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6 <br /> 4.09 Loan Security <br /> The LOCAL GOVERNMENT must select one of the following options for securing repayment of <br /> the loan. Please initial the appropriate option. <br /> 1. General Obligation: This loan is a general obligation of the LOCAL <br /> GOVERNMENT. <br /> OR <br /> 2. !r. Revenue Obligation: This option may be used only if the entire project is a <br /> dome' •�water, sanitary sewer, storm sewer, or solid waste utility project. LOCAL <br /> GOVERNMENTS performing a storm sewer project that have not created a storm sewer utility or a <br /> combined sanitary sewer/storm sewer utility may not use this option. Projects providing for a <br /> mixture of bridge, road, domestic water, sanitary sewer, and storm sewer activities may not use this <br /> option. <br /> This loan is a revenue obligation of the LOCAL GOVERNMENT payable solely from the net <br /> revenue of the utility system indicated below. Payments shall be made from the net revenue of the <br /> utility after the payment of the principal and interest on any revenue bonds,notes, warrants or other <br /> obligations of the utility having a lien on that net revenue. As used here, "net revenue"means gross <br /> revenue minus expenses of maintenance and operations. The BOARD grants the LOCAL <br /> GOVERNMENT the right to issue future bonds and notes that constitute a lien and charge on net <br /> revenue superior to the lien and charge of this loan agreement. <br /> Please choose and initial one of the following utility systems: <br /> dit "Water <br /> Sanitary Sewer(Wastewater) <br /> Stormwater <br /> Water/Sanitary Sewer <br /> Stormwater/Sanitary Sewer <br /> Solid Waste <br /> OR <br /> 3. Local Improvement District: Pursuant to RCW 35.51.050,the LOCAL <br /> GOVERNMENT pledges to repay this loan from assessments collected from a Local Improvement <br /> District, Local Utility District or other similar special assessment district in which the improvements <br /> financed by this loan are located. The name of the special assessment district is <br /> Nothing in this section shall absolve the LOCAL GOVERNMENT of its obligation to make loan <br /> repayments when due, and to adjust rates, fees, or surcharges, if necessary, to meet its obligations <br /> under this agreement. <br /> Page 6 <br /> 2003 PWTF Pre-Construction Loan Agreement <br /> 31 <br />