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billing statement of estimated assessments on or before <br />April 1 after receipt of statement. <br />9. Security. <br />(a) As security to the Subdistrict, the Petitioner <br />agrees, to the extent permitted by law, to be <br />bound by the provisions of C.R.S. § 37-45-123, and <br />that the foregoing covenant of annual payments <br />will be met, to the extent permitted by law, from <br />assessments levied by the Subdistrict pursuant to <br />C.R.S. § 37-45-123, or, at the option of <br />Petitioner, such annual payments may be fully or <br />partially met by appropriation of funds from such <br />sources of revenue as may be legally available to <br />said Petitioner for such purpose. Further, the <br />Petitioner agrees to continue to make the annual <br />payments, as defined in Article.- 5 -of this <br />contract, for those Units of Subdistrict water <br />allotted to it -and for which -Petitioner is' <br />obligated by the. adoption of a resolution which <br />resolution expressly shall not be repealable until <br />all bonded indebtedness of the Subdistrict <br />incurred during any period prior to transfer of a <br />part or all of Petitioner's allotment is paid in <br />full according to the terms of any bond indenture <br />or other indenture issued by Subdistrict. This is <br />not intended to create a General Obligation of <br />Debt of the Petitioner. <br />(b) As further security for the payment of the annual <br />charges required by this allotment contract, <br />Petitioner also agrees to provide the Superior <br />Metropolitan District No. 1 ("Superior") and the <br />Town of Estes Park ("Estes Park") with an annual, <br />irrevocable, standby letter of credit in the <br />amount estimated to equal one year of annual <br />charges under this allotment contract, which <br />letter of credit shall be renewed on June 1 of <br />each calendar year, or Petitioner shall deposit <br />one year of such estimated annual charges into an <br />escrow account, which shall be payable to the <br />Subdistrict in the event of a failure of <br />Petitioner to timely pay such annual charges. <br />Superior and Estes Park hereby convey to <br />Subdistrict the right to exercise their rights <br />under the letter of credit. Petitioner shall be <br />required to maintain the letter of credit or <br />escrow account until all bonded indebtedness of <br />the Subdistrict incurred during any period prior <br />6 <br />