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C150349 Contract
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C150349 Contract
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Last modified
12/30/2015 3:10:32 PM
Creation date
5/21/2013 9:56:46 AM
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Loan Projects
Contract/PO #
C150349
Contractor Name
Ordway Feedyard LLC
Contract Type
Loan
Water District
17
County
Crowley
Loan Projects - Doc Type
Contract Documents
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AUTHORIZING RESOLUTION is attached as APPENDIX 3 and incorporated herein. <br />7. Attorney's Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, the <br />BORROWER shall submit to the CWCB a letter from its attorney stating that it is the <br />attorney's opinion that <br />a. the CONTRACT has been duly executed by the GENERAL MANAGER of the Ordway <br />Feedyard, LLC, who is duly authorized to execute the CONTRACT and to bind the <br />BORROWER; <br />b. the resolution authorizing the execution and delivery of the CONTRACT was duly <br />adopted by the GENERAL MANAGER of the Ordway Feedyard, LLC; <br />c. there are no provisions in the Articles of Operation for the Ordway Feedyard, LLC or <br />any state or local law that prevent this CONTRACT from binding the BORROWER; and <br />d. there are no provisions in any if the Ordway, Feedyard, LLC member's formation <br />and governing documents that would invalidate the members' approval of this loan; <br />and <br />e. the CONTRACT will be valid and binding against the BORROWER if entered into by the <br />CWCB. <br />8. PLEDGE OF PROPERTY. The BORROWER irrevocably pledges to the CWCB for purposes <br />of repayment of this loan: (1) revenues from assessments levied for that purpose as <br />authorized by the BORROWER's resolution(s) and (2) all of the BORROWER's rights to <br />receive said assessment revenues, hereinafter collectively referred to as the "PLEDGED <br />PROPERTY ". <br />a. Segregation of Pledged Revenues. The BORROWER shall set aside and keep the <br />pledged revenues in an account separate from other BORROWER revenues and <br />warrants that these revenues will not be used for any other purpose. <br />b. Establish Security Interest. The BORROWER has duly executed a SECURITY <br />AGREEMENT, attached hereto as APPENDIX 4 and incorporated herein, to provide a <br />security interest to the CWCB in the PLEDGED PROPERTY. The CWCB shall have <br />priority over all other competing claims for said PLEDGED PROPERTY, except for the <br />liens of the BORROWER's existing loans as listed in Section 5 (Schedule of Existing <br />Debt) of the PROJECT SUMMARY, which sets forth the position of the lien created by <br />this CONTRACT in relation to any existing lien(s). <br />c. Revenue Assessments. Pursuant to its statutory authority, articles of incorporation <br />and bylaws, the BORROWER shall take all necessary actions consistent therewith <br />during the term of this CONTRACT to levy assessments sufficient to pay this loan as <br />required by the terms of this CONTRACT and the PROMISSORY NOTE, to cover all <br />expenditures for operation and maintenance and emergency repair services, and to <br />maintain adequate debt service reserves. In the event the assessments levied by <br />the BORROWER become insufficient to assure such repayment to the CWCB, the <br />BORROWER shall immediately take all necessary action consistent with its statutory <br />authority, its articles of incorporation and bylaws including, but not limited to, levying <br />additional assessments to raise sufficient revenue to assure repayment of this loan. <br />Loan Contract C150349 <br />Page 3 of 11 <br />
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