C153348 PIF Contract

• Contract/PO #: C153348
• Contractor Name: Morrison, Town of
• Contract Type: Loan
• Water District: 9
• County: Jefferson
• Bill Number: SB 80-67
• Loan Projects - Doc Type: Contract Documents

Dollars ($350,000) shall be made available to the Contractor
in accordance with the following terms and conditions:
a. Beginning with the monthly period commencing
March 1, 1981 and for every month thereafter until
said project has been completed, the Contractor
shall prepare with the consulting engineer's help
an estimate of the funds required from the State
for project construction during that month and
shall forward said estimate of the funds required
from the State for project construction during
that month and shall forward said estimate to the
State not less than fifteen (15) days prior to the
beginning of such month.
b. Upon receipt and approval by the State of
such monthly estimate, the State will, within
forty (40) days from the receipt of such estimate,
pay over to the Contractor the amount of the
monthly estimate or such portion thereof as has
been approved by the state.
2. Assist the Contractor with such technical assistance
as the State deems appropriate in planning, constructing,
and operating the project and in coordinating the project
with local official comprehensive plans for sewer and water
and with any State or area plans for the area in which the
project is located.
D. In its sole discretion, the State may at any time give
any consent,deferment, subordination, release, satisfaction,
or termination of any or all of the actor's obligations
under this agreement, with or wit o able consideration,
upon such terms and conditions ate y determine to
be (a) advisable to further th ses contract or
to protect the State's financial 'nte t in, and (b)
consistent with both the statutory of this contract
and the limitations of the statue hority under which
it is made.
E.
Upon completion of the payment of the full purchase price
to the State in the sum of Seven Hundred Seven Thousand Two
Hundred Eights Dollars ($707,280) ,as set forth in paragraph
A.9, of this contract, the State agrees to convey to the
Contractor all of the State's right - ;title, and interest in
and to the project by deed or other proper conveyance.
F. Contractor may at any time prepay, without penalty, the
purchase price described in paragraphs A.9 and E. above.
The prepayment price shall be the project cost of Three
Hundred Fifty Thousand Dollars ($350,000) plus the annual
fee of four percent (4%) accrued to the date of prepayment,
less payments made by contractor to the date of prepayment.
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