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<br />.-._ .._k...... ._-_,'_.~_ _'-'"-~__ __:_.;.,__:" ,_~.r,'-o"~'~~__"""__:_"":'_'.__"'_._"_"._'__._ <br /> <br />2. Final Report. Two (2) copies of the final report of the feasibility study prepared in compliance with <br />the plan of study shall be furnished to the State within six (6) months of the date of this contract <br />unless the State agrees in writing to an extension of such time. <br /> <br />3. Disbursement Of Loan Funds. The State shall loan to the BORROWER the monies to pay for the <br />costs associated with preparing the feasibility study up to a maximum amount of $17,450 in the <br />following manner: PAT . <br /> <br />4. Statement Of Costs. During the preparation of the feasibility study :\,~R shall prepare <br />statements of the costs of the feasibility study and shall forward..... ~at~~,~te. Each <br />statement shall indicate the tasks that have been perfonned an~!1e'94erTt~~n of each <br />task by task number as specified in Appendix A. <br /> <br />5. Payment Of Statements. Upon 1eceipt and approval by the State of each such statement of costs, <br />the State will, within 30 days from the approval of such statement, pay to the BORROWER 90% of the <br />statement amount or such portion thereof as has been approved by the State. <br /> <br />6. Retainage. The State will pay the remaining 10% to the BORROWER within 30 days following receipt <br />and acceptance of the completed feasibility report by the CWCB and by the State Engineer's Office <br />when the Project will involve a jurisdictional dam or reservoir as defined by ~ 37-87-105 C.R.S. <br />(1990). <br /> <br />7. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory authority, <br />articles of incorporation, and by-laws, have its stockholders and board of directors adopt resolutions, <br />irrepealable during the life of this loan, authorizing the President and Secretary, on behalf of the <br />BORROWER, to do the following: <br /> <br />a. Enter into and comply with the terms of this contract with the STATE, and pay the indebtedness, <br />and <br /> <br />b. Levy assessments sufficient to pay the annual amounts due under this contract, and <br /> <br />c. Place assessment revenues pledged to make annual loan payments in a special account <br />separate and apart from other BORROWER revenues, and <br /> <br />d. Make annual payments in accordance with the Promissory Note Provisions of this contract, and <br /> <br />e. Obtain a certificate of deposit to serve as collateral in the amount of one annual loan payment <br />($2,071.86) as security for the loan, and execute an assignment of certificate of deposit as <br />described in the Collateral Provisions of this contract, and <br /> <br />f. Execute a Security Agreement to secure the revenues pledged herein in accordance with the <br />Pledge of Revenues Provisions of this contract. <br /> <br />Said resolutions are attached hereto as AppendiX B and incorporated herein. <br /> <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the BORROWER shall <br />submit to the STATE a letter from its attorney stating that it is the attomey's opinion that the person <br />signing for the BORROWER was duly elected or appointed and has authority to sign such documents <br />on behalf of the BORROWER and to bind the BORROWER; that the BORROWER'S shareholders and <br />board of directors have validly adopted resolutions approving this contract; that there are no <br /> <br />Feasibility Study Loan Contract <br /> <br />Page 2 of 8 <br />