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<br />/""- <br />" ,1 <br /> <br />herein as Exhibit A, and which provides for a loan by the CWCB to the Enterprise in an amount of <br />one hundred ninety thousand dollars ($190,000.00) for the purchase of one and one-half shares of <br />stock in the Fanners' High Line Canal and Reservoir Company (the "Loan"), is hereby endorsed, <br />authorized and approved. <br /> <br />Section Two <br /> <br />Consistent with the terms of the Loan Contract, the Town shall set, maintain and collect on <br />behalf of the Enterprise water user rates, fees and charges in amounts sufficient to allow the <br />Enterprise to repay the Loan in a full and timely fashion. <br /> <br />Section Three <br /> <br />Consistent with town ordinance and the Loan Contract, the Town shall establish and maintain <br />on behalf of the Enterprise a separate and distinct account into which revenues from water user rates, <br />fees and charges shall be deposited in sufficient amounts to pay the annual loan installments as <br />called for under the Loan; and shall, additionally, establish and maintain a separate and distinct <br />reserve debt service fund into which shall be annually deposited an amount not less than one-tenth <br />(1/1 0) of the annual loan payment for the first ten (10) years of the Loan. <br /> <br />Section Four <br /> <br />The Town endorses the pledging of revenues by the Enterprise derived from wateruserrates, <br />fees and charges to repay the CWCB loan, and the execution by the Enterprise of instruments and <br />documents vesting in the CWCB a security interest in the pledged revenues and the Fanners' High <br />Line Canal and Reservoir Company stock to be purchased with the CWCB loan proceeds. <br /> <br />Section Five <br /> <br />Consistent with the terms ofthe Loan Contract, the Town shall not endeavor to terminate or <br />dissolve the Enterprise, nor adversely withdraw or deplete its assets, nor otherwise adversely affect <br />the ability of the Enterprise to perform the terms of the Loan Contract during the term of the <br />contract. <br /> <br />Section Six <br /> <br />The Police Judge and/or the Town Administrator are hereby authorized to execute such <br />documents as appropriate and necessary to implement the closing on the Loan Contract and <br />effectuate the terms of this resolution. <br /> <br />2 <br />