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<br />It <br /> <br />e <br /> <br />from the Small Project Loan Account of the Construction Fund without prior approval <br />from the General Assembly if the CWCB determines that delay would result in <br />undue hardship on the borrower. The CWCB did make such determination at said <br />meeting. <br /> <br />6. The CWCB now desires, by this contract, to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount <br />not to exceed the AUTHORIZED LOAN AMOUNT with terms of repayment as set forth in the <br />Promissory Note, attached hereto as Appendix 2 and incorporated herein. <br /> <br />2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to <br />the BORROWER, interest shall accrue at the rate set by the CWCB for the loan. The <br />CWeB shall calculate the amount of the interest that accrued prior to completion of the <br />Project and the BORROWER shall repay that amount to the CWCB either within ten (10) <br />days after the date the CWCB determines that the PROJECT has been substantially <br />completed, or, at the CWCB's discretion, said interest shall be deducted from the final <br />disbursement of loan funds that the CWCB makes to the BORROWER. <br /> <br />3. Return of Unused Loan Funds. Any CWCB funds not expended for the PROJECT in <br />accordance with the terms of this Contract shall be remitted to the CWCB within 30 days <br />of either (1) completion of the PROJECT or (2) upon the determination by the CWCB that <br />the PROJECT will not be completed. <br /> <br />4. BORROWER'S Authority To Contract. The BORROWER warrants that it has full power and <br />authority to enter into this contract. The execution and delivery of this contract and the <br />performance and observation of its terms, conditions and obligations have been duly <br />authorized by all necessary actions of the BORROWER. The Borrower's authorizing <br />resolution(s) or ordinance(s) areattached as Appendix 3 and incorporated 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 an opinion from its counsel stating that it is the <br />attorney's opinion that <br /> <br />a. the contract will be duly executed by officers of the BORROWER who are duly elected <br />or appointed and are authorized to execute the contract and to bind the BORROWER; <br /> <br />b. the resolutions of the BORROWER authorizing the execution and delivery of the <br />contract were duly adopted by the governing body of the BORROWER; <br /> <br />c. there are no provisions in the Colorado Constitution or any other state or local law that <br />prevent this contract from binding the BORROWER; and <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br />