C153598 Contract - Laserfiche WebLink

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F. At all times during the performance of this Controct, the Contractor Ellall strictly adhere to all applicable federal, state and local laws and regulations that have been or may hereafter be established. G. This agreement is intended as the complete integr-ation of all under3tandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied h~rein in writing. No subsequent notation, renewal, addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a written contract executed and approved pursuant to State fiscal rules. H. In its sole discretion, the State may at any time and in writing give any consent, deferment, subordination, release, satisfaction, or termination of any or all of the Contractorls obligations under this agreement, with or without valuable consideration, upon such terms and conditions as the State may determine to be: (a) advisable to further the purposes of this Contract or to protect the State I s financial interest therein, and (b) consistent with both the statutory purposes of this Contract and the limitations of the statutory authority under which it is made. I. The Colorado Water Conservation Board, employees, is hereby designated as the agent of purposes of this Contract. its agents and the State for the J. The Contractor agrees and understands that sections 37-60-119 through 37-60-122, Colorado Revised Statutes, require that the loan of money by the State to the Contractor for this water proJect be conditioned upon the repayment of the loan to the Slate. The Contractor hereby agrees to take any and all actions necessary to cepay the loan from Net Pledged Revenues (defined in the bond resolution) as provided herein, including, without being limited to, the actions specified in this Contract. K. The Contractor agrees that the specific revenues to be pledged to repay the State shall be the Net Pledged Revenues resulting from the water rates and charges imposed for that purpose as authorized by the resolution of the Contractor. The Contractor hereby pledges such revenues to repay the State loan which loan is evidenced by Contractor's water revenue bond in the maximum principal amount of $600,000.00 ("the Bond"). L. The Contractor warrants that it has duly pased, or will pass, a resolution (Exhibit A) by its Doard of Directors authorizing: the Contractor to enter into this Contract with the State and to issue the Bond to the State to borrow the prinCipal sum of $600,000.00; to make and impose water rates and charges sufficient to payoff this contract loan pursuant to its terms; and to set aside this revenue in a special fund separate and apart from other Contractor revenues to assure repayment of this revenue to the St.-ate. The resolution of the Contractor is a condition precedent to State performance. M. The Contractor warrants that in the event of a default by the Contractor in the repayment to the State, and upon written notice thereof 'from the State, the Contractor shall, pursuant to law immediately take all necessary actions to impose additional water rates and charges and to pledge additional Net Pledged Revenues in a sufficient amount and in a timely manner to cure the default and to repay the State as required by the Contract and the Bond. N. The Contractor warrants that by acceptance of the loan money pursuant to the terms of this Contract and by the Contractor's representation herein, the Contractor shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the State as required by this Contr.act and the Bond. Page 6 of 9 Pages