Laserfiche WebLink
<br />a. The BoRROwER to obtain a certi~cate of deposit to serve as collateral in the amount of one <br />annual loan payment ($5,783.01) as security for the loan, and execute an assignment of <br />certificate of deposit as described in the Collatera! Provisions of this contract. <br />Said resolutions are attached hereto as Appendix A and incorporated herein. <br />8. Attorney's opinion letter. Prior to the execution of this contract by the STa,TE, the DisTRicT and <br />the BoRROwER shall submit to the ST,4TE an opinion from bond counsel that the contract will be <br />duly executed by officers of the D~sTR~CT and BoRROwER who are duly elected or appointed and <br />are authorized to execute the contract and to bind the DisTRicT and BORROWER; that the <br />resolutions of the DiSTRicT and BoRROwER authorizing the execution and delivery of the contract <br />were duly adopted by the goveming bodies of the DisrR~cT and BoRROwER; that there are no <br />provisions in the Colorado Constitution or any other state or local law that prevent this contract <br />from binding the DisTR~CT and BoRROwER; and that the contract will be valid and binding against <br />the DisTRicT and BoRROwER if entered into by the STaTE. <br />9. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment and <br />evidencing this debt in the amount of up to $100,000 at an interest rate of 4% per annum for a <br />term of thirty (30) years is attached as Appendix B and incorporated herein. <br />a. Final Loan Amount. In the event that the final loan amount is at least 90% of the <br />AUTHORIZED LOAN AMOUNT, the STaTE shall apply the remaining loan funds to reduce the <br />final loan amount and the annual loan payment shall remain the same. If the final loan <br />amount is less than 90% AUTHORIZED LOAN A State may apply those funds to <br />reduce the final loan amount with the ~onsent, or the STATE and the <br />BORROWER shail execute a REVISION L , ached reto as Appendix C and <br />incorporated herein, which will establish the fin o t nd amend or replace the <br />loan documents that reflect the fin a i e Promissory Note, the <br />Security Agreement and the Assignme rt~ te of Deposit. <br />b. Interest During Construction. As the loan funds are disbursed by the STATE t0 the <br />BORROWER during PROJECT completion, interest shall accrue at the rate of 4% per annum. <br />The ST,arE shall calculate the amount of the interest accrued during PRO~ECr completion <br />and shall bill the BORROWER annually from the date of first disbursement and upon <br />completion of the PRO~ECT. The BoRROwER shall pay the interest during construction <br />within ten (10) days after receipt of said bill. <br />10. Warranties. The DisTRicT and the BoRROwER warrant the following: <br />a. By acceptance of the loan money pursuant to the terms of this contract and by its <br />representations herein, the BoRROwER shall be estopped from asserting for any reason that <br />the BORROWER is not authorized or obligated to repay the loan money to the STATE as <br />required by this contract. <br />b. The DisTR~cr and the BoRROwER have full power and authority to enter into this contract. <br />The execution and delivery of this contract and the perFormance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the DisTRicT <br />and the BORROWER. <br />c. The DisTRicT and the BoRROwER have not employed or retained any company or person, <br />other than a bona fide employee working solely for the D~STR~CT and the BoRROwER, to solicit <br />or secure this contract. The DisTRicT and the BoRROwER have not paid or agreed to pay any <br />person, company, corporation, individual, or firm, other than a bona fide employee, any fee, <br />Silt Water Conservancy District Water Act'rvity Enterprise and <br />Silt Water Conservancy District Page 5 of 13 <br />