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~.. <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, <br />the parties agree as follows: <br />1. Preparation Of Feasibility Report. The BORROWER shall have a feasibility report <br />prepared on the PROJECT. The STATE has approved a scope of study for the Feasibility <br />Report prepared by the BORROWER'S consulting engineer, EC1. The scope of study is <br />attached hereto as Appendix A and incorporated herein. <br />2. Final Report. The BORROWER shall provide the STATE with two (2) copies of the final <br />report of the feasibility study, prepared in compliance with the scope of study, within six <br />(6) months of the date of this contract unless the STATE agrees in writing to an <br />extension of such time. <br />3. Disbursement Of Loan Funds. The STATE shall loan to the BORROWER the moneys to <br />pay for the costs associated with preparing the feasibility study up to a maximum <br />amount of $23,400 in the following manner: <br />a. <br />b. <br />c. <br />Statement Of Costs. During the preparation of the feasibility study, <br />BORROWER shall prepare statements of the costs of the feasibility study and shall <br />forward such statements to the STATE. Each statement shall indicate the tasks <br />that have been performed and the percentage completion of each task by task <br />number as specified in Appendix A. <br />Payment Of Statements. Upon r royal by the STATE of each such <br />statement of costs, the STATE WII 0 days from the approval of such <br />statement, pay to the BORROWER 90% s~atent amount or such portion <br />thereof as has been approved T ,,,,,~~ <br />Retainage. Thee STATE will 'pay the remaining 10% to the BORROWER within 30 <br />days following receipt and acceptance of the completed feasibility report by the <br />CWCB. <br />4. BORROWER's Authority To Contract. The BORROWER shall, pursuant to its statutory <br />authority, articles of incorporation, and by-laws, have its board of directors and <br />stockholders adopt resolutions, irrepealable during the life of this loan, authorizing the <br />President and Secretary, on behalf of the BORROWER, to do the following: <br />a. To enter into and comply with the terms of this contract and the promissory note, <br />and to pay the indebtedness, and <br />b. To levy assessments in an amount sufficient to pay the annual amounts due under <br />this contract and to pledge revenues from assessments to repay this loan, and <br />c. To place the revenues pledged to make annual loan payments in a special <br />account separate and apart from other BORROWER revenues, in accordance with <br />the Pledge of Property Provisions of this contract and <br />d. To make annual payments in accordance with the promissory note, and <br />e. To make annual deposits to a debt service reserve fund in accordance with the <br />Pledge of Property Provisions of this contract, and <br />the <br />Feasibility Report Loan Contract Page 2 of 11 <br />