C150060A Contract - Laserfiche WebLink

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., the parties agree as follows: A, LOAN PROVISIONS 1, Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. 2. Interest Prior to Project Completion, As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan, The CWCB shall calculate the amount of the interest that accrued prior to completion of the PROJECT and the BORROWER shall repay that amount to the CWCB either within ten (10) days after the date the CWCB determines that the PROJECT has been substantially completed, or, at the CWCB's discretion, said interest shall be deducted from the final disbursement of loan funds that the CWCB makes to the BORROWER. 3. Return of Unused Loan Funds, Any loan funds disbursed but not expended for the PROJECT in accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of either (1) completion of the PROJECT or (2) upon the determination by the CWCB that the PROJECT will not be completed, 4, Final loan amount. In the event that the final loan amount is at least 90% of the LOAN AMOUNT, the STATE shall apply the remaining loan funds to prepayment of the loan, which will result in the annual loan payment remaining the same, and the time for repayment of the loan will be reduced, If the final loan amount is less than 90% of the LOAN AMOUNT, the STATE may apply those funds to prepayment of the loan with the BORROWER'S consent, or the State and the BORROWER shall execute an amendment that will establish the final loan amount and amend or replace the loan documents that reflect the final loan amount, including the Promissory Note and Security Agreement 5, BORROWER'S Authority To Contract. The BORROWER'S board of directors has adopted a resolution that constitutes a legislative measure of the BORROWER, attached as Appendix 3 and incorporated herein, authorizing the BORROWER to perform in accordance with the terms of this contract. 6. Attorney's Opinion Letter, Prior to the execution of this contract by the CWCB, the BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's opinion that a. the person signing for the BORROWER was duly elected or appointed and has authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; b. the BORROWER'S resolution authorizing the execution and delivery of the contract was duly adopted by the governing body of the Borrower; c, there are no provisions in the Colorado Constitution or any state or local law that prevent this contract from binding the BORROWER; and d, the contract will be valid and binding against the BORROWER if entered into by the CWCB, 7, Pledge Of Property, The BORROWER hereby irrevocably pledges to theCWCB for purposes of repayment of this loan (1) general revenues comprised 01 taxes and Julesburg Irrigation District Page 2 of 12 Loan Contract