C150269 Contract - Laserfiche WebLink

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At its July 2008 meeting, the CWCB approved a loan from the Severance Tax Trust Fund Perpetual Base Account to the BoRROwER in an amount up to $720,000 fOP PROJECT costs, not to exceed 90% of the cost of the PRO~ECT, with a loan origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of 3.50% per annum for a repayment term of 30 years. SECTION 5- SCHEDULE OF EXISTING DEBT No existing debt. SECTION 6- ADDIT{ONAL CONDITIONS 8~ CONTRACT REQUIREMENTS The Borrower shall have a lease agreement in place for storage of the water acquired with this laan prior to disbursement of funds by the CWCB. SECTION 7- CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS. A. The BoRROwER must submit a written appraisal or opinion of value from a qualified water rights appraiser supporting the purchase price prior to disbursal of loan funds. B. The BoRROwER shall pay all of the expenses related to the PRO~ECT when such bills are due. SECTION 8- ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. A. Engineering associated with the feasibility report prepared as a requirement for this loan and associated with evaluating the suitability of the water rights for purchase by the BoRROwER. B. Interest during completion of the PRO~ECT pursuant to Paragraph A.4 herein. C. Legal services for reviewing engineering services contracts and this Contract. D. Purchase of the water rights. SECTION 9 - DISBURSEMENT SCHEDULE For a water rights purchase, the BoRROwER shall prepare a written request for funds that shall describe the upcoming closing on water rights purchase including, but not limited to, the name of the seller, cost, closing date, and appraisal value and support documentation in the form of copies of the sales agreement and the appraisal pursuant to Section 7(a) above. After receipt of the written request from the BORROWER, and review and acceptance of the items therein as eligible expenses as described above, the CWCB will pay to the BoRROwER the amount set forth in the request or such portion that has been approved by the CWCB. Such payment shall be made within thirty (30) days from the CWCB's approval of each request. SECTION 1 O- TIME FOR PERFORMANCE PRO~ECT Beginning: Upon Effective Date of this Contract (the date this contract is signed by the State Controller or his designee). PRO~ECT Finish: 2 years from the Effective Date of this Contract. Appendix 1 to Loan Contract C150269 Page 2 of 2