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0 • <br /> A. LOAN PROVISIONS <br /> 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not <br /> to exceed the AUTHORIZED LOAN AMOUNT with terms of repayment as set forth in the <br /> Promissory Note, attached hereto as Appendix 2 and incorporated herein. If the <br /> BORROWER does not borrow the full AUTHORIZED LOAN AMOUNT, this contract, along with the <br /> Promissory Note and all other loan documents, will be amended to reflect the actual loan <br /> amount. <br /> 2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to <br /> the BORROWER, interest shall accrue at the rate set by the CB for the loan. The CWCB <br /> shall calculate the amount of the interest that accrued pri. I •� t f the Project and <br /> the BORROWER shall repay that amount to the CWCB ei -r ,nk 1i t 0) days after the <br /> date the CWCB determines that the PROJECT has substantia y pleted, or, at the <br /> CWCB's discretion, said interest shall be deduct ' bursement of loan <br /> funds that the CWCB makes to the BORROWER. <br /> 3. Return of Unused Loan Funds. Any CWCB funds not expended or e PROJECT in <br /> accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of <br /> either (1) completion of the PROJECT or (2) upon the determination by the CWCB that the <br /> PROJECT will not be completed. <br /> 4. BORROWER'S Authority To Contract. The BORROWER warrants that it has full power and <br /> authority to enter into this contract. The execution and delivery of this contract and the <br /> performance and observation of its terms, conditions and obligations have been duly <br /> authorized by all necessary actions of the BORROWER. The Borrower's authorizing <br /> resolution(s) or ordinance(s) are attached as Appendix 3 and incorporated herein. <br /> 5. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB and the <br /> BORROWER shall submit to the CWCB an opinion from its red book bond counsel stating that <br /> it is the attorney's opinion that <br /> a. the contract has been duly executed by officers of the DISTRICT and BORROWER who are <br /> duly elected or appointed and are authorized to execute the contract and to bind the <br /> DISTRICT and BORROWER; <br /> b. the resolutions of the DISTRICT and BORROWER authorizing the execution and delivery of <br /> the contract were duly adopted by the governing bodies of the DISTRICT and BORROWER; <br /> c. there are no provisions in the Colorado Constitution or any other state or local law that <br /> prevent this contract from binding the DISTRICT and BORROWER; and <br /> d. the contract will be valid and binding against the DISTRICT and BORROWER if entered into <br /> by the CWCB. <br /> 6. Pledge of revenues. The BORROWER hereby irrevocably pledges to the CWCB, for <br /> purposes of repayment of this loan, revenues derived from sanitation and stormwater <br /> drainage activities levied for that purpose as authorized by its resolutions, and any other <br /> funds legally available to the BORROWER, in an amount sufficient to pay the annual <br /> payment due under this contract ("pledged revenues"). Further, the BORROWER agrees to: <br /> Page 2 of 11 Loan Contract <br />