PROJ01948 ‎(3)‎

• Contract/PO #: C153794
• Contractor Name: Colorado Water Protective and Development Association
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Contract Documents

the Pledge of Property Provisions of this contract and I

d. To make annual payments in accordance with the promissory note, aid

e. To make annual deposits to a debt service reserve fund in accordance with the
Pledge of Property Provisions of this contract, and I

f. To obtain a certificate of deposit in the amount of one annual 10an payment
($7,397.46) to serve as collateral for the loan, and execute an Absignment of
Certificate of Deposit as described in the Collateral Provisions of this dontract, and

g. To execute a Security Agreement and an Assignment of Deposi~ Account as
Security to secure the revenues pledged herein in accordance with the Pledge-of
Property Provisions of this contract. I

Said resolution is attached hereto as Appendix B and incorporated herein.

5. Attorney's Opinion Letter. Prior to the execution of this contract by t~e STATE, the
BORROWER shall submit to the STATE a letter from its attorney stating !that it is the
attorney's opinion that the person signing for the BORROWER was dUlly elected or
appointed and has authority to sign such documents on behalf of the BqRRowER and
to bind the BORROWER; that the BORROWER'S members and board of directors have
validly adopted resolutions approving this contract; that there are no prorisions in. the
BORROWER'S articles of incorporation or by-laws or any state or local lavy that prevent
this contract from binding the BORROWER; and that the contract will be valid and
binding against the BORROWER if entered into by the STATE. I

6. Promissory Note Provisions. The Promissory Note setting forth the terms of
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repayment of this loan in the amount of $60,000 at an interest rate of 4% per annum
for a term of 10 years and evidencing this debt is attached as App~ndix C and
incorporated herein. I

a. Revision Of Promissory Note. In the event the Borrower does not luse all of the
loan funds for the STUDY, the Promissory Note may be adjusted in accordance with
the Changes Provisions of this contract. I

b. Interest During Study Period.. As the loan funds are disbursed byl the STATE to
the BORROWER during the study period, interest shall accrue at the rate of 4%. The
amount of the interest accrued during the study period shall be calc:ulated by the
STATE and the BORROWER shall repay that amount to the STATE eit~er within ten
(10) days after the date the STATE accepts the completed FeasibilitYj Study, or, at
the STATE'S discretion, the amount shall be deducted from the final disbursement
of loan funds that the STATE makes to the BORROWER. I

7. Changes. The STATE may decrease the amount of the loan under this contract or
extend the time for completion of the STUDY through a REVISION LETTER ,I approved by
the State Controller or his designee, in the form attached hereto as Appendix D. The
REVISION LETTER shall not be valid until approved by the State contJ1oller or such
assistant as he may designate. Upon proper execution and approval, the REVISION
LETTER shall become an amendment to this contract and, except for the Special
Provisions of the contract, the REVISION LETTER shall supersede the dmtract in the
event of a conflict between the two. The parties understand and agree that the
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Feasibility Report Loan Contract