C153623 Paid in Full Documents - Laserfiche WebLink

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By-laws, take all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Contractor, or the revenues resulting therefrom, are or become insufficient to assure repayment to the State .,„.s.,r quired by the z� terms and conditions herein, then the Contrac ��!. pch , tten notice thereof from the State, shall imm iately to ;: necessary action consistent with its By- ,ri p i g but not limited to additional assessments, to raise �`ufn ev ue to assure repayment of the project loan to the State. •-.... ,- 12. Provide the State with such periodic reports as the State may require and permit periodic inspections of its operations and accounts by a designated representative of the State. 13 . Repay to the State the total sum of Two Hundred Eighty- Seven Thousand One Hundred Thirty-Nine Dollars and Thirty-Six Cents ($287, 139.36) , which includes the project loan amount with interest at the rate of three percent (3%) per annum, said repayment to be made in constant annual installments of Eleven Thousand Four Hundred Eighty-Five Dollars and Fifty-Seven Cents ($11,485.57) each, for twenty five (25) years, as shown in Exhibit C, attached hereto and incorporated by reference herein, which first installment shall be due and payable on the first day of the month next succeeding the month in which the State determines that the project has been substantially completed, and yearly thereafter until the entire principal sum and interest shall have been paid. Said installment payments shall be made payable to the Colorado Water Conservation Board, payable at the offices of said Board in Denver, Colorado. Page 7 of 17 Pages