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<br />\ <br />-, <br /> <br />,....-'.'\ <br />! <br /> <br />G. The STATE now desires, by this contract, to loan money to the BORROWER for this <br />STUDY upon mutlJally agreeable terms and conditions. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants <br />contained, the parties agree as follows: . <br /> <br />1. Preparation Of Feasibility Report. The BORROWER shall have a feasibility report <br />prepared on the PROJECT. The STATE has approved a scope of study for the <br />Feasibility Report prepared by the BORROWER'S consulting engineer, Rocky Mountain <br />Consultants, Inc. The scope of study is attached hereto as Appendix A and <br />incorporated herein. <br /> <br />2. Final Report. The BORROWER shall provide the STATE with two (2) copies of the final <br />report of the feasibility study, prepared in compliance with the scope of study, within <br />six (6) months of the date of this contract unless the STATE agrees in writing to an <br />extension of such time. <br /> <br />3. Disbursement Of Loan Funds. The STATE shall loan to the BORROWER the moneys <br />to pay for the costs associated with preparing the feasibility study up to a maximum <br />amount of $25,000 in the following manner. <br /> <br />a. Statement Of Costs. During the preparation of the feasibility study, the <br />BORROWER shall prepare statements of the costs of the feasibility study and shall <br />forward such statements to the STATE. Each statement shall indicate the tasks <br />that have been performed and the percentage completion of each task by task <br />number as specifiecfin Appendix A. <br /> <br />b. Payment Of Statements. Upon receipt and approval by the STATE of each such <br />statement of costs, the STATE will, within 30 days from the approval of such <br />statement, pay to the BORROWER 90% of the statement amount or such portion <br />thereof as has been approved by the STATE. <br /> <br />c. Retainage. The STATE will pay the remaining 10% to the BORROWER within 30 <br />days following receipt and acceptance of the completed feasibility report by the <br />CWCB. <br /> <br />4. BORROWER'S Authority To Contract. The BORROWER shall. pursua~t to its statutory <br />authority, articles of incorporation, and by-laws, have its board of directors adopt a resolution. <br />irrepealable during the life of this loan, authorizing the President and Secretary, on behalf of <br />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 to <br />pay the indebtedness, and <br /> <br />b. To levy assessments in an amount sufficient to pay the annual amounts due under this <br />contract and to pledge revenues from membership dues and assessmehts to repay this <br />loan. and <br /> <br />c. To place the revenues pledged to make annual loan payments in a special <br />account separate and apart from other BORROWER revenues, in accordance with <br />the Pledge of Property Provisions of this contract and <br /> <br />Feasibility Report Loan Contract <br /> <br />Page2of11 <br />