Laserfiche WebLink
0 <br />under this Contract, for a total amount of principal to be repaid <br />of Four Hundred Thousand Dollars ($400,000), provided that <br />disbursement of said $50,000 shall continue to be governed by the <br />terms of the Computer Modelling Contract. <br />5. The Borrower shall repay to the State the total sum of <br />Four Hundred Thousand Dollars ($400,000.00), which includes as the <br />principal amount of the loan, the project loan amount of Three <br />Hundred Fifty Thousand Dollars $350,000 pursuant to this Project <br />Contract and Fifty Thousand Dollars $50,000 originally covered by <br />the Computer Modelling Contract dated May 21, 1992, together with <br />interest at five percent (5%) per annum, said repayment to be made <br />as follows: <br />a. During the first two years, the Contractor will pay <br />installments into a reserve escrow account maintained for the <br />benefit of the Colorado Water Conservation Board. <br />b. During the next 38 years, the Contractor will pay <br />installments to the Colorado Water Conservation Board. <br />c. Installments shall be equal annual payments of <br />$26,085.06, based upon $440,000.00, which is the principal amount <br />plus simple interest for the first ears at 5%, amortized in <br />equal annual payments over 38 interest. <br />d. The f irst insta�� ent of <br />,085.06 shall be paid <br />into escrow 120 days after recei e rrower of all money <br />required to be delivered f e t suant to paragraphs 1 <br />and 2 of this Contract. The d stallment of $26,085.06 shall <br />be paid into escrow on the me date one year later. Subsequent <br />installments shall be due and payable to the Colorado Water <br />Conservation Board yearly on the same date thereafter until the <br />entire amount, including principal and interest, has been paid to <br />the State. Installment payments, except those paid into the <br />reserve escrow account, shall be made payable to the Colorado Water <br />Conservation Board, payable at the address described in ¶23 herein. <br />e. In the event revenues from water user or storage <br />fees are insufficient in any year to pay all of the required annual <br />payment, then funds from the reserve account will be applied to <br />make up any deficiency. In the next ensuing years as soon <br />thereafter as possible, the Contractor will make such additional <br />payment as is necessary to replace funds from the reserve account. <br />f. Upon payment of all moneys owed by the Borrower to <br />the State pursuant to this Contract, the Borrower shall be entitled <br />to the return of all reserve funds in the reserve escrow account, <br />including all interest earned thereon. <br />4 <br />