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• • 6 <br /> 4.09 Loan Security <br /> The LOCAL GOVERNMENT must select one of the following options for securing repayment <br /> of 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. `% Revenue Obligation: This option may be used only if the entire project is a <br /> domestic 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 <br /> a 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 <br /> this 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 <br /> the utility after the payment of the principal and interest on any revenue bonds, notes,warrants or <br /> other obligations of the utility having a lien on that net revenue. As used here, "net revenue" <br /> means gross revenue minus expenses of maintenance and operations. The BOARD grants the <br /> LOCAL GOVERNMENT the right to issue future bonds and notes that constitute a lien and <br /> charge on net revenue superior to the lien and charge of this loan agreement. <br /> Please choose and initial one of the following utility systems: <br /> 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 35.5 L050, the LOCAL <br /> GOVERNMENT pledges to repay this loan from assessments collected from a Local <br /> Improvement District, Local Utility District or other similar special assessment district in which <br /> the improvements financed by this loan are located. The name of the special assessment district <br /> 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 /> CITY OF EVEREIT Page 6 <br /> 4/21/2006 28 <br />