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G. The District and the Enterprise desire to provide CWCB <br />adequate security for the repayment of the funds borrowed by them <br />from CWCB. <br />NOW, THEREFORE, THE BOARD OF THE DISTRICT AND OF THE <br />ENTERPRISE RESOLVE AS FOLLOWS: <br />1. The District and /or the Enterprise shall be authorized to <br />obtain a loan from and to enter into a contract (the "Project <br />Contract ") with the State of Colorado for the use and benefit of <br />the Department of Natural Resources, Colorado Water Conservation <br />Board, to borrow up to the amount of $7,537,500, for the purpose of <br />paying for a portion of the costs of the Project. <br />2. The loan referred to above shall be repaid as follows: <br />a. The principal amount of the loan shall be the total <br />amount of funds advanced by CWCB to the District and the Enterprise <br />under the Project Contract, not to exceed a maximum loan amount of <br />$7,537,500. <br />b. The interest on t rincipal shall accrue at the <br />rate of five percent (5%) per on all funds advanced to the <br />District and the Enterprises i e sign and construction of <br />the Project. <br />C. The repayment r the loan shall be thirty <br />(30) years. , <br />d. The loan amdU t shall be repaid in thirty (30) equal <br />annual installments of principal and interest. If the amount <br />borrowed is the maximum loan amount, payments would be made in <br />thirty (30) annual installments of Four Hundred Ninety Thousand <br />Three Hundred Twenty -Five and 19/100 Dollars ($490,325.19), which <br />is principal and interest. The first installment shall be due and <br />payable on the first day of the month, one year after the month <br />that CWCB declares that the Project has been substantially <br />completed, and yearly thereafter until the entire principal sum and <br />any accrued interest shall have been paid. Installment payments <br />shall be made payable to CWCB. <br />e. The District and the Enterprise shall repay to CWCB <br />interest during design and construction of the Project, which will <br />be calculated at the rate of five percent (5%) per annum on each <br />loan advance disbursed to the Enterprise and the District during <br />construction. Interest is to be paid on all advances until the <br />Project is declared substantially complete. The accumulated <br />interest shall be paid to CWCB on an annual basis, and each payment <br />- 2 - <br />