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<br />necessary to guarantee such repayment as provided herein <br />including, without being limited to, the actions specified in <br />this contract. <br /> <br />L. The Contractor agrees that the specific revenues to be <br />pledged to repay the state shall include, without being limited <br />to, an assessment levied for that purpose as authorized by <br />Resolution of the Contractor. The Contractor hereby pledges <br />such assessment revenues to repay the state loan, warrants that <br />these revenues will not be used for any other purpose, and <br />agrees to provide the state a perfected security interest in the <br />form provided by the state irrevocably pledging such revenues on <br />the date of execution of this contract. <br /> <br />M. The Contractor warrants that it has duly passed, or will <br />pass, a Resolution (Exhibit A) by its Board of Directors, as <br />provided in its By-laws, authorizing: the Contractor to enter <br />into this contract with the state to borrow the principal sum of <br />Two Hundred Thousand Dollars ($200,000); to make and levy <br />assessment(s) sufficient to payoff this contract loan pursuant <br />to its terms and to discharge this lawful indebtedness; to set <br />aside this assessment revenue in a special fund separate and <br />apart from other Contractor revenues to assure repayment of this <br />revenue to the state; and to sign a security interest in such <br />assessment revenues in favor of the state to secure the <br />repayment. Copies of such security interest (Uniform Commercial <br />Code--Security Agreement and Uniform Commercial Code--Financing <br />statement) shall be attached hereto and incorporated herein as <br />Exhibits E and F, respectively. The Resolution of the <br />Contractor and the security interest of the Contractor are <br />conditions precedent to state performance. <br /> <br />N. The Contractor warrants that in the event of a default by <br /> <br />Page 14 of 17 Pages <br />