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<br />, , <br /> <br />shall repay that amount to the CWCB either within ten (10) days from the date of <br />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 />3. 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 ofthe <br />PROJECT or (2) determination by the CWCB that the PROJECT will not be completed. <br /> <br />4. 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 and <br />the performance and observation. of its terms, conditions and obligations have been <br />duly authorized by all necessary actions of the BORROWER. The BORROWER'S <br />authorizing resolution(s) or ordinance(s) are attached as Appendix 3 and incorporated <br />herein. <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 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 />6. Pledge of revenues. The BORROWER irrevocably pledges to the CWCB, for purposes <br />of repayment of this loan, revenues levied for that purpose as authorized in Appendix 3 <br />and any other funds legally available to the BORROWER, in an amount sufficient to pay <br />the annual payment due under this contract ("Pledged Revenues"). Further, the <br />BORROWER agrees to: <br /> <br />a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep the <br />Pledged Revenues in an account separate from other BORROWER revenues, and <br />warrants that these revenues will not be used for any other purpose. <br /> <br />b. Establish Security Interest. The BORROWER has duly executed a Security <br />Agreement, attached hereto as Appendix 4 and incorporated herein, to provide a <br />security interest to the CWCB in the Pledged Revenues. The CWCB shall have <br />priority over all other competing claims for said revenues, except for the liens of <br />the BORROWER'S existing loans as listed in Section 5 (Schedule of Existing Debt), of <br />the Project Summary, which sets forth the position of the lien created by this <br /> <br />Page 2 of 10 <br />