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<br />) <br /> <br />I <br /> <br />with the plan of study shall be furnished to the State within six (6) months of the date of this <br />contract unless the State agrees in writing to an extension of such time. <br /> <br />3. Disbursement Of Loan Funds. The State shall loan to the BORROWER the monies to pay for <br />the costs associated with preparing the feasibility study up to a maximum amount of $65,000 <br />in the following manner: . <br /> <br />a. Statement Of Costs. During the preparation of the feasibility study, the BORROWER shall <br />prepare statements of the costs of the feasibility study and shall forward such statements <br />to the State. Each statement shall indicate the tasks that have been performed and the <br />percentage completion of each task by task number as specified in Appendix A. <br /> <br />b. Payment Of Statements. Upon receipt and approval by the State of each such <br />statement of costs, the State will, within 30 days from the approval of such statement, pay <br />to the BORROWER 90% of the statement amount or such portion thereof as has been <br />approved by the State. <br /> <br />c. Retainage. The State will pay the remaining 10% to the BORROWER within 30 days <br />following receipt and acceptance of the completed feasibility report by the CWCB. <br /> <br />4. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory <br />authority, articles of incorporation, and by-laws, have its board of directors adopt a resolution, <br />irrepealable during the life of this loan, authorizing the President and Secretary, on behalf of <br />the BORROWER, to do the following: <br /> <br />a. To enter into and 'comply with the terms of this contract and the promissory note, and to <br />pay the indebtedness, and <br /> <br />b. To levy assessments in an amount sufficient to pay the annual amounts due under this <br />contract, and <br /> <br />c. To place the assessment revenues pledged to make annual loan payments, in a special <br />account separate and apart from other BORROWER revenues, in accordarice with the <br />Pledge of Property Provisions of this contract and <br /> <br />d. To make annual payments in accordance with the promissory note, and <br /> <br />e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br />Property Provisions of this contract, and <br /> <br />f. To execute a deed of trust for property pledged as collateral for the loan as described in <br />the Collateral Provisions of this contract, and <br /> <br />g. To execute a Security Agreement and an Assignment of Deposit Account as Security to <br />secure the revenues pledged herein in accordance with the Pledge of Property Provisions <br />of this cOntract. <br /> <br />Said resolution is attached hereto as Appendix B and incorporated herein. <br /> <br />5. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the <br />BORROWER shall submit to the STATE a letter from its attorney stating that it is the attorney's <br />opinion that the person signing for the BORROWER was duly elected or appointed and has <br />authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; that <br />the BORROWER'S shareholders and board of directors have validly adopted resolutions <br />approving this contract; that there are no provisions in the BORROWER'S articles of <br />incorporation or by-laws or any state or local law that prevent this contract from binding the <br />BORROWER; and that the contract will be valid and binding against the BORROWER if entered <br /> <br />Feasibility Report Loan Contract <br /> <br />Page 2 of 9 <br />