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<br />, <br />'-- <br /> <br />such assessment revenues to repay the State loan. warrants that <br />these revenues will not be used for any other purpose. and <br />agrees to provide the State a perfected security interest in <br />the form provided by the State irrevocably pledging such <br />revenues on the date of execution of this contract. <br /> <br />N. The Contractor warrants that it has duly passed a <br />Resolution by its Board of Directors. as provided in its <br />By-Laws, authorizinq: the Contractor to enter into this <br />contract with the State to borrow the principal sum of <br />Thirty-six Thousand Dollars ($36.000); the making and levying <br /> <br />of an assessment(s) sufficient to pay off this contract loan <br />pursuant to its terms and to discharge this lawful <br />indebtedness; the setting aside of this assessment revenue in a <br />special fund separate and apart from other Contractor revenues <br />to assure repayment of this revenue to the State; and the <br />signing of a security interest in such assessment revenues in <br />favor of the State to secure the repayment. The Resolution of <br />the Contractor and the security interest of the Contractor are <br />conditions precedent to State performance and shall be attached <br />hereto and included herein by this reference. <br /> <br />0, The Contractor warrants that in the event of a default by <br />the Contractor in the repayment to the State, and upon written <br />notice thereof from the State, the Contractor shall. pursuant <br />to its By-Laws, immediately take all necessary actions to levy <br />an additional assessment and to pledge additional revenues in <br />sufficient amount and in a'timely manner to cure the default <br />and to repay the State as required by the contract. Such <br />additional revenues shall be deemed covered by the existing <br />security interest. <br /> <br />P. The Contractor warrants that the security interest executed <br />by the contractor in favor of the State to secure repayment of <br />this loan is a valid security interest which shall be binding <br />against the Contractor and that the Contractor has perfected <br />this security interest such that the State has priority over <br />all other competing claims for such secured revenues. <br /> <br />Q. The Contractor warrants that by acceptance of the loan <br />money pursuant to the terms of this contract and by the <br />Contractor's representation herein. the Contractor shall be <br />estopped from asserting for any reason that it is not <br />authorized or obligated to repay the loan money to the State as <br />required by this contract. <br /> <br />R. No monies will become available from this contract unless <br />an equal amount is made available by the Contractor. as the <br />equal cost-share for the project. <br /> <br />s. All notices. correspondence. <br />this contract shall be delivered <br />addresses: <br /> <br />or other documents required by <br />or mailed to the following <br /> <br />(a) For the State: <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver. CO 80203 <br />Attn: Nick Ioannides <br /> <br />(b) For the Contractor: <br />Ish Reservoir Company <br />20700 Weld County Road 15 <br />Johnstown, CO 80534 <br />Attn: Greg Brown <br />President <br /> <br />page 1 of !Q Pages <br /> <br />( <br />