Laserfiche WebLink
<br />l ,-~ <br /> <br />.- <br /> <br />authorizing the President and the Secretary to pay the <br />IP. indebtedness. Such orders shall be attached hereto as Exhibit A <br />and included herein. The Contractor, through a majority vote of <br />~~its &;9~ka9~Q~~~;csRa11 also authorize the deed of trust . <br />'i( security interest required by the state in paragraph A.14. <br />below. Such authorization shall be attached hereto and <br />incorporated herein as Exhibit B. The above conditions must be <br />performed by the Contractor prior to the State performance under <br />this contract. <br /> <br />11. Pursuant to its Articles of Incorporation and to its <br />By-Law, including, but not limited to, Article 4, the <br />Contractor, through its stockholders or Board of Directors, <br />shall take all necessary actions consistent therewith to levy <br />assessments to raise sufficient funds to pay this contract loan <br />debt in a timely manner and as required by the terms and <br />conditions herein to assure repayment of the project loan to the <br />State. In the event that the assessment(s) levied by the <br />Contractor, or the revenues resulting therefrom, are or become <br />insufficient to assure repayment to the State as required by the <br />terms and conditions herein, then the Contractor, upon written <br />notice thereof from the State, shall immediately take all <br />necessary action consistent with its By-Laws, including but not <br />limited to additional assessments, to raise sufficient revenue <br />to assure repayment of the project 'loan to the State. <br /> <br />12. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />13. Repay to the State the total sum of Two Million Six <br />Hundred Thirty-Two Thousand Thirteen Dollars ($2,632,013), which <br />includes the project loan amount with interest at the rate of <br />Two percent (2%) per annum, said repayment to be made in <br />constant annual installments of Sixty-Five Thousand Eight <br />Hundred Dollars and Thirty-Five Cents ($65,800.35) each, for <br />Forty (40) years, as shown in Exhibit C, attached hereto and <br />incorporated by reference herein, which first installment shall. <br />be due and payable en the first day of the month next succ~eding <br />the month in which the State determines that the project has <br />been substantially completed, and yearly thereafter until the" <br />entire principal sum shall have been paid. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />14. As security for the loan to be made to it by the State, <br />~~ execute a deed of trust within thirty (30) days of the <br />~~ ,~ubstantial completion of the project that shall convey to the <br />~~~tate an undivided one hundred percent (100%) of the following: <br /> <br /> <br />Page i of II Pages <br />