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<br />shall not relieve the CITY or the BORROWER of any of their duties and obligations under this <br />contract. <br /> <br />15, In event of a conflict. In the event of conflict between the terms and conditions as set <br />forth in the any of the appendices, the provisions of this contract shall control. <br /> <br />16. Periodic inspections. Throughout the term of this contract, the CITY shall permit a <br />designated representative of the STATE to make periodic inspections of the PROJECT. Such <br />inspections are solely for the purpose of verifying compliance with the terms and conditions <br />of this contract. Furthermore, such inspections shall cover the condition of the PROJECT, <br />operating records, maintenance records, and financial records, and shall not be construed <br />nor interpreted as an approval of the actual design and/or construction of any element of <br />the PROJECT facilities. <br /> <br />17. No dissolution of water enterprise. The CITY and the BORROWER agree not to terminate <br />or dissolve the BORROWER, nor adversely withdraw or deplete its assets, nor otherwise <br />adversely affect the BORROWER'S ability to perform during the term of this contract. <br /> <br />18. Adhere to applicable laws. The CITY and the BORROWER shall strictly adhere to all <br />applicable federal, state, and local laws and regulations that are in effect or may hereafter <br />be established throughout the term of this contract. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER up to $8,000,000 <br />at an interest rate of 4% per annum for a term of thirty (30) years to refinance PROJECT <br />costs. <br /> <br />2. Disbursements. Within thirty (30) days from receipt of a written request for loan funds <br />from the CITY and/or the BORROWER, the STATE shall disburse the requested loan funds to <br />the BORROWER by State Warrant. <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the Promissory Note, <br />the STATE agrees to execute releases of security agreements and, where necessary, UCC- <br />3 forms to terminate all of the STATE'S rights in and to the pledged revenues, the pledged <br />proceeds of any sale of the CITY'S and/or. the BoRROWER'S interest in the Allotment <br />Contracts, and the CITY'S and/or the BORROWER'S Allotment Contract Rights. <br /> <br />C. The STATE, the CITY and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The eWCB, which includes its agents and employees, <br />is hereby designated as the agent of the STATE for the purpose of this contract. <br /> <br />2. Contract is not assignable. This contract is not assignable by the CITY or the BORROWER <br />except with the prior written approval of the STATE. <br /> <br />3, Contract relationShip. The STATE and the BORROWER intend that the relationship <br />between them contemplated by this contract is that of lender-borrower, not employer- <br />employee. No agent, employee, or servant of the CITY or the BORROWER shall be, or shall <br />be deemed to be, an employee, agent, or servant of the STATE. The CITY and/or the <br />BORROWER will be solely and entirely responsible for its acts and the acts of its agents, <br />employees, servants, engineering firms, construction firms, and subcontractors during the <br />performance of this contract. <br /> <br />4, Complete integration of all understandings. This agreement is intended as the <br />complete integration of all understandings between the parties. No prior or <br /> <br />City of Fort Morgan, Colorado & <br />City of Fort Morgan, Colorado, WaterWorks and Distribution Enterprise <br /> <br />Page 9 of 13 <br />