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C153567 contract docs
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Last modified
7/19/2010 12:54:54 PM
Creation date
12/30/2009 10:28:00 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153567
Contractor Name
Grand Junction, City of
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
SB 89-85
Loan Projects - Doc Type
Contract Documents
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� � <br />12. Provide the State with such periodic reports as the <br />State may require and pezmit periodic inspections of its �� <br />opeLations and accounts by a desiqnated reptesentative of the <br />State. <br />adr r. 4x�.Ea� <br />13. Repay to the State the total principal sum e€r�Two <br />Flundred Fifty Thousand Dollars ($250,000), which includes the <br />project loan amount with interest at�the tate of five percent <br />(5$) per annum, said repayment to be made in constant annual <br />installments of Seventeen Thousand Seven Hundred 4'hirty-Seven <br />Dollars and Forty-Nine Cents ($17,737.49) each, for twenty-five <br />(25) years, as shown in Exhibit A, attached hezeto and <br />incorporated by reference hetein, which first install.ment shall <br />be due and payable on the first day of the month next <br />succeeding the month in which the State determines that the <br />pLOject has been substantially completed, and yeaLly theceafter <br />until the entire principal sum shall have been paid. However, <br />in the event the Contractor does not draw funds commencing on <br />the date specified in paragraph C.l.a. below, the obligation to <br />Lepay shall be postponed for the same number of months as the <br />Cont=actor delays in drawing funds. Said installment payments <br />shall be made payable to the Colo=ado Water Conservation Board, <br />payable at the offices of said Boa=d in Denver, Colocado. <br />14. As security for the loan to be made to it by the <br />State, execute a warranty deed within thitty (30) days of the <br />first advance of funds from the State as provided in paragraph <br />C.l.a. below which shall convey to the State the following: <br />An undivided fifty percent (50$) of 5866± feet of 30-inch <br />class 50 ductile iron pipe, inclusive of all intake <br />structures, incidentals, appurtenances, the pipe to be <br />laid between the K existing diversion structure <br />and Juniata Reserv� <br />� ' 'Q <br />15. In addition to n lities rates sufficient <br />to pay the indebtedn e �e and to insure adequate <br />funds for operation � pipeline, the Contracto= will <br />provide revenues in t e Contractor's Watet Fund sufficient to <br />maintain and operate in good working order the North F'ork <br />Dive=sion Pipeline (from Kannah Creek to Juniata Reservoir) <br />until, at least, the total loan obligation to the State is <br />discharged. The Contractor's obliqation to repay the loan is <br />not terminated by loss or damaqe to or destruction of the <br />project. <br />16. Comply with the Construction Fund Proqtam P=ocedutes <br />attached hereto as Exhibit B and incorporated by reference <br />herein. <br />17. Comply with the provisions of section 37-60-120, <br />Colorado Revised Statutes, and any other applicable statutes, <br />ptoceduLes, tequirements, rules, ot requlations which the State <br />hds. <br />18. Not sell, convey, assign, qrant, transfer, mortqage, <br />pledqe, encumber, or otherwise dispose of the project or any <br />poLtion thereof, so long as an� o: the ar.nua2 installments <br />required by paragraph A.13. above remain unpaid, without the <br />prior written concurrence of the State. <br />B. Upon default in the payments herein set forth to be made by <br />the Contracto=, or default in the performance of any covenant <br />or agreement contained herein, the State, at its option, may: <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable; (b) for the account of <br />the Contractor, incur and pay reasonable expenses for repair, <br />�aaintenance, and operation of the project he=ein desc=ibed and <br />Page 4 of 10 Paqes <br />
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