Laserfiche WebLink
<br />'.",", <br />.. I <br />, <br /> <br />1. The State shall loan a principal amount of One <br />Million Two Hundred Seventy-Three Thousand Dollars ($1,273,000) to <br />the Borrower for the purpose of this Project Contract. Said amount <br />shall be disbursed to the Borrower by electronic transfer of funds <br />or state warrants within thirty (30) days of receipt of written <br />request from the Borrower as needed to pay for eligible project <br />costs. <br /> <br />2. The terms of the construction loan shall be as <br /> <br />follows: <br /> <br />annum on all <br />construction. <br /> <br />a. Interest will accrue at a rate of Two (2) per <br />funds advanced to Borrower during project <br /> <br />b. The term of the loan will be Forty (40) years <br />commencing as specified in paragraph B.G. <br /> <br />3. Project costs eligible for payment by the State <br />under this Contract shall be include, but not be limited to, the <br />cost of planning, design, right of way acquisition, purchases of <br />raw water rights, and construction for the following segments of <br />the Project: <br /> <br />a. Carter Lake Outlet modifications, <br /> <br />b. Carter Lake to Broomfield Pipeline, and <br /> <br />c. Ft. Lupton/Hudson Pipeline. <br /> <br />B. The Borrower agrees as follows: <br /> <br />1. The Borrower warrants that it has full power and <br />authority to enter into this Contract. The execution and delivery <br />of this Contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all <br />necessary actions of the Borrower. <br /> <br />2. The Borrower warrants that by accepting a loan <br />pursuant to the terms of this Contract and by the Borrower's <br />representations made herein, the Borrower shall be estopped from <br />asserting for any reason that it is not authorized or obligated to <br />repay the loan pursuant to the terms of this Contract to the State. <br /> <br />3. The Borrower warrants that the Hudson Water Fund <br />Enterprise is an Enterprise lawfully created and maintained in <br />compliance with ~ 37-45.1-101, et ~, C.R.S., and Article X, <br />Section 20 of the Colorado Constitution, and has authority to enter <br />into this Contract with the State. The Borrower shall immediately <br />notify the State in writing if the circumstances which formulate <br />the basis of this warranty change. <br /> <br />The Borrower agrees not to terminate the Hudson Water <br />Fund Enterprise, nor adversely withdraw or deplete its assets, nor <br /> <br />Page 4 of 12 pages <br />