Laserfiche WebLink
<br />"'-', <br /> <br />./ <br />./ <br /> <br />16. Adhere to applicable laws. The BORROWE~ shall strictly adhere to all applicable federal, state, <br />and local laws and regulations that have been or may hereafter be established. <br /> <br />17. No discrimination of services. The services of said PROJECT will be made available within its <br />capacity and in accordance with all pertinent statutes. rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for one <br />or more classes of service, in accordance with a schedule of such charges formally adopted by the <br />BORROWER, as may be modified from time to time. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE ;lgrees to loan to the BORROWER an amount not to <br />exceed that specified in the promissory note provisions of this contract <br /> <br />2. Disbursements. After receipt of the monthly progress report or monthly payment estimate <br />report for the coming month from the BORROWE~. and review and acceptance of the items therein <br />as eligible expenses as described below, the STATE will pay to the BORROWER the amount of the report <br />or such portion that has been approved by the STATE. Such payment shall be made within thirty <br />(30) days from the approval of each monthly prOgress report. <br /> <br />3. Release after loan is repaid. upon completion of repayment to the STATE of the entire <br />principal and any accrued interest as specified in the promissory note provisions of this contract, <br />the STATE agrees release its interest in the collateral and to convey to the BORROWER all of the STATE'S <br />right, title, and interest in and to the PROJECT and any other property described in Appendix B. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The ewCB. which includes its agents and employees, is <br />hereby designated as the agent of the STATE for the purpose of this contract <br /> <br />2. Contract is not assignable. This contract is not assignable by the BORROWER except with the <br />prior written approval of the STATE. <br /> <br />3. Contract relationship. The parties to tl1is contract Intend that the relationship between <br />them contemplated by this contract is that of lender-borrower, not employer-employee. No agent, <br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or <br />servant of the STATE. The BORROWER will be solely and entirely responsible for its acts and the acts of <br />its agents. employees, servants, engineering firms, construction firms, and subcontractors during <br />the performance of this contract <br /> <br />4. complete integration of all understandings. This agreement is intended as the complete <br />integration of all understar.dings between the parties. No prior or contemporaneous addition, <br />deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied <br />herein in writing. NO subsequent notation, renewal, addition, deletion, or other amendment hereto <br />shall have any force or effect unless embodied in a written contract executed and approved <br />pursuant to STATE fiscal rules. <br /> <br />5. Eligible expenses. PROJECT construction costs eligible for financing by the STATE shall be <br />limited to the cost of: <br /> <br />a. preparing final designs and specifications for the PROJECT. <br /> <br />b. preparing bid and construction contract documents. <br /> <br />RAINBOW PARK WATER COMPANY <br /> <br />Page 7 of 1 1 <br /> <br />LOAN CONTRACT <br />