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<br />j <br />I <br /> <br />LOAN CONTRACT <br />Lower Arlcansas <br />Water Management Association <br />Feasibility Study <br /> <br />( i2AID <br />IN FULL <br /> <br />Borrower within thirty (30) days following receipt and acceptance by the State of the <br />final written report specified in paragraph 2. of this contract. <br /> <br />4. (The Total cost will not exceed $65,000): The total cost to the State for the <br />services to be rendered to the Borrower by the Consultant shall not exceed Sixty-Five <br />Thousand Dollars ($65,000). <br /> <br />5. (RESOLUTION OF THE BORROWER): <br /> <br />Pursuant to its Articles of Incorporation and its By-laws, the Borrower shall have its <br />Board of Directors adopt an order or a resolution: <br /> <br />5a. Authorizing the Borrower to contract for this loan debt, and authorizing the <br />President and the Secretary to pay the indebtedness on behalf of the Borrower, and <br /> <br />5b. Authorizing the Borrower to execute the deed of trust as security required by the <br />State, as specified in the Deed of Trust provisions of this contract, and <br /> <br />5c. Authorizing the Borrower to make and levy assessment(s) sufficient to payoff this <br />contract loan pursuant to its terms and to discharge this lawful indebtedness, and <br /> <br />5d. Authorizing the Borrower to set aside this assessment revenue in a special fund <br />separate and apart from other Borrower revenues to assure repayment of this revenue <br />to the State, and <br /> <br />5e. Authorizing the Borrower to sign a security interest in such assessment revenues in <br />favor of the State to secure the repayment. <br /> <br />Such order or resolution shall be attached hereto as Appendix B and included herein prior <br />to the State performance under this contract. <br /> <br />Page 3 of 12 Pages <br />