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<br />c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the <br />amendment. Any service fee remitted to the CWCB cannot be refunded. <br /> <br />2. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan <br />in accordance with the terms as set forth in the Promissory Note, in the form attached <br />hereto as Appendix 2 and incorporated herein. The Promissory Note shall identify the <br />LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER <br />differs from the LOAN AMOUNT, the Parties agree to amend this contract to revise the <br />LOAN AMOUNT. <br /> <br />3. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the <br />CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this <br />loan. The CWCB shall calculate the amount of the interest that accrued prior to <br />substantial completion of the PROJECT and notify BORROWER of such amount. The <br />BORROWI;:R shall repay that amount to the CWCB either within ten (10) days from the <br />date of notification from the CWCB, or, at the CWCB's discretion, said interest shall be <br />deducted from the final disbursement of loan funds that the CWCB makes to the <br />BORROWER. <br /> <br />4. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PROJECT in accordance with the terms of this contract shall be remitted to the CWCB <br />within 30 calendar days from notification from the CWCB of either (1) completion of <br />the PROJECT or (2) determination by the CWCB that the PROJECT will not be <br />completed. <br /> <br />5. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BORROWER shall submit to the CWCB a letter from its bond counsel stating that it is the <br />attorney's opinion that <br /> <br />a. the contract has been duly executed by officers of the BORROWER who are duly <br />elected or appointed and are authorized to execute the contract and to bind the <br />BORROWER; <br /> <br />b. the resolutions or ordinances of the BORROWER authorizing the execution and <br />delivery of the contract were duly adopted by the governing bodies of the <br />BORROWER; <br /> <br />c. there are no provisions in the Colorado Constitution or any other state or local law <br />that prevent this contract from binding the BORROWER; <br /> <br />d. the contract will be valid and binding against the BORROWER if entered into by the <br />CWCB; and <br /> <br />e. the election held by the BORROWER to obtain voter approval of this loan met all <br />requirements of the Colorado Constitution or any other state or local/aw. <br /> <br />6. BORROWER'S Authority To Contract. The BORROWER warrants that it has full power <br />and authority to enter into this contract. The execution and delivery of this contract <br />and the performance and observation of its terms, conditions and obligations have <br />been duly authorized by all necessary actions of the BORROWER. The BORROWER'S <br />authorizing resolution adopted on July 15, 2003, is attached as Appendix 3 and <br />incorporated herein. <br /> <br />Page 2 of 10 <br />