Laserfiche WebLink
<br />.> <br /> <br />.' <br /> <br />Directors. shall take all necessary actions consistent <br />therewith to levy assessments to raise sufficient funds to pay <br />this contract loan debt in a timely manner and- as required by <br />the terms and conditions herein 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 ther-efrom. <br />are or become insufficient to assure repayment to 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 />By-Laws and the Statute. 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 />12. 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 />13. Repay to the State the total principal sum of Eighty <br />Thousand Dollars ($80.000). which includes the project loan <br />amount with interest at the rate of five percent (5%) per <br />annum, said repayment to be made in constant annual <br />installments of Four Thousand six Hundred Sixty-Two Dollars <br />($4,662) each. for forty (40) years, as shown in Exhibit C, <br />attached hereto and incorporated by reference herein, which <br />first installment shall be due and payable on the first day of <br />the month next succeeding the month in which the State <br />determines that the project has been substantially completed, <br />and yearly thereafter until the entire principal sum shall have <br />been paid. However. in the event the Contractor does not draw <br />funds commencing on the date specified in paragraph C.l.a, <br />below, the Obligation to repay shall be postponed for the same <br />number of months as the ~ontractor delays in drawing funds. <br />Said installment payments shall be made payable to the Colorado . <br />Water Conservation Board, payable at the offices ,of sai.d Boar~ <br />in Denver. Colorado. The Contractor may prepay the principalr.i'!llou~t 0 st nding <br />to the State, in whole or in part, at any time without penaltY.!VLL /f:/( <br />14. As security for the loan to be made to it by the <br />State, execute a deed of trust within thirty (30) days ot the <br />substantial completion of the project which shall convey to the <br />State an undivided fifty percent (50%) of the following: <br /> <br />a. Approximately 1830 cubic yards of_Class A fill <br />material. <br /> <br />b. Approximately 287S cubic yards of Cl~ss C fill <br />material. <br /> <br />c. Approximately 270 cubic yards of bedding material. <br /> <br />d, Approximately 40.9 cubic yards of concrete in <br />association with the inlet and outlet ends of the <br />syphon. <br /> <br />e, Approximately 869,5 lineal feet of 48" diameter <br />concrete pipe. <br /> <br />f. Approximately 23 cubic yards of rock riprap. <br /> <br />g. One trash rack, <br /> <br />15, Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Contractor until <br />the Contractor has repaid the loan in full under the terms of <br />paragraph A,13. above, The State shall be the sole insured of <br />this policy, The Contractor shall submit certificates of <br />insurance evidencin~ such insurance pOlicies to the State at <br />the signing of this contract, Notices of renewals of said <br /> <br />Page ~ of 1Q Pages <br />