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<br />be modified from time to time. The current rate schedule must <br />be approved by the State. Thereafter. the Contractor may. <br />subject to the approval of the State. make such modifications <br />to the rate schedule as the Contractor deems necessary to <br />efficiently and economically provide for the financial <br />requirements of the system as long as the rate schedule remains <br />reasonable and non-discriminatory. <br /> <br />6. Provide the State with such periodic reports as the <br />State may require and permit periOdic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />7. Pursuant to its Articles of Incorporation. the Board of <br />Directors of the Contractor shall take all necessary actions <br />consistent therewith to adopt an order or resolution <br />authorizing the Contractor to contract this loan debt. and <br />authorizing the undersigned signatory to sign on behalf of the <br />contractor. and authorizing the Contractor to use project fees. <br />levys. or other a,ssessments as may be necessary to pay the <br />indebtedness. Such orders shall be attached hereto as Exhibit <br />A and included herein. The Contractor. through a two-thirds <br />(2/3) vote of the shares represented in a special election <br />called for that purpose, shall be authorized to contract this <br />loan debt and issue the security interest required by the State <br />in paragraph A.B. below. The above conditions must be <br />performed by the contractor prior to the State performance <br />under this contract. <br /> <br />8. As security for the loan to be made to it by the State, <br />execute a security commitment within thirty (30) days of the <br />advance of funds from the State which shall convey to the State <br />a security interest in the annual assessments against the <br />shareholders. <br /> <br />9. Pursuant to its Articles of Incorporation. the <br />Contractor. shall take all necessary 4ctions consistent <br />therewith to levy assessments to raise sufficient funds to pay <br />this contract l~an a~bt in a timely m4nner and as reguired by <br />the terms and conditi~ns h~rein to assure repayment of the <br />project loan to the State. In the event that the assessment(s) <br />levied by the Contractor. or the revenues reSUlting therefrom. <br />are or become insufficient to assure repayment of the State as <br />required by the terms and conditions herein, then the <br />Contractor. upon written notice thereof from the State. shall <br />immediately take all necessary action consistent with its <br />Articles of Incorporation. including but not limited to <br />additional assessments. to raise sufficient revenue to assure <br />repayment of the project loan to the State. <br /> <br />10. Repay to the State the total principal sum of One <br />Hundred Thousand Dollars and No Cents ($100,000.00), with <br />interest at the rate of five percent (5\) per annum which <br />shall accrue from the date the State advances the money to the <br />Contractor. said repayment to be made in constant semiannual <br />installments of Eighteen Thousand One Hundred FiftY-Five <br />Dollars and No Cents ($18,155.00) each on June 30 and December <br />31 of each year, until the year 1994 when the balance shall be <br />paid in full, as shown in Exhibit B, attached hereto and <br />ineorDorated bv reference herein. AA~h nAvm~n~ ~h~11 ~nn'v <br />