C153719 Contract - Laserfiche WebLink

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9. At its November 9, 1993 meeting, the CWCB approved a loan to the TOWN and the BORROWER in the amount of Two Million Five Hundred Forty-Two Thousand Five Hundred Dollars ($2,542,500), which amount shall not exceed 75% of actual PROJECT costs, at an interest rate of four percent (4%) per annum for a term of thirty (30) years. 10. Pursuant to Colo. Sess. Laws 1994, Chapter 265, Section 1, the Colorado General Assembly authorized CWCB to loan to the TOWN and the BORROWER $2,542,500, for a term of 30 years for the construction of the PROJECT. 11. Pursuant to S 31-15-302, C.R.S., the TOWN has authority to contract to borrow money and to levy water charges and fees to assure repayment according to the terms of the contract, provided that an ordinance has been duly adopted by the TOWN'S Board of Trustees. 12. The STATE understands that the repayment of the funds loaned, including interest thereon, will come from revenues pledged for the repayment thereof from water system revenues and that this obligation does not constitute a debt of the TOWN within the meaning of any constitutional or statutory limitations. 13. The parties recognize and understand that said water system revenues of the TOWN have also been pledged for the payment of the TOWN'S 1996 loan from the Colorado Water Resources and Power Authority. 14. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions, subject to the availability of funding for that purpose. NOW THEREFORE, in consideration of the mutual and dependent covenants contained, the parties agree as follows: A. The BORROWER agrees as follows: 1. Construction Fund Program procedures. The following items are procedures the BORROWER shall follow during the construction phase of the PROJECT. a. The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter referred to as the CONSULTANT, to prepare plans and specifications for the PROJECT. b. The agreement between the BORROWER and the CONSULTANT and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this contract prior to bid opening. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. c. CWCB staff must be present at bid opening and must approve the award of the construction contract. d. The BORROWER shall contract for the construction of the work with responsible and capable firms, hereinafter referred to as CONSTRUCTiON FIRMS, which CONSTRUCTION FIRMS shall be selected by the BORROWER and found acceptable by the CWCB staff before work under this contract begins. e. The BORROWER must provide copies of executed construction contract documents consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, Town of Johnstown Water Activity Enterprise & Town of Johnstown Page 2 of 14 Loan Contract