Laserfiche WebLink
� <br />above amount of insurance so that said amounts at a minimum correspond to the amount <br />established by the Colorado Governmental Immunity Act, now and as he�eafter amended. <br />If the BoRROwER is a"public entity° within the meaning of the Colorado Governmental <br />Immunity Act, Article 10 of Title 24, C.R.S., as amended ("Act"), the BoRROwER shall at all <br />times maintain such liability insurance, by commercial policy or self-insurance, as is <br />necessary to meet its liabilities under the Act. Upon request by the STaTE tll2 BORROWER <br />shall provide proof of such insurance. <br />4. BoRROweR's Authority To Contract. The BoRROwER warrants that its Board of Directors <br />has complied with all statutory and other legal requirements and dufy adopted a resolution <br />that constitutes a legislative measure of the BoRROwER and is irrepealable for the term of <br />this loan contract, authorizing the BoRROVVER: <br />a. To enter into and comply with the terms of this contract and the promissory note; and <br />b. To pledge revenues from the BORROWER general funds to repay this loan and to <br />execute a Security Agreement to convey a security interest to the SraTE in the pledged <br />revenues; and <br />c. To set aside revenues each year, in an amount sufficient to pay the annual installment, <br />in a special account, separate and apart from other revenues of the BORROWER in <br />accordance with the Pledge of Reve u s of this contract; and <br />d. To make annual loan payments in with t promissory note; and <br />e. To execute and deliver a deed(s) of r, c ment(s) and assignment(s) to <br />convey a security interest to t E i water rights, in accordance with the <br />Collateral provision of this contr � <br />Said resolution is attached hereto as Appendix A and incorporated herein. <br />5. Attorney's opinion letter. Prior to the execution of this contract by the STATE the <br />BoRROwER shall submit to the STATE an opinion from Red Book bond counsel that the <br />contract will be duly executed by officers of the BoRROwER who are duly elected.or appointed <br />and are authorized to execute the contract and to bind the BoRROwER; that the election held <br />by the Borrower to obtain voter approval of this loan met all requirements of the Colorado <br />Constitution or any other state or local law, that the resolution of the BoRROwER authorizing <br />the execution and delivery of the contract was duly adopted by the governing body of the <br />BORROWER that there are no provisions in the Colo�ado Constitution or any other state or <br />local law that prevent this contract from binding the BoRROwER; and that the contract will be <br />valid and binding against the BoRROwER if entered into by the STATE. <br />6. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment <br />and evidencing this debt in the amount of up to $500,000 at an interest rate of 4.75% per <br />annum for a term of 20 years is attached as Appendix B and incorporated herein. <br />a. Interest During Project Completion. As the loan funds are disbursed by the STATE to <br />the BoRROwER during PRO�ECT completion, interest shall accrue at the rate of 4.75% <br />per annum. The amount of the interest accrued during PRO�ECT completion shall be <br />calculated by the SrATE and the BoRROwER shall repay that amount to the STATE either <br />within ten (10) days after the date the STaTE determines that the PRO�ECr has been <br />Chatfield South Water District Page 3 of 11 <br />