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from the date of notification from the CWCB, (a) at the CWCB's discretion, said interest shall <br /> be deducted from the final disbursement of loan funds that the CWCB makes to the <br /> BORROWER, or (3) at the CWCB's discretion, said interest shall be rolled into the TOTAL LOAN <br /> AMOUNT due. <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 WITHIN <br /> 30 calendar days from notiflCATion from the CWCB of either (i) completion of the PROJECT or <br /> (a) determination by the CWCB THAT the PROJECT will not be completed.Any such LOAN Funds <br /> so remitted to CWCB shall be applied to the principal payment of amounts 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 /> RESOLUTIONS) or ORDINANCE(s) are attached as APPENDIX and incorporated herein. <br /> 8.. Bond Counsel's Opinion Letter. (OSC requirement). Prior to the execution of this <br /> CONTRACT by the CWCB, the BORROWER shall submit to the CWCB a letter from its bond <br /> counsel stating that it is the bond counsel's opinion that: <br /> a. the CONTRACT has been duly executed by officers of the BORROWER who are duly <br /> elected or appointed and are authorized to execute the CONTRACT and to bind the <br /> BORROWER;and <br /> b. the resolution of the BORROWER authorizing the execution and delivery of the <br /> CONTRACT was duly adopted by the governing body of the 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 BORROWER;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 creditor's <br /> rights generally;and <br /> e. the BORROWER was formed as a water conservancy district pursuant to Section 37-45- <br /> ioi, et. seq., and is operated as a water activity enterprise pursuant to the provisions of <br /> C.R.S. 37-45•i-ioi et. seq. and is a government-owned business authorized to issue its <br /> own revenue bonds and receiving fewer than io% of annual revenue in grants from <br /> all Colorado state and local governments combined within the meaning of Article X, <br /> Section zo of the Colorado Constitution; and <br /> 9. Pledge of Power Revenues. The Borrower pledges to the CWCB, for the purpose of <br /> repaying the LOAN AMOUNT, the PLEDGED POWER REVENUES, as defined in the Loan <br /> Resolution set forth in Appendix 4 and the SECURITY AGREEMENT, APPENDIX 5, and <br /> incorporated herein, in such amount as is necessary to make each annual payment due <br /> under this LOAN CONTRACT. <br /> Page 4 of 14 <br />