C150293 contract docs

• Contract/PO #: C150293
• Contractor Name: North Sterling Irrigation District
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Contract Documents

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` shali be assessed a fee for amending the contract.
a. A service fee shall be imposed on the BoRROwER for amendments processed for
the benefit of the BORROWER and necessary for the BORROWER's course of
business but not necessary for the CWCB, including, but not limited to, a change in
borrower name (novation), assignment of contract, substitution of collateral, loan
payment deferments in excess of 3 per loan, and loan consolidation. Amendments
in the course of CWCB business, including, but not limited to, loan payment
deferments (up to 3 per loan), and changes in terms of loan repayment will be
processed at no additional charge to the BoRROwER.
b. The amount �h�rged shal) be in �c�ordanc.� with th� fee rate structure set fQr�h in
the CWCB Loan Service Charge Policy in effect at the time the BoRROwER shall
request an amendment. The current fee for an amendment is $1,000.
c. The BoRROwER shall remit the service fee to the CWCB prior to initiation of the
amendment. Any service fee remitted to the CWCB cannot be re#unded
3. Promissory Note Provisions. The CWCB agrees to loan to the BoRROwER an amount
not to exceed the LoAtv AMOUNT and the BORROWER agrees to repay the loan in
accordance with the terms as set forth in the Promissory Note, attached hereto as
Appendix 2 and incorporated herein. The Promissory Note shall identify the LoArv
AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROwER differs
from the LoAtv AMOUrvT, the parties agree to amend this contract, including its appendices
where necessary, to revise the LoaN AnnoutvT.
4. Interest Prior to Pttc�,��cfi Compietion. As the ioan funds are disbursed by the CWCB
f0 the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The
CWCB shaN calcula#e the amount of the interest that accrued prior to PROJECT's
substantial completion (as determined by the CWCB) and notify BoRROwER of such
amount. The BoRROwER shall repay that amount #o #he CWCB either within ten (10)
days from the date of notification from the CWCB, or, at the CWCB's discretion, said
interest shall be deduct�! from the final disbursement of loan funds that the CWCB
makes to the BORROWER.
5. Return of Unused Loan Funds. Any ioan funds disbursed but not expended for the
PRO�ECT in accordance with the terms of this contract shall be remitted to the CWCB
within 30 calendar days from notification from the CWCB of either (1) completion of the
PRO�ECT or (2) determination by the CWCB that the PRO�ECT will not be completed.
6. BoRROwER's Authority To Contract The BoRROw�R wamants that it has fuii power and
authority to enter into this contract. The execution and delivery of this contract and
the pertormance and observation of its terms, conditions and obligations have been duly
authorized by all necessary actions of the BoRROwER. The BORROWER's authorizing
resolution(s) or ordinance(s) are attached as Appendix 3 and incorpora#ed herein.
7. Attomey's Opinion Letter. Prior to the execution of this contract by the CWCB, the
BoRROwER shall submit to the CWCB a letter from its bond counsel stating that it is the
Loan Contract C150293
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