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PROJ00316
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Last modified
7/13/2010 10:00:02 AM
Creation date
10/5/2006 11:49:26 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153577
Contractor Name
Michigan River Water Conservancy District
Contract Type
Loan
Water District
47
County
Jackson
Bill Number
SB 90-41
Loan Projects - Doc Type
Contract Documents
Supplemental fields
Water Division
8
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<br />repayment of the State as required by the terms and conditions <br />herein, then the Contractor. upon written notice thereof from <br />the State. shall immediately take all necessary action <br />consistent with its Rules and RegUlations and Sections <br />37-45-121 through 37-45-126. CRS (1973 and 1989 Supp,). <br />including but not limited to additional assessments. to raise <br />sufficient revenue to assure repayment of the project loan to <br />the State, <br /> <br />7. Provide the State with such periodic reports as the I <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State, <br /> <br />8. Repay to the State the total sum of One Million Nine <br />Hundred Thousand Eighty-Two Dollars and Forty Cents <br />($1.909.062.40). which includes the original project loan <br />balances and the Two Hundred Thousand Dollar ($200.000) new <br />project loan amount. together with interest at the rate of <br />three percent (3\) per annum. said repayment to be made in <br />constant annual installments of Forty-Seven Thousand Seven <br />Hundred Twenty-Seven Dollars and Six Cents ($47.727,06) each. <br />for Forty (40) years. as shown in Exhibit F. attached hereto <br />and incorporated by reCeranee herein. whieh first installment <br />shall be due and payable on the 15th day of February. 1991, <br />Said installment payments shall be made payable to the Colorado <br />Water Conservation Board. payable at the offices of said Board <br />in Denver. Colorado. Contractor may prepay at any time without <br />penalty. <br /> <br />9. Provide security for the loan in the form of a recorded <br />warranty deed in Jackson County. Colorado. a copy of which is <br />attached hereto as Exhibit G and incorporated herein. which <br />conveys to the State the fOllowing: <br /> <br />An undivided forty-three percent (43\) interest in <br />and to the Meadow Creek Dam facilities. together <br />with a forty-three percent (43\) interest in the <br />Contractor's interests in all inlet and outlet <br />ditches and structures appurtenant thereto, <br />including all water storage rights and lands on <br />which structures are located. <br /> <br />10. Obtain and maintain dam breakage insurance on the <br />project in an amount not less than Five Hundred Thousand <br />Dollars ($500.000), or an amount as set by state law. until the <br />Contractor has repaid the loan in full under the terms of <br />paragraph B.6, above, The State shall be the sole insured of <br />this pOlicy. The Contractor shall submit certificates of <br />insurance evidencing such insurance pOlicies to the State at <br />the signinq of this contact. Notices of renewals of said <br />pOlicies shall also be tiled with the State as they occur. The <br />outstanding loan amount payable to the State shall be reduced <br />in the amount of any payments made to the State under this <br />insurance coverage. If only a portion of the outstanding loan <br />amount is paid to the State under this pOlicy. the number of <br />installment payments shall remain unchanged; however. the <br />amount of each payment shall be reduced, <br /> <br />11. Comply with the provisions of Section 37-60-120. <br />Colorado Revised Statutes. and any other applicable statutes. <br />procedures. requirements. rules. or regulations which the State <br />has. <br /> <br />12. Not sell. convey. assign. grant. transfer. mortgage, <br />pledge. encumber. or otherwise dispose of the project or any <br />portion thereof. so long as any of the annual installments <br />required by paragraph B.O. above remain unpaid, without the <br />prior written concurrence of the State. <br /> <br />Page i of ~ Pages <br />
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