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<br />- ~. <br />~ i <br /> <br />and Sewer Activity Enterprise (the "Enterprise"), a copy of which is attached and incorporated <br />herein as Exhibit A, and which provides for a loan by the CWCB to the Enterprise of one hundred <br />and ninety thousand dollars ($190,000.00) for the purchase of one and one-half shares of stock in <br />the Farmers' High Line Canal and Reservoir Company (the "Loan"), is hereby authorized and <br />approved. <br /> <br />Section Two <br /> <br />Pursuant to the terms of the Loan Contract, and consistent with the authority set forth in <br />Section 37 -45.1-104, C.R.S. (1997) and Section 13.40.040 of the Georgetown Municipal Code, the <br />Enterprise does hereby irrevocably pledge the revenues from water user charges, rates and fees in <br />such amount or amounts as sufficient to timely and fully pay each and every annual loan installment, <br />and to annually deposit into a reserve debt service fund an amount not less than one-tenth (1/1 0) of <br />an annual installment payment for the first ten (10) years of the Loan. <br /> <br />Section Three <br /> <br />The Enterprise shall take all necessary actions within its authority and power during the term <br />ofthe Loan Contract to establish, levy and collect waterrates, charges and fees in amounts sufficient <br />to timely and fully pay the Loan, and to cover all expenditures for the operation, maintenance and <br />repair of the water system. <br /> <br />Section Four <br /> <br />The Enterprise shall, in conjunction with the Town, establish and maintain distinct and <br />separate accounts into which shall be deposited pledged revenues for the payment of the Loan and <br />for a debt service reserve. <br /> <br />Section Five <br /> <br />The Enterprise shall pledge its interest in the one and one-half (1 Y2) shares of stock in the <br />Farmers' High Line Canal and Reservoir Company to the CWCB as collateral securing the Loan <br />Contract and Loan. <br /> <br />Section Six <br /> <br />The Police Judge and/or Town Administrator are hereby authorized to execute such <br />documents as appropriate and necessary to implement the closing on the Loan Contract, inclusive <br />of a deed oftrust, security agreement and stock assignment so as to convey a security interest to the <br />CWeB in the pledged revenues and stock as identified hereinabove, and to effectuate the terms of <br />this resolution. <br /> <br />2 <br />