C153618 PIF Contract

• Contract/PO #: C153618
• Contractor Name: Greeley, City of
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

is a condition precedent to State performance of this contract.
Such ordinance shall be irrepealable for the period of repayment
of the project contract loan. Such ordinance shall specifically
authorize the City to enter into this Contract. Such ordinance
shall specifically pledge the full faith and credit of the City to
repay the project contract loan in the event of default. Such
ordinance shall be attached hereto as Exhibit D and is
incorporated herein by this reference.
a. At the Contractor's option, the total principal
repayment cost can be repaid to the State by the
Contractor at any time within the twenty -five (25) -year
repayment period, thereby terminating this contract. The
repayment of the total principal repayment cost prior to
the end of the twenty -five (25) -year period can be done
by submitting a final payment to the State equal in
amount to the outstanding unpaid principal of the total
principal repayment cost when this final payment is made
plus the interest accumulated on the unpaid total
principal repayment cost calculated at a rate of five
percent (5%) per annum for that period from the last
scheduled annual payment date to the date final payment
of the outstanding total principal repayment cost
principal is received by the State.
12. obtain and maintain general fire and hazard insurance
on the project in an amount not less than the outstanding
amount of the loan made by the State to th /tractor until the
Contractor has repaid the loan in full u n ,W e t rms of
paragraph A.11. above or paragraph A.ia ve. State shall
be the sole insured of this policy. AV40_%% i* st �,i�i` oan amount
payable to the State shall be reducedths,��mt` of any
payments made to the State under this insukcoverage. If only
a portion of the outstanding loan amount" �is�;aid to the State
under this policy, the number of inst�f ieDt payments shall remain
unchanged; however, the amount of each'payment shall be reduced to
accurately reflect the reduction in outstanding loan principal. A
copy of the ordinance creating the Contractor's self- insurance
program and a letter of credit creating a reserve for the program
are attached and made a part hereof as Exhibit A.
13. Comply with the Construction Fund Program Procedures
attached hereto as Exhibit E and incorporated by reference herein.
14. Comply with the provisions of Section 37 -60 -120,
Colorado Revised Statutes, and any other applicable statutes,
procedures, requirements, rules, or regulations which the State
has.
15. Not sell, convey, assign, grant, transfer, mortgage,
pledge, encumber, or otherwise dispose of the project or any
portion thereof so long as any of the annual installments required
by paragraph A.11. above remain unpaid, or until the outstanding
principal of the project loan is repaid in accordance with
paragraph A.11.a., without the prior written concurrence of the
State.
B. Upon default in the payments herein set forth to be made by
the Contractor, or default in the performance of any covenant or
agreement contained herein, the State, at its option, may (a)
declare the entire principal amount then outstanding immediately
due and payable; (b) for the account of the Contractor, incur and
pay reasonable expenses for repair, maintenance, and operation of
the project herein described and such expenses as may be necessary
to cure the cause of default; (c) take possession of the project,
repair, maintain, and operate or lease it; (d) act upon the
security (described in paragraph A.5. above) and /or (e) take any
other appropriate legal action. All remedies described herein may
be simultaneously or selectively and successively enforced. The
provisions of this contract may be enforced by the State at its
option without regard to prior waivers by it of previous defaults
by the Contractor, through judicial proceedings to require
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