Laserfiche WebLink
<br />,'.') <br /> <br />G. The STATE, the DISTRICT and the BORROWER have agreed to amend the ORIGINAL CONTRACT to <br />document the additional loan amount of $2,600,000, resulting in an AUTHORIZED LOAN AMOUNT <br />under this contract of $10,137,500, and to update certain clauses of the ORIGINAL CONTRACT. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT. consists of the payments which <br />shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, as amended, and <br />the promises and agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL <br />CONTRACT. as amended, and all terms, conditions, and provisions thereof, unless specifically <br />modified herein, are to apply to this Amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br /> <br />3. To authorize the borrowing of the additional loan amount of $2,600,000. the DISTRICT and the <br />BORROWER warrant that their respective boards of directors have complied with all applicable <br />law and duly adopted resolutions that constitute legislative measures of the DISTRICT and the <br />BORROWER and are irrepealable for the term of this loan contract, authorizing: <br /> <br />a. The DISTRICT and the BORROWER to enter into and comply with the applicable terms of this <br />contract, as amended, and the BORROWER to enter into and comply with the terms of the <br />Promissory Note; and <br /> <br />b. The BORROWER to establish and collect water user charges, rates and fees in amounts <br />sufficient to repay the loan; and <br /> <br />c. The BORROWER to make annual loan payments in accordance with the promissory note; <br />and <br /> <br />d. The BORROWER to pledge revenues from water user charges, rates and fees ("water <br />system revenues") to repay this loan and to execute a Security Agreement to convey a <br />security interest to the STATE in the pledged water system revenues; and <br /> <br />e. The BORROWER to set aside sufficient water system revenues each year to pay the annual <br />installment in a special account, separate and apart from other revenues of the <br />BORROWER, in accordance with the Pledge of Revenues provisions of the ORIGINAL <br />CONTRACT, as amended. <br /> <br />Said resolutions are attached hereto as Attachment A and incorporated herein. <br /> <br />4. The STATE agrees that it shall loan the BORROWER an additional $2,600,000 at an interest rate <br />of 4.75% per annum for a term of thirty (30) years for financing PROJECT costs, resulting in an <br />AUTHORIZED LOAN AMOUNT under this contract of $10.137,500. <br /> <br />5. It is agreed the ORIGINAL CONTRACT, as amended, is and shall be modified, altered, and <br />changed in the following respects only: <br /> <br />a. Paragraph A.1 is replaced in its entirety by the following: <br /> <br />1. Construction Fund Program Procedures. The following items are procedures the <br />BORROWER shall follow during the construction phase of the PROJECT. <br /> <br />a. The BORROWER shall employ an engineer, registered in the State of Colorado, <br />hereinafter referred to as the CONSULTANT, to prepare plans and specifications for the <br />PROJECT. <br /> <br />b. The agreement between the BORROWER and the CONSULTANT and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance with the <br /> <br />Page 2 of 8 <br />