C153501 PIF

• Contract/PO #: C153501
• Contractor Name: Beaver Park Water, Inc.
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

Said liability insurance shall name the State as a
co-insured . A copy of a certificate of said liability
insurance must be filed with the Colorado Water
Conservation Board prior to the start of the operation
of the project system.
8 . Make the services of said project available within its
capacity to all persons in the Contractor ' s service area
without discrimination as to race , color , religion, or natural
origin at reasonable charges ( including assessments , taxes , or
fees) , whether for one or more classes of service, in
accordance with a schedule of such charges formally adopted by
the Contractor through its Board of Directors , as may be
modified from time to time . The initial rate schedule must be
approved by the State . Thereafter , the Contractor may, subject
to the approval of the State, make such modifications to the
rate schedule as the Contractor deems necessary to efficiently
and economically provide for the financial requirements of the
system as long as the rate schedule remains reasonable and
non-discriminatory.
9 . Adjust its operating costs and service charges from
time to time to provide for adequate operation and maintenance ,
emergency repair services , obsolescence reserves , and debt
reserves .
10 . 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 .
11 . Repay to the State the total principal sum of Two
Hundred Ninety-One Thousand Four Hundred Dollars ($291 , 400) ,
which includes the project loan amount and interest at the
rate of five percent (5%) per annum, said repayment to be made
in constant annual installments of Seven 'Thousand Two Hundred
Eighty-Five Dollars ($7 , 285 ) each, for forty (40) years , as
shown in Exhibit A, attached hereto and incorpo � b
'4;
reference herein , which first installment shall ,' e °-
payable on the first day of the month next suc d,,y;fi nth
in which the State determines that the project has been
substantially completed , and yearly therea ;4e1'N
t e entire
principal sum shall have been paid . Howev6rj t e thh"'
on -tet to
Contractor does not draw funds commencing � d� ,h; p� .% 0.0d ,,
in paragraph C. l . a . below, the obligation to repay shah. 13.644-4
postponed for the same number of months as the Contractor
delays in drawing funds . Said installment payments shall be
made payable to the Colorado Water Conservation Board , payable
at the offices of said Board in Denver , Colorado . The
Contractor pledges its full faith and credit in support of this
obligation and warrants that it has taken all steps necessary
to pledge its full faith and credit for this obligation.
12 . Obtain and maintain general fire and hazard insurance
on the project in an amount not less than the outstanding
amount of the loan made by the State to the Contractor until
the Contractor has repaid the loan in the full under the terms
of paragraph A. 11 . above . The State shall be the sole insured
of this policy. The outstanding loan amount payable to the
State shall be reduced in the amount of any payments made to
the State under this insurance coverage . If only a portion of
the outstanding loan amount is paid to the State under this
policy, the number of installment payments shall remain
unchanged ; however , the amount of each payment shall be reduced .
13 . Comply with the Construction Fund Program Procedures
attached hereto as Exhibit B and incorporated by reference
herein.
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