PROJ00063 - Laserfiche WebLink

Home Browse Search

" .'" " 0 ." " . . 0' . , . '" . " u .., ." , 0" :>, . "'" '"< . . . " III +-,...-1 ."..-1 .\.:>, -g ~~ro.Qlll '1t .."" " o 'rl " . " o 0. " o u " '" 9. Seek from its stockholders sufficient annual assessments from time to time as necessary to provide sufficient funds for adequate operation and maintenance, emergency repair services. obsolescence reserves, and debt reserves 50 as to assure repayment of the project loan to the State as provided herein. Should the stockholders fail to set any assessment, the Contractor stlall establish an adequate assessment for purposes of this corltract pursuant to C.H.S. '/.42-104 (2). 10. Pursuant to its Articles of Incorporatiofl and to i~5 By-Laws. including, but not limited to, Article XI. have its Board of Director authorize the execution of this Project of /.~.,.! Contract. and authorize and direct the appropriate officers ~r the Contractor to make the payments herein called (or. Attached as Exhibit F is a certified copy of the minutes of the_; p~ stockholders meeting of Ap-t:-i-l:--i~.-l~./at which the December 1,198. stockholders of the Contractor authorized the Contractor to proceed with this Project and to secure the necessary loans Wl t a ee 0 rus. Contractor represents that such authorization was obtained by a two-thirds (2/3) vote of the its stockholders. in accordance with its By-Laws. 11. Pursuant to Statute 7-42-104, C.R.S.. and to its By-Laws. through either its stockholders or its Board of Directors as provided therein, take all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Contractor, or the revenues reSUlting therefrom. are or become insufficient to assure repayment of the State as required by the terms and conditions herein. then the Contractor. upon written notice thereof from the State. shall immediately take all necessary action consistent with its By-Laws and the Statute. including but not limited to additional assessments. to raise sufficient revenue to assure repayment of the project loan to the S~ate. 12. Provide the S~ate ~ith such periOdic reports as the State may require and permit periOdic inspections of its operations and accounts by a designated representative of the State. 13. Repay to the State the total principal sum of Four Hundred Fifty-Four Thousano Dollars ($454.000), which includes the project loan amount and the Thirty-Three Thousand Six Hundred Dollars ($33.600) feasibility report amount. together with interest at the rate of five percent (5%) per annum. said repayment to be mace in constant annual installments of Twenty-Nine Thousand Five Hundred 'l'hirty-T~o Dollars and Seventy-One Cents ($29.532,71) each. for thirty (30) years. as shown in Exhibit C, attached hereto and incorporated by reference herein. which first installment shall be due ana payable on the first day of the month next succeeding the month in which the State determines that the project has been substantially completed. and yearly thereafter UIltil the entire principal sum shall have been paid. However, in the event the Contractor does not draw funds commencing on the date specified in paragraph D.l.a, below, the obligation to repay shall be postponed for the same numoer 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. 14. As security for the loan to be made to it by the State. execllte a first mortgage or deed or trust in form satisfactory to the State within thirty (30) days of the first advance of funds from the State as provioed in paragraph D.l.a. below which shall convey to the State the fOllowing: Page ~ of ~~ Pages