Laserfiche WebLink
<br />. <br /> <br />- <br /> <br />covering the management, operation, and maintenance of the PROJECT with minimum limits of <br />$1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br />including products/completed operations and personal injury, <br /> <br />Said general liability insurance shall name the CWCB as additional insured. The BORROWER <br />shall provide the CWCB with a certificate of said insurance and an additional insured <br />endorsement, and shall provide the CWCB with documentation of renewals of said insurance. <br />The CWCB will not disburse any loan funds without evidence of said insurance coverage. <br />Throughout the life of this contract, the CWCB reserves the right to increase the above <br />amount of insurance so that said amounts at a minimum correspond to the amount <br />established by the Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />7, BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory authority, <br />articles of incorporation and by-laws, have its stockholders and board of directors adopt <br />resolutions, irrepealable during the life of this loan, authorizing the President and Secretary, <br />on behalf of the BORROWER, to do the following: <br /> <br />a. To enter into and comply with the terms of this contract and the promissory note, and <br /> <br />b. To levy assessments in an amount sufficient to pay the annual amounts due under this <br />contract, and to pledge assessment revenues and the BORROWER'S right to receive said <br />revenues for repayment of the loan, and <br /> <br />c. To place the assessment revenues pledged to make annual loan payments in a special <br />account separate and apart from other BORROWER revenues in accordance with the <br />Pledge of Property Provisions of this contract and <br /> <br />d. To make annual payments in accordance with the promissory note, and <br /> <br />e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br />Property Provisions of this contract, and <br /> <br />f. To obtain a certificate of deposit to serve as collateral in the amount of one annual loan <br />payment as security for the loan, and execute an assignment of certificate of deposit as <br />_u ~ _ _ _ _ _ _ sJes~ribed in the Collate!~E'rov~ior1~.9L!Q.i~_c.9ntrac~a_n.d_ ________________ _ ___ <br /> <br />g, To execute a Security Agreement to secure the revenues pledged herein in accordance <br />with the Pledge of Property Provisions of this contract. <br /> <br />Said resolutions are attached hereto as Appendix 1 and incorporated herein. <br /> <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's <br />opinion that the person signing for the BORROWER was duly elected or appointed and has <br />authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; that <br />the BORROWER'S shareholders and board of directors have validly adopted resolutions <br />approving this contract; that there are no provisions in the BORROWER'S articles of <br />incorporation or by-laws or any state or local law that prevent this contract from binding the <br />BORROWER; and that the contract will be valid and binding against the BORROWER if entered <br />into by the CWCB. <br /> <br />9, Promissory Note Provisions. The Promissory Note setting forth the terms of repayment <br /> <br />Owl Creek Supply and Irrigation Company <br /> <br />Page 4 of 13 <br /> <br />Loan Contract <br />