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c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the <br /> amendment. Any service fee remitted to the CWCB cannot be refunded. <br /> 4. Promissory Note Provisions. <br /> The PROMISSORY NOTE shall identify the LOAN AMOUNT. The CWCB agrees to loan to the <br /> BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to <br /> repay the loan in accordance with the terms as set forth in the PROMISSORY NOTE, <br /> attached hereto as APPENDIX 3 and incorporated herein. <br /> 5. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB to <br /> the BORROWER, interest shall accrue, on the disbursed funds, at the rate set by he CWCB <br /> for this loan. The CWCB shall calculate the amount of the interest that accrued rior to the <br /> PROJECT'S substantial completion (as determined by the CWCB) and notify the ORROWER <br /> of such amount. The BORROWER shall repay that amount to the CWCB either wit in ten (10) <br /> days from the date of notification from the CWCB, or, at the CWCB's discr tion, said <br /> interest shall be deducted from the final disbursement of loan funds that the CW B makes <br /> to the BORROWER. <br /> 6. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br /> PROJECT in accordance with the terms of this CONTRACT shall be remitted to the CWCB <br /> within 30 calendar days from notification from the CWCB of either (1) completion of the <br /> PROJECT or (2) determination by the CWCB that the PROJECT will not be corm leted. Any <br /> such loan funds so remitted to CWCB shall be applied to the principal payment df amounts <br /> due on the Loan. <br /> 7. 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 4 and incorporated herein. <br /> 8. Bond Counsel's Opinion Letter. Prior to the execution of this CONTRACT by tie CWCB, <br /> the BORROWER shall submit to the CWCB a letter from its bond counsel stating t at it is the <br /> bond counsel's opinion that: <br /> a. the CONTRACT has been duly executed by officers of the BORROWER wI o are duly <br /> elected or appointed and are authorized to execute the CONTRACT and to bind the <br /> BORROWER; and <br /> b. the resolutions or ordinances of the BORROWER authorizing the execution and <br /> delivery of the CONTRACT were duly adopted by the governing bodies of the <br /> BORROWER; and <br /> c. there are no provisions in the Colorado Constitution or any other state or applicable <br /> and binding local law that prevent this CONTRACT from binding the BORROV\ER; and <br /> d. the CONTRACT will be valid and binding against the BORROWER if entered (into by the <br /> CWCB subject to typical limitations related to bankruptcy, police power, and <br /> creditor's rights generally; and <br /> e. the BORROWER was formed and is operated as a water activity enterprise pursuant to <br /> Page 3 of 13 <br />