Laserfiche WebLink
<br />/ <br />} <br />/1, <br /> <br />~, <br />r ,,;\ <br />\ ,..' <br />''''./ <br /> <br />J' <br /> <br />. ~ ) <br /> <br />WHEREAS, the termination contract provides that the Contractor will repay to <br />the State the principal amount of Nine Thousand Five Hundred Seventy-Seven'Dollars <br />and Fifty Cents ($9,577.50) under the tenns and conditions of that termination contract <br />in consideration of the State's partial financing of the feasibility report for the project <br />pursuant to the feasibility report contract; and c <br /> <br />.; (. <br /> <br />WHEREAS, the State now desires by this project contract to loan money for the <br />construction of said project upon mutually agreeable tenns and' conditions, subject to <br />the availability of funding for that purpose; and <br /> <br />WHEREAS, the State and the Contractor agree that the repayment of the <br />'feasibility report funding shall be consolidated with the repayment of the project <br />construction loan; and <br /> <br />WHEREAS, pursuant to the Contractor's By-Laws, the Contractor has the <br />authority to contract to borrow money provided that a'Resolution be duly passed by the <br />Board of Directors and to levy assessments assuring repayment of the State according <br />to the tenns of the contract; and ' <br /> <br />WHEREAS, pursuant to Section 1 of Chapter 32, Session Laws of Colorado <br />1987, as amended by lIB 93-1273, the State has been authorized to loan Seven <br />Hundred Thousand Dollars ($700,000) for construction of the project, including the <br />cost of the feasibility report. <br /> <br />WHEREAS, the Contractor or Borr'ower understands that this Contract is also a <br />promissory note for the repayment of funds loaned to the Borrower according to the <br />tenns set forth herein. <br /> <br />NOW TIIEREFORE, in consideration of the mutual and dependent covenants <br />herein contained, it is agreed by the parties hereto as follows:' ' <br /> <br />A The State and the Contractor have previously entered into a termination <br />contract, attached hereto as Exhibit A, and a feasibility report contract, attached hereto <br />as Exhibit B. Exhibits A and B are incorporated by reference herein. <br /> <br />The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as the Consultant) to <br />prepare project plans and specifications for the project. Both the Consultant and the <br />project plans and specifications must be approved in writing by the State before <br />construction on the project can co=ence. For purposes of this paragraph, <br />"construction" includes any real estate and water rights acquisitions. <br /> <br />Page ~ of 1.2. Pages <br />