C153670B PIF Contract - Laserfiche WebLink

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r b. It has full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER. c. It has not employed or retained any company or person, other than a bona fide employee working solidly for the BORROWER, to solicit or secure this contract and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employed, any fee, commission, percentage, gift, or other. consideration contingent upon or resulting from the award or the making of this,contract. d. The Ute Water Activity Enterprise was lawfully created and will be maintained in compliance with - §37- 45.1 -101, et seq., CRS, and Article X, Section 20 of the Colorado Constitution, and has authority to enter into this contract with the STATE The Ute Water Conservancy District and the Ute Water Activity Enterprise shall immediately notify the STATE in writing if the circumstances which form the basis of this warranty change. e. Each entity has full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER AND THE DISTRICT. 8. Promissory note provisions. The BORROWER understands that this contract is also a promissory note for the repayment of funds loaned according to the terms set forth herein. a. Principal amount. The principal amountat4he loan shall be the total amount of funds advanced by the STATE to the BORROWER unde(ftfie,A` ' of this contract, not to exceed the MAXIMuM LOAN AMOUNT of $7,537,500. b. Interest rate. The interest on the ypF+sbE ';i�"rshj..ccrue at the rate of five percent (5 %) per annum on all funds advanced, .B�Rb�vEEtd�r - ROJECT construction. z,, c. Duration. The repaymen6f" Of' this loan shall be thirty (30) years. d. Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT, payments would be made in thirty (30) annual installments of Four Hundred Ninety Thousand Three Hundred Twenty - Five Dollars and Nineteen Cents ($490,325.19), which is principal and interest. The first installment shall be due and payable on the first day of the month, one year after the month that the STATE declares that the PROJECT has been substantially completed, and yearly thereafter until the entire principal sum and any accrued interest shall have been paid. Installment payments are to be made payable to the CWCB at the address given below. e. Interest during construction. The BORROWER shall repay to the STATE interest during design and construction which will be calculated at the rate of five percent (5 %) per annum on each loan advance disbursed to the BORROWER during construction. Interest is to be paid on all advances until the PROJECT is declared substantially complete. Said accumulated interest shall be paid to the STATE on an annual basis and each payment during construction is to be made on the anniversary date of this contract f. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without penalty. These payments will be applied first to any accrued interest and then to reduce the principal amount. UTE WATER CONSERVANCY DISTRICT Page 5 of 11 LOAN CONTRACT