C153564 Contract - Laserfiche WebLink

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., , " to the rate schedule as the Contractor deems __dcessary to efficiently and economically provide for the financial requirements of the system. including repayment of the State. as long as the rate schedule remains reasonable andd, non,discriminatory. ~f. .--' II [:1 I), 1 Seek from its stockholders sufficient annual ~, . I" -. df'(.' 9. ~!'S'UiH'tc--t~-:tt.-s-:"'"By~s.-.-a-djue-c--i-t-s--6f"e"1""at:inq--ee-s-t-s--t1:ftd 6e~~~ee-~aE~-anfr-levy assessments from time to time as necessary, upon written notice from the State, to provide sufficient funds for adequate operation and maintenance. emergency repair services. obsolescence reserves, and debt reserves. and to assure repayment of the project loan to the State as provided herein. ShO~,d the sto~kholders fail to set any assessment, ~n~n conra~~2~_Jh~ 11) esca~ ~ ~~JWli.a nat'te ,j\~b"ssment fo; purposes of thi s Contract PUI fo. ~u~ R~~ eo ~~ ArtIc ~~bt~hcorpocatIon and to Its By. Laws. including. but not limited to Article 6. have its Board of Directors take all necessary actions consistent therewith to adopt an order or resolution authorizing the Contractor to contract this loan debt. and authorizing the President and the Secretary to pay the indebtedness. Such orders shall be attached hereto as Exhibit E and include~ U/ ~ herein. The Contractor. through a majority vote o~~e.CJ.-T -iI~ &--: ~ shareholders. shall also authorize .the deed of trust. security /:;YV interest required by the State in paragraph B.14. below. The - above conditions must be performed by the Contractor prior to ~~ the State performance under this contract. Approval by the sharehOlderSj-4( of the contracting of this loan debt. of its repayment by the President and** ct~l 11. Pursuant to its Articles of Incorporation and to its /{y.! By-Laws. including. but not limited to. Article 6. the L~t/ Contractor. through either its shareholders or its Board of Directors. as provided therein. shall take all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Contractor. or the revenues reSUlting therefrom. are or become insufficient to assure repayment of the State as required by the terms and conditions herein. then the Contractor. upon written notice thereof from the State. shall immediately take all necessary action consistent with its By-Laws. including but not limited to additional assessments. to raise sufficient revenue to assure repayment of the project loan to the State. 12. Provide the State with such periOdic reports as the State may require and permit periOdic inspections of its operations and accounts by a designated representative of the State. 13. Repay to the State the total principal sum of One Hundred Thousand Dollars ($100.000). which includes the project loan amount and the Two Thousand Dollar ($2.000) feasibility report amount. together with interest at the rate of five percent (5%) per annum. said repayment to be made in constant annual installments of Eight Thousand Twenty-.Four Dollars ($8.024) each. for twenty (20) years. as shown in Exhibit C. attached hereto and incorporated by reference herein. which first installment shall be due and payable on the first day of the month next succeeding the month in which the State determines that the project has been substantially completed. and yearly thereafter until the entire principal sum shall have been paid. However. in the event the Contractor does not draw f\~n~s cnmm~nrinq nn the d~te snecified in paragraph D.I.a. beiow. the oblilJB.tio'n to repay shall Le postponed for the ~ame number of months as the Contractor delays in drawing funds. said installment payments shall be made payable to the Colorado Water Conservation Board. payable at the offices of said Board in Denver. Colorado. **Secretary, of the signing of the security interest as required by paragraph 8.14. below. of the levying of assessments in an amount sufficient to repay and assure payment of the loan, and of the security interest in such assessments shall be obtained at the next scheduled soecial meeting of the shareholders on August 14, 1989: No monies shall be expended under this Contract unless and until such approval of the shareholders has been obtained. Upon its execution, such shareholder approval shall become a part ~fttnis)!on!ra8t an~ be incorporated herein by this reference as Exhibit uF.II,:[/I "6lJ --<< C;'J O/v- Page 4 of 11 Pages