Laserfiche WebLink
<br />Ie <br /> <br />. <br /> <br />during construction shall be calculated by the STATE and the BORROWER shall repay that amount <br />to the STATE either within ten (10) days after the date the STATE determines that the PROJECT has <br />been substantially completed, or, at the STATE'S discretion, the amount shall be deducted from the <br />final disbursement of loan funds that the STATE makes to the BORROWER. <br /> <br />10. Changes, The STATE may decrease the amount of the loan under this contract or extend the time for <br />completion of the PROJECT through a REVISION LETTER, approved by the State Controller or his <br />designee. in the form attached hereto as Appendix 3, The REVISION LETTER shall not be valid until <br />approved by the State Controller or such assistant as he may designate, Upon proper execution and <br />approval, the REVISION LETTER shall become an amendment to this contract and, except for the <br />Special Provisions of the contract, the REVISION LETTER shall supersede the contract in the event of a <br />conflict between the two, The parties understand and agree that the REVISION LETTER may be used <br />only for decreasing the loan amount or for an extension of the time for completion of the PROJECT. <br /> <br />11, Warranties, The BORROWER and the CITY warrant the following: <br /> <br />a, By acceptance of the loan money pursuant to the terms of this contract and by their <br />representations herein, the BORROWER and the CITY shall' be estopped from asserting for any <br />reason that the BORROWER and the CITY, acting' by and through the BORROWER, are not <br />authorized or obligated to repay the loan money to the STATE as required by this contract. <br /> <br />b, Both the BORROWER and the CITY have full power and authority to enter into this contract. The <br />execution and delivery of this contract and the .performance and observation of its terms, <br />conditions and obligations"have~bE:!en duly authorized by all necessary actions of the BORROWER <br />and the CITY, dfh <br />..~~/~.~ . ,:- . <br /> <br />d, The City of Idaho Springs, Colorado, Water Enterprise is an enterprise legally created and <br />maintained in compliance with S 37-45,1-101, et seq" C,RS" and Article X, Section 20 of the <br />Colorado Constitution, and has authority to enter into this contract with the STATE, The <br />BORROWER and/or the CITY shall immediately notify the STATE in writing if the circumstances <br />which formulate the basis of this warranty change, <br /> <br />e, The collateral identified in the Collateral Provisions of this contract is not encumbered by any <br />other liens or in any other manner, <br /> <br />f, The BORROWER and the CITY agree not to terminate or dissolve the BORROWER, nor adversely <br />withdraw or deplete its assets, nor otherwise adversely affect the BORROWER'S ability to perform <br />during the term of this contract. <br /> <br />g, The speCific revenues to be pledged to repay the STATE under this contract shall be water user <br />rates, charges and fees, the establishment of which have been authorized by ordinance of the <br />BORROWER, The CITY and the BORROWER hereby pledge sufficient annual revenues to pay the <br />annual installment amount pursuant to the Promissory Note provisions of this contract, and <br /> <br />City of Idaho Springs and <br />City of Idaho Springs, Colorado, Water Enterprise <br /> <br />Page 6 of 14 <br />