Laserfiche WebLink
• 0 <br /> SECTION 6—ADDITIONAL CONTRACT REQUIREMENTS <br /> As conditions of loan approval, the CWCB specified that prior to entering this loan <br /> contract: <br /> a. The BORROWER shall hold an election to obtain voter approval of this loan. The <br /> BORROWER fulfilled this condition on May 7, 2002. <br /> b. The BORROWER shall obtain such other financing necessary to complete the <br /> PROJECT acquisitions. The cost of the entire Project was $3,400,000 and the <br /> source of the funding included $300,000 from the Borrower, $550,000 revenue <br /> loan, and the remainder of$2,550,000 from the CWCB. <br /> SECTION 7 — CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE <br /> PROJECTS. <br /> A. The BORROWER must submit a written appraisal or opinion of value from a qualified <br /> water rights appraiser supporting the purchase price prior to disbursal of loan <br /> funds. <br /> B. The BORROWER shall pay all of the expenses related to the PROJECT when such <br /> bills are due. <br /> SECTION 8—ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br /> A. Engineering associated with the feasibility report prepared as a requirement for this <br /> loan and associated with evaluating the suitability of the water rights for purchase <br /> by the BORROWER. <br /> B. Legal services for reviewing engineering services contracts and this Contract. <br /> C. Purchase of the water rights. <br /> SECTION 9— DISBURSEMENT SCHEDULE <br /> The BORROWER shall prepare a periodic progress report which contains a <br /> statement of the PROJECT costs expended for that period and shall forward said <br /> statement to the CWCB. After receipt of the periodic progress report from the <br /> BORROWER, and review and acceptance of the items therein as eligible expenses <br /> as described below, the CWCB will pay to the BORROWER the amount set forth in <br /> the report or such portion that has been approved by the CWCB. Such payment <br /> shall be made within thirty (30) days from the CWCB's approval of each progress <br /> report. <br /> SECTION 10—TIME FOR PERFORMANCE <br /> PROJECT Beginning: Upon Effective Date of this Contract <br /> PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> 11) <br /> 114 <br /> 11, <br /> Page 2 of 2 <br />