Laserfiche WebLink
<br />must be performed by the Contractor prior to the State <br />performance under this contract. <br /> <br />11. Pursuant to C.R.S. 7-42-104(2) and to its Articles of <br />Incorporation and to its By-Laws. the Contractor. through <br />either its stockholders or its Board of Directors as provided <br />therein shall take all necessary actions consistent therewith <br />to levy assessments to raise sufficient funds to pay this <br />contract loan debt in a timely manner and as required by the <br />terms and conditions herein to assure repayment of the project <br />loan to the State. In the event that the assessment(s) levied <br />by the Contractor. or the revenues reSUlting therefrom, are or <br />become insufficient to assure repayment to the State as <br />required by the terms and conditions herein, then the <br />Contractor. upon written notice thereof from the State. shall <br />immediately take all necessary action consistent with its <br />By-Laws and the Statutes. including but not limited to <br />additional assessments. to raise sufficient revenue to assure <br />repayment of the project loan to the State. <br /> <br />12. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />13. Repay to the State the total principal sum of <br />Fifty-Five Thousand Dollars ($55.000). which includes the <br />project loan amount with interest at the rate of five percent <br />(5%) per annum. said repayment to be made in constant annual <br />installments of Three Thousand Nine Hundred Two Dollars and <br />Twenty-Five Cents ($3,902.25) each. for twenty-five (25) years. <br />as shown in Exhibit B. attached hereto and incorporated by <br />reference herein. which first installment shall be due and <br />payable on the first day of the month next succeeding the month <br />in which the State determines that the project has been <br />substantially completed. and yearly thereafter until the entire <br />principal s~m shall have been paid. However. in the event the <br />Contrac~or does not draw funds commencing on the date specified <br />in paragraph .C.I.a. below. the. obligation to repay shall be <br />postponed for the same ~umber of months as the Contractor <br />delays in drawing funds. Said installment payments shall be <br />made payable to the Colorado Water Conservation Board. payable <br />at the offices of said Board in Denver. Colorado. <br /> <br />14. As security for the loan to be made to it by the <br />State. execute and record a warranty deed within thirty (30) <br />days of the first advance of funds from the State as provided <br />in paragraph C.I.a. below which shall convey to the State the <br />following: <br /> <br />An undivided fifty-percent (50%) of the following: <br /> <br />a. Coon Creek No.1 Dam <br /> <br />(1) 3970i cubic yards of compacted earthfill on <br />existing embankment <br /> <br />(2) 800i square yards of riprap on the upstream <br />side and placed between stations 50+00 to 3+00 <br /> <br />(3) A toe drain system <br /> <br />(4) 1350+ cubic yards of excavation of the <br />spillway channel <br /> <br />(5) 200i cubic yards of embankment on the <br />spillway sides <br /> <br />(6) 126i square yards of rock erosion material in <br />the spillway channel <br /> <br />(7) 70~ linear feet of a new outlet channel <br /> <br />Page i of 10 pages <br />