C153748 Contract - Laserfiche WebLink

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UCC-1 Form with the Colorado Secretary of State to perfect its security interest in the pledged revenues. c. Assessments for repayment of the loan. The BORROWER shall, pursuant to its statutory authority, articles of incorporation and by-laws, and as authorized by its resolutions, annual1y seek from its stockholders sufficient assessments, and take all other necessary actions consistent therewith to levy assessments sufficient to pay this contract loan in a timely manner and as required by the terms and conditions of this contract. Should the stockholders fail to set any such assessments, the BoRROwER shall make adequate assessments for the purpose of repaying its obligations under this contract pursuant to § 7-42-104(2), C.R.S. (1986). In addition, in the event the assessments levied by the BoRROwER become insufficient to assure repayment to the STATE as required by the terms and conditions of this contract, then the BoRROwER shall immediately take all necessary action consistent with its statutory authority, its articles of incorporation, by- laws and resolutions, including but not limited to, levying additional assessments to raise su~cient revenue to assure repayment of the loan to the STATE. d. Assessments for operations, maintenance and reserves. The BoRROwER shall, pursuant to its statutory authority, articles of incorporation, by-laws, and resolutions, levy assessments from time to time as necessary to provide sufficient funds for adequate operation and maintenance, emergency repair services, obsolescence reserves and debt reserves. BoRROwER shall deposit an amount equal to one-tenth of an annual payment into its reserve debt service fund on an annual basis for the first ten years of this loan. 17. Progress reports. The BoRROwER shall, with the assistance of the CoNSU~TArvT, prepare a periodic progress report which contains a statement of the PRO,IECT costs for that period and shall,forward said statement to the STATE. 18. Periodic inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of the STATE t0 make periodic inspections of fhe PROJECT. SUCh inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. Furthermore, such inspections shall cover the condition of the PRO~ECT, operating records, maintenance records, and financial records, and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PRO~ECT facilities. 19. Adhere to applicable laws. The BoRROwER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 20. No discrimination of services. The services of said PRO.IECT shall be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the BORROWER's service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. B. The ST,4TE agrees as follows: 1. Agreement to loan money. The STa,TE agrees to loan to the BoRROwER an amount not to exceed ~ that specified in the Promissory Note Provisions of this contract. ~ 2. Disbursements. After receipt of the periodic progress report from the BoRROwER, and review and ~ acceptance of the items therein as eligible expenses as descxibed below, the STATE will pay to the BoRROwER the amount set forth in the report or such portion that has been approved by the STArE. ~' xcelsior Irrigating Company Page 7 of 12 Loan Contract