Laserfiche WebLink
<br />) <br /> <br />NORBERT JACKSON <br />REGARDINGCWCB LOAN <br />APRIL 20, 1989 <br />PAGE 4 <br /> <br />stated in the body of the contract, and subsequent changes <br />must be in writing and properly effectuated. The State has <br />the sole discretion to give relief to you with regards to <br />the terms of the contract. Upon final and full repayment of <br />the $395,371.00, which includes the interest, the State will <br />convey its interest to Fruitland Irrigation Company in the <br />project. <br /> <br />On page 8, it is required that you irrevocably pledge <br />the revenues of the Company for repayment, as authorized by <br />the resolution. You further warrant that payments will be <br />made and that a separate fund for the assesments for <br />repayment will be set up and that you will sign a security <br />interest in such assesments over to the State. <br /> <br />Page 9 is the typical printed portion of their <br />contract, and I wish only to point out that a bond is <br />required in an approved amount of not less than one-half <br />(1/2) the total amount payable. This quite likely can be <br />handled with a letter of credit which would probably be the <br />less expensive approach. You do need to determine how much <br />this bond or letter of credit must be, and I would recommend <br />getting it in place so that we are not waiting on it to be <br />issued later. <br /> <br />There is also a requirement that affirmative action be <br />taken to avoid discrimination in the performance of the <br />contract, the completion of the project, the hiring, etc. <br /> <br />On page 10, you should note under "Colorado Labor of <br />Preference" that a resident bidder is preferred as opposed <br />to a non-resident bidder from a different state or foreign <br />country and may affect whose bid is finally accepted. <br /> <br />The attached Exhibits to the Contract are Exhibits A, <br />being the Termination Contract where the earlier agreement <br />pertaining to the feasibility report contract is terminated <br />as it is consolidated into the Project Contract and <br />Promissory Note. Exhibit B is in fact the earlier <br />Feasibility Report Contract. Exhibit C is the Repayment <br />Schedule showing how much of your payment goes to principal <br />and interest in each year. Exhibit D is the Procedures <br />outlined that I earlier mentioned. Exhibit E is a certified <br />copy of the minutes of your annual meeting which included <br />the requested resolutions. Exhibit F is a copy of your <br />February 21, 1989 letter, and Exhibit G will be the <br />certified copy of the Resolution you are now considering for <br />