />in Paragraph 3.F., below.. Effective on the January 1st after the <br />annexation date, future standby fees will be abolished. <br /> <br />F. Application of Assets and Taxes to Pay Debt. All <br />of the net proceeds from the sale of the District real property, <br />personal property, and water rights pursuant to the provisions of <br />paragraph 3.D., all excess cash and net collections of standby <br />fees pursuant to Paragraph 3.E., and the net proceeds from the <br />sale of other assets pursuant to Paragraph 3.K.4., shall be <br />applied by the City as follows: <br /> <br />l. <br />paragraph 3.C.2.b., <br />to be issued; or <br /> <br />Prior to the issuance of new debt pursuant to <br />to reduce the principal amount of the new debt <br /> <br />2. <br />to the reduction <br />the reduction of <br /> <br />Subsequent to the issuance of <br />of principal and interest on the <br />subsequent ad valorem taxation. <br /> <br />such new debt, <br />new debt, or, to <br /> <br />until such payments are made, the net proceeds <br />shall be held in a Bond Fund or similar account bearing interest <br />at prevailing market rates, and any interest earned shall also be <br />applied to the payments due. In addition, all money raised by <br />taxation of the taxable property in the District, pursuant to the <br />provisions of the Special District Act, C.R.S. 32-1-101 et ~, <br />and other application law, shall be applied to retire the Dis- <br />trict's bonded indebtedness. As used in this paragraph, "net pro- <br />ceeds" means the gross sale price of the property minus the rea- <br />sonable costs of sale, including the costs of appraisal(s). <br /> <br />-rmd <br />