PROJC01363 - Laserfiche WebLink

Home Browse Search

2. Final Report. Two (2) copies of the final report of the feasibility study prepared in compliance with the plan of study shall be fumished to the State within six (6) months of the date of this contract unless the State agrees in writing to an extension of such time. 3. Disbursement Of Loan Funds. The State shall loan to the BORROWER the monies to pay for the costs associated with preparing the feasibility study up to a maximum amount of $17,450 in the following manner: 4. Statement Of Costs. During the preparation of the feasibility study, the BORROWER shall prepare statements of the costs of the feasibility study and shall forward such statements to the State. Each statement shall indicate the tasks that have been performed and the percentage completion of each task by task number as specified in Appendix A. 5. Payment Of Statements. Upon feceipt and approval by the State of each such statement of <:osts, the State will, within 30 days from the approval of such statement, pay to the BORROWER 90% of the statement amount or such portion thereof as has been approved by the State. 6. Retainage. The State will pay the remaining 10% to the BORROWER within 30 days following receipt and acceptance of the completed feasibility report by the CWCB and by the State Engineer's Office when the Project will involve a jurisdictional dam or reservoir as defined by ~ 37-87-105 C.RS. (1990). 7. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory authority, articles of incorporation, and by-laws, have its stockholders and board of directors adopt resolutions, irrepealable during the life of this loan, authorizing the President and Secretary, on behalf of the BORROWER, to do the following: a. Enter into and comply with the terms of this contract with the STATE, and pay the indebtedness, and b. Levy assessments sufficient to pay the annual amounts due under this contract, and c. Place assessment revenues pledged to make annual loan payments in a special account 'separate and apart from other BORROWER revenues, and d. Make annual payments in accordance with the Promissory Note Provisions of this contract, and e. Obtain a certificate of deposit to serve as collateral in the amount of one annual loan payment ($2,071.86) as security for the loan, and execute an assignment of certificate of deposit as described in the Collateral Provisions of this contract, and f.. Execute a Security Agreement to secure the revenues pledged herein in accordance with the Pledge of Revenues Provisions of this contract, Said resolutions are attached hereto as Appendix B and incorporated herein. 8. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the BORROWER shall submit to the STATE a letter from its attomey stating that it is the attomey's opinion that the person signing for the BORROWER was duly elected or appointed and has authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; that the BORROWER'S shareholders and board of directors have validly adopted resolutions approving this contract; that there are no Feasibility Study Loan Contract Page2of8.