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<br />- zz - • <br />3.19 At such time as the Town of Rangely determines <br />to undertake any public utility improvement contemplated <br />by paragraph 3.10 of this. Agreement, it shall consult with <br />Western-Utah to determine whether Western-Utah prefers to <br />make the payment contemplated by paragraph 3.10 of this <br />Agreement in cash or by having the capital improvement <br />financed through the issuance of revenue bonds. In the <br />event that Western-Utah elects the latter alternative, it <br />is understood and agreed that: <br />(a) The capital improvement will be financed <br />by the issuance of revenue bonds if and only if such is- <br />suance of bonds is approved in accordance with the pro- <br />cedures mandated by federal, state and local law and regu- <br />lations, and that, in the event the necessary approval(s) <br />for issuance of such bonds cannot be secured, Western-Utah <br />will fulfill its obligation by the making of the cash pay- <br />ment contemplated by paragraph 3.10 of this Agreement. <br />--- (b) All costs incurred in connection with <br />attempting to secure approval or in connection with <br />securing approval of the revenue bond issue contemplated <br />by this paragraph shall be borne and paid for by Western- <br />Utah and Deseret, through Western-Utah. <br />(c) Western-Utah and Deseret, through <br />Western-Utah, will pay both principal and interest on <br />that proportionate share of the principal amount of the <br />entire bond issue that is determined by dividing the <br />amount otherwise payable by western-Utah in accordance <br />with paragraphs 3.10 and 3.11 of this Agreement by the <br />total principal amount of the bond issue and further <br />will guarantee the repayment of principal and interest <br />on the entire bond issue. <br />