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C153670B PIF Contract
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C153670B PIF Contract
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Last modified
1/22/2013 10:43:24 AM
Creation date
1/22/2013 9:29:13 AM
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Loan Projects
Contract/PO #
C150670B
Contractor Name
Ute Water Conservancy District
Contract Type
Loan
Water District
72
County
Mesa
Loan Projects - Doc Type
Contract Documents
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its operating costs and rates, fees, and other charges sufficient to pay this contract loan in a <br />timely manner and as required by the terms and conditions herein. In the event the operating <br />costs and rates, fees, and other charges by the BORROWER become insufficient to assure <br />repayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon <br />written notice thereof from the STATE, shall immediately take all necessary action consistent with <br />the applicable laws and its resolutions, -to raise sufficient revenue to assure repayment of the loan <br />to the STATE. The BORROWER'S failure or refusal to raise its water user charges and storage fees <br />within sixty (60) days of receipt of such notice from the STATE 'shall constitute a default and the <br />STATE shall be entitled to all remedies provided for in Paragraph A. 10 above. <br />c. Charges and fees for operations, maintenance, reserves, and debt reserves. The BORROWER <br />shall;'pursuant tolthe applicable laws and its resolutions, adjust its operating costs and rates, fees, <br />and other charges from time to time as necessary to provide sufficient funds for adequate <br />operation and maintenance, emergency repair services, obsolescence reserves, and debt reserves. <br />d. Establish security interest in the revenues. The BORROWER agrees that in order to provide a <br />security interest for the STATE irrevocably pledging such revenues, it will provide a Uniform <br />Commercial Code Security Agreement and Financing Statement, such document completed and <br />properly executed, incorporated herein as Appendix D. No monies shall be advanced prior to <br />BORROWER providing this form. <br />e. Renewal of UCC agreements in fourth year. The BORROWER will, within thirty (30) days prior <br />to the end of the fourth year that this contract is in effect and every five (5) years thereafter, <br />deliver to the STATE a fully and properly exectited Continuation Statement (Form UCC -3) of the <br />security interest (UCC Security Agreement: -rids ncing Statement) required by this contract. <br />14. Maintain the enterprise. The BORROWER -and the istdct agree not to terminate the Ute Water <br />Activity Enterprise, nor adversely withdraw or deple ,' f „ a sgts, no otherwise adversely affect the <br />Enterprise's ability to perform during 'the term Hof 7hiS Con <br />15. Progress reports. The Borrower shall, with the assistance of the CONSULTANT, prepare a progress <br />report which contains a statement of the actual PROJECT construction costs expended for that month and <br />shall forward said statement to the STATE. <br />16. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its <br />construction, operations and accounts by a designated representative of the STATE. Any such inspections <br />by the STATE are solely for the purpose of verifying compliance with the terms and conditions of the <br />contract and shall not be construed nor interpreted as an approval of the actual design and /or construction <br />of any element of the PROJECT. <br />17. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and <br />local laws and regulations that have been or may hereafter be established. <br />B. The STATE agrees as follows: <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed <br />that specified in the promissory note provisions of this contract. <br />2. Disbursements. After receipt of the monthly progress report from the BORROWER, and review and <br />acceptance of the items therein as eligible. expenses as described below, the STATE will pay to the <br />BORROWER the amount of the report or such portion that has been approved by the STATE, except that the <br />STATE shall not disburse over 2/3 of the loan amount until it receives the security deedadescribed in - =' <br />LITE WATER CONSERVANCY DISTRICT Page 7 of 11 LOAN CONTRACT <br />
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