Laserfiche WebLink
<br />l. At its November 25-26, 1996 meeting, the CWCB determined that the inoperable condition of the siphon <br />qualifies the BORROWER for an emergency loan, which is necessary to avoid unreasonable risk of damage <br />to property and crops. Further, the CWCB determined that these emergency conditions are not the result <br />of negfigence in the operation or maintenance of the infrastructure and that the viability of the PROJECT is <br />not dependent upon further appropriations or loans. Based upon the foregoing, the CWCB approved an <br />emergency loan to the BORROWER in the amount of Three Hundred Thousand Dollars ($300,000), which <br />amount shall not exceed 75% of actual PROJECT costs, at an interest rate of 3%% per annum for a duration <br />of thirty (30) years to be used to finance PROJECT costs. <br /> <br />J. As a condition of its approval of this loan, the CWCB required that Public Service Company of Colorado <br />("PSCo"), which leases its water shares to agricultural users, agree to cease charging its lessees a ten <br />percent (10%) service charge and to charge its lessees no more than the amount of assessments PSCo <br />pays for the water it leases. PSCo has agreed to this condition in a letter to the CWCB dated December <br />23, 1996, which is incorporated herein by this reference. <br /> <br />TAT <br />rif <br />,~U1€ <br />/.: -/}i~ <br />'t~>..- -.;):0_ .;;',5-:._'-:--, -.". <br />2. Disbursements. After receip ri die progress reports from the BORROWER, and review and <br />acceptance of the items therein~s lee~R~{lSeS as described in this contract, the STATE will pay to <br />the BORROWER the amount set forth . the,i$'p.qrt,pr such portion that has been approved by the STATE. <br />Such payment shall be made withinthjrty(36)dax~lrom the STATE'S approval of each progress report. <br /> <br />1. Agreement to loanmphey: T <br />that specified in the Pro.!1lissb <br />determined by the disburse <br /> <br /> <br />WER for this PROJECT upon mutually <br /> <br />K. The STATE now desires, by this contract, to loan money <br />agreeable terms and conditions. <br /> <br />NOW THEREFORE, in consideration of the <br />parties agree as follows: <br /> <br />e ent covenants contained herein, the <br /> <br />A. The STATE agrees as follows: <br /> <br />oan to the BORROWER an amount not to exceed <br />nsthis contract. The total amount of the loan shall be <br />orth'below. <br /> <br />3. Release after loan is repaid. Upon complete repayment to the STATE of the entire principal and any <br />accrued interest as specified in the promjs~ory note provisions of this contract, the STATE agrees to file <br />a UCC-3 form with the Secretary of State to terminate all of the STATE'S rights in and to the revenues <br />pledged to repay this loan, and to release to the BORROWER any unused Junds contained in the CD <br />ACCOUNT provided as collateral for this loan. <br /> <br />B. The BORROWER agrees as follows: <br /> <br />1. Construction Fund Program procedures. The following items are procedures the BORROWER shall <br />follow during the construction phase of the PROJECT rehabilitation. <br /> <br />a. The PSCo, hereinafter referred to as the CONSULTANT, has prepared plans and specifications for <br />the PROJECT. <br />b. The agreement between the BORROWER and the CONSULTANT and the plans and specifications <br />must be submitted to the CWCB staff for verification of compliance with the terms of this contract <br />prior to bid opening. Any modifications to the plans and specifications must be approved in writing <br />by the CWCB staff. <br />c. CWCB staff must be present at bid opening and must approve the award of the construction <br />contract. <br />d. The BORROWER shall contract for the construction of the work with responsible and capable firms, <br />hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be selected by <br /> <br />The Consolidated Extension Canal Company <br /> <br />Page 2 of 11 <br /> <br />Loan Contract <br />