C150026 PIF Contract

• Contract/PO #: C150026
• Contractor Name: Ute Water Conservancy District
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

a.
b.
C.
All
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WE
to
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ar
or
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declare the entire principal amount and accrued interest then outstanding immediately due
and payable;
exercise its rights under this contract, the Promissory Note, and /or the security agreement;
take any other appropriate action.
remedies described herein may be simultaneously or selectively and successively enforced.
provisions of this contract may be enforced by the STATE at its option without regard to prior
ivers of previous defaults by the DISTRICT and /or the BORROWER, through judicial proceedings
equire specific performance of this contract, or by such other proceedings in law or equity as
y be deemed necessary by the STATE to ensure compliance with provisions of this contract
the laws and regulations under which this contract is executed. The STATE's exercise of any
II of the remedies described herein shall not relieve the DISTRICT and /or the BORROWER of any
heir duties and obligations under this contract.
15. In levent of a conflict. In the event of conflict between the terms and conditions as set forth in
th4 any of the appendices, the provisions of this contract shall control.
16. P iodic inspections. Throughout the term of
de ignated representative of the STATE to make
in ections are solely for the purpose of verifying
thim contract. Furthermore, such inspections shall
re ords, maintenance records, and financial',Mcon
as an approval of the actual design and /ar con' mri c
17. Pri igress Reports. The BORROWER shaµ prepgir
st ement of the PROJECT costs expended foc hat
ST TE.,'k,s
this contract, the BORROWER shall permit a
periodic inspections of the PROJECT. Such
'rpTpliance with the terms and conditions of
r the condition of the PROJECT, operating
W, an , s I not be construed nor interpreted
tioral:F,4nyl,04ement of the PROJECT facilities.
-iddic progress report which contains a
and shall forward said statement to the
18. A ere to applicable laws. The DIST and the BORROWER shall strictly adhere to all
ap licable federal, state, and local laws and regulations that are in effect or may hereafter be
es blished throughout the term of this contract.
19. N dissolution of water enterprise. The DISTRICT and the BORROWER agree not to terminate
or issolve the BORROWER, nor adversely withdraw or deplete its assets, nor otherwise adversely
aff ct the BORROWER's ability to perform during the term of this contract.
B. TheISTATE agrees as follows:
1. Agreement to loan money. The STATE agrees to loan to the BORROWER up to $7,000,000 at
an nterest rate of 4.75% per annum for a term of thirty (30) years to finance PROJECT costs.
2. E isbursements. After receipt of the periodic progress report from the BORROWER, and review
and acceptance of the items therein as eligible expenses as described below, the STATE will pay
to i ie BORROWER the amount set forth in the report or such portion that has been approved by
the STATE. Such payment shall be made within thirty (30) days from the STATE's approval of
ea (h progress report.
3. F elease after loan is repaid. Upon completion of repayment to the STATE of the entire
pri cipal, all accrued interest, and late charges, if any, as specified in the promissory note, the
ST TE agrees to execute a release of security agreement to terminate all of the STATE'S rights in
anq to the pledged revenues.
C. Th4 STATE, the DISTRICT and the BORROWER mutually agree as follows:
Ute Watir Activity Enterprise and
Ute Wat r Conservancy District Page 8 of 13