Laserfiche WebLink
Seven Hundred Forty -One Dollars ($290,741) together <br />with the amount of Twenty -Two Thousan4 Six Hundred <br />Eighty -Three Dollars ($22,683) previously advance by <br />the State for the feasibility study of Barnes Meadow <br />Dam, for a total principal repayment cost not to exceed <br />Three Hundred Thirteen Thousand Four Hundred Twenty - <br />Four Dollars ($313,424), plus accumulated interest <br />calculated using accepted accounting principles at a <br />rate of five percent (5 %) per annum, said repayment to <br />be made in constant annual installments for a period of <br />twenty ( 2 0) __ years . <br />a. For the total principal repayment cost of <br />Five Hundred Three Thousand Eight Dollars and <br />Eighty -Eight Cents ($503,008.88), the annual <br />payment of principal and interest shall be Twenty - <br />Five Thousand One Hundred Fifty Dollars and Forty - <br />Four Cents ($25,150.44) each for twenty (20) <br />years, as shown in Attachment B, attached hereto <br />and incorporated by reference herein, which first <br />installment -shall be due and payable the first day <br />of the month next succeeding the month in which <br />the State determines that the project has been <br />substantially completed, and yearly thereafter <br />until the entire principal sum shall have been <br />paid. However, in the event the Contractor does <br />not draw funds commencing on the date specified in <br />paragraph D.1.a. below, the obligation to repay <br />shall be postponed fo me number of months <br />as the Contractor rawing funds. Said <br />installment paymen e m e payable to the <br />Colorado Water Con vatio a payable at the <br />offices of said Boar r lorado. The <br />Contractor pledg s h and credit in <br />support of this i t n and warrants that it <br />has taken all st necessary to pledge its full <br />faith and credit for this obligation. <br />D.1. The State agrees that it shall: <br />1. Loan to the Contractor for the purpose of <br />this contract an amount not to exceed Two Hundred <br />Ninety Thousand Seven Hundred Forty -One Dollars <br />($290,741). Said Two Hundred Ninety Thousand <br />Seven Hundred Forty -One Dollars ($290,741) shall <br />be made available to the Contractor in accordance <br />with the following terms and conditions. <br />a. Beginning with the monthly period <br />commencing with the date of this contract and <br />for every month thereafter until said project <br />has been completed, the Contractor shall <br />Page 3 of 7 Pages <br />