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<br />~. <br />:T':.: '\ <br /> <br />..'~...... <br />'. ,\ <br />--:'-..J <br /> <br />this contract, the State agrees to convey to <br />the Borrower all of the State's right, title, <br />and interest in and to the project and any <br />other property described in paragraph B by <br />deed or other proper conveyance. <br /> <br />6. The effective date of this Contract Amendment No.1 <br />shall be seven (7) days after the day it is executed. <br /> <br />7. The original contract is fully amended and the <br />Borrower: <br /> <br />a. Warrants that the Town of Erie has complied with <br />all statutory and other requirements and duly passed a resolution <br />by the Town Board of Trustees, authorizing the Borrower to enter <br />into this Contract with the State to borrow the principal amount <br />of the loan set forth in paragraph A~13.; to fix and collect <br />water utility fees sufficient to payoff the loan made under this <br />contra~t; to set aside sufficient revenues each year to pay the <br />annual installment in a special fund separate and apart from <br />other revenues of the Borrower; to sign a security interest in <br />the revenues pledged herein and in the Borrower's interest in the <br />Allotment Contract in favor of the State to secure repayment; and <br />to repay these loans to the State. The Borrower's resolution is <br />attached hereto as Attachment D which incorporated herein by this <br />reference. The actions of the Borrower adopting the Resolution <br />and executing the security agreements are conditions precedent to <br />the performance by the State under this Contract. <br /> <br />b. Agrees and understands that 37-60-119 through 37- <br />60-122, C.R.S., require that the loan of money by the State to <br />the Borrower for this project be conditioned upon the repayment <br />of the loan to the State. The Borrower hereby agrees to take any <br />and all actions necessary to secure such repayment as provided <br />herein. <br /> <br />c. Understands that this Contract is a Promissory <br />Note for the repayment of funds loaned by the State to the <br />Borrower according to the terms set forth herein. <br /> <br />1. (Pay Interest During Construction): Repay to the <br />State interest during construction, which will <br />be calculated monthly at an equivalent rate of <br />two percent (2.0%) per annum on each loan advance <br />disbursed to the Borrower during construction. <br />The interest accumulated during construction shall <br />be paid to the State as a single lump sum on the <br />first day of the month following the month that <br />the State determines that the project has been <br />substantially completed. The actual interest <br />which will accumulate during construction is <br />unknown and cannot be calculated until the con- <br />clusion of construction, <br /> <br />Page i of ~ pages <br />