C150358 Contract

• Contract/PO #: C150358
• Contractor Name: Henrylyn Irrigation District
• Contract Type: Loan
• Water District: 1
• County: Weld
• Loan Projects - Doc Type: Contract Documents

maintenance expenses, annual debt service on all outstanding indebtedness
having a lien on the pledged revenues, including this loan, the annual debt
service on the proposed indebtedness to be issued, and all required deposits
to any reserve funds required by this CONTRACT or by the lender(s) of any
indebtedness having a lien on the pledged revenues. The analysis of
revenues shall be based on the BORROWER'S current rate structure or the rate
structure most recently adopted. No more than 10% of total revenues may
originate from tap and /or connection fees.
The BORROWER acknowledges and understands that any request for approval of
the issuance of additional debt must be reviewed and approved by the CWCB
Director prior to the issuance of any additional debt.
13. Warranties.
a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and
by its representations herein, the BORROWER shall be estopped from asserting for
any reason that it is not authorized or obligated to repay the loan to the CWCB as
required by this CONTRACT.
b. The BORROWER warrants that it has not employed or retained any company or
person, other than a bona fide employee working solely for the BORROWER, to
solicit or secure this CONTRACT and has not paid or agreed to pay any person,
company, corporation, individual, or firm, other than a bona fide employee, any fee,
commission, percentage, gift, or other consideration contingent upon or resulting
from the award or the making of this CONTRACT.
c. The BORROWER warrants that the PLEDGED PROPERTY and COLLATERAL for this
loan are not encumbered by any other deeds of trust or liens of any party other
than the CWCB or in any other manner, except for any existing lien(s) identified in
Section 5 (Schedule of Existing Debt) of the PROJECT SUMMARY, which sets forth
the position of the lien created by this CONTRACT in relation to any existing lien(s).
Documentation establishing the relative priorities of said liens, if necessary, is
attached to the PROJECT SUMMARY and incorporated herein.
14. Change of Ownership of Water Shares During Term of Contract. If the interest
rate for this loan is based on the CWCB's agricultural or blended agricultural and
municipal and /or commercial and /or industrial rates, the BORROWER agrees to notify
the CWCB of any change of the ownership of the water rights represented by its
shares from irrigation to municipal or commercial or industrial use. The interest rate
shall be revised when said change in ownership would increase the original interest
rate by 0.5% or more. The parties shall amend this CONTRACT, including a revised
PROMISSORY NOTE, to effect said change in interest rate.
15. Remedies For Default. Upon default in the payments to be made by the BORROWER
under this CONTRACT, or default in the performance of any covenant or agreement
contained herein, the CWCB, at its option, may:
a. suspend this CONTRACT and withhold further loan disbursements pending corrective
Loan Contract C150358
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