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. � <br />l <br />- ;�.>: �..;--...�.,.- x�, <br />� under this Contract, for a total amount-of� principale=to�Yie:=epaid%'�- "�� <br />of Four Hundred Thousand Dollara ($400,000), provided3�;i;t5d't"� ' <br />disbursement of said $50,000 shall continue to be governed by the <br />terms of the Computer Modelling Contract. <br />5. The Borrower shall repay to the State the total sum of <br />Four Hundred Thousand Dollars ($400,000.00), which includes as the <br />principal amount of the loan, the project loan amount of Three <br />Hundred Fifty Thousand Dollars $350,000 pursuant to this Project <br />Contract and Fifty Thousand Dollars $50,000 originally covered by <br />the Computer Modelling Contract dated May 21, 1992, together with <br />interest at five percent (So) per annum, said repaymenC to be made <br />as follows: <br />a. During the f-irst;;two�,year's, the Contractor will pay �7 <br />installments into a..reser,ye'�escio'w'>=raccount;.maintained" for'' the .: • <br />benefit:of Che Colorado;=Wate`r:,Conservatiori soard: <br />b. During the next 3$ years, the Contractor will pay <br />installments to the Colorado Water Conservation Board. <br />c. Installments shall be equal annual payments of <br />$26,085.06, based upon $440,OOO.QO, which is the prinCipal amount <br />plus simple interest for the first two years at 5%, amortized in <br />equal annual payments over 38 years at 5% interest. <br />d. .The first installcnent of, $26, 085.06 shall be paid <br />into escrow.120 days after recexpt by the Borrower of all- money <br />required to be delivered from the State pursuant to paragraphs 1 <br />and•2.of'tHi's.Coritract. The secon.d installment:of $26,085:06 sha11 <br />be paid into escrow on the same date one year later. Subsequent <br />installments shall be due and payable to the Colorado Water <br />Conservation Board yearly on the same date thereafter until the <br />entire amount, including principol and interest, has been paid to <br />the State. Installment payments, except those aid into the <br />reserve escrow account, shall be made paya e to the Color�er <br />Conservation Board, payable at the address described in ¶23 herein. <br />e. In the event revenues from water user or storage <br />fees are insufficient in any year to pay all of the required annual <br />payment, then funds from the regerve account will be applied to <br />make up any deficiency. In Che next ensuing years as soon <br />thereafter as possible, the Contractor will make such additional <br />payment as is necessary to replace funds from the reserve account. <br />f, Upon payment of a11 moneys owed by the Borrower to <br />the State pursuant to this Contract, the Borrower shall be entitled <br />to the return of all reserve funds in the reserve escrow account, <br />including all interest earned thereon. <br />�'��-1 � �e��iv�Yed �voV>t S+a�e Oh 3-�-yY� /JU ��c.y5 <br />�4 w,os,� ��}er ��kid lae, 7-� -9Y. <br />c� . _ <br />