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<br />, --\ <br /> <br />e. Paragraph A. 7.c is revised to read as follows: <br /> <br />c. The DISTRICT and the BORROWER have not employed or retained any company or person, <br />other than a bona fide employee working solely for the DISTRICT and the BORROWER, to solicit or <br />secure this contract. The DISTRICT and the BORROWER have not paid or agreed to pay any <br />person, company, corporation, individual, or firm, other than a bona fide employee, any fee, <br />commission, percentage, gift, or other consideration contingent upon or resulting from the award <br />or the making of this contract. <br /> <br />f. Paragraph A.7 is amended by adding the following: <br /> <br />g. The specific revenues to be pledged to repay the STATE under this contract shall be water <br />user rates, charges and fees ("water system revenues"). the establishment of which have been <br />authorized by resolution of the BORROWER. The DISTRICT and the BORROWER hereby pledge <br />sufficient annual water system revenues to pay the annual installment amount pursuant to the <br />Promissory Note attached to this contract, and hereby agree to establish a separate account into <br />which all such moneys shall be deposited. <br /> <br />g. Paragraph A.8 is replaced in its entirety by the following: <br /> <br />8. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment <br />and evidencing this debt in the amount of up to $10,137,500. with $7,537,500 at an interest <br />rate of 5% per annum and $2,600,000 at an interest rate of 4.75% per annum resulting in a <br />blended interest rate of 4.936%. for a term of thirty (30) years is attached as Attachment B <br />and incorporated herein. <br /> <br />a. Final Loan Amount. In the event that the final loan amount is at least 90% of the <br />AUTHORIZED LOAN AMOUNT, the STATE shall apply the remaining loan funds to reduce the <br />final loan amount and the annual loan payment shall remain the same. If the final loan <br />amount is less than 90% AUTHORIZED LOAN AMOUNT, the State may apply those funds to <br />reduce the final loan amount with the BORROWER'S consent, or the STATE and the <br />BORROWER shall execute a REVISION LETTER. attached hereto as Attachment C and <br />incorporated herein, which will establish the final loan amount and amend or replace the <br />loan documents that reflect the final loan amount, including the Promissory Note and the <br />Security Agreement. <br /> <br />b. Interest During Construction. As the loan funds are disbursed by the STATE to the <br />BORROWER during PROJECT completion, interest shall accrue at the rate of 5% per annum <br />on the first $7,537,500 disbursed, with the remaining $2,600,000 accruing interest at the <br />rate of 4.75% per annum. Upon completion of the Project, the STATE shall calculate the <br />amount of the interest accrued during PROJECT completion and submit to Borrower for <br />payment. The BORROWER shall pay the interest during construction within ten (10) days <br />after receipt of said notice. <br /> <br />h. Paragraph A.9 and Appendix C are deleted in their entirety. <br /> <br />i. Paragraph A.11 is amended by adding the following: <br /> <br />In the event of any such transfer or encumbrance without the STATE'S written concurrence, the <br />STATE may at any time thereafter declare all outstanding principal and interest on this loan <br />immediately due and payable. <br /> <br />J. Paragraph A.13 is replaced in its entirety by the following: <br /> <br />13. Pledge of revenues. The BORROWER hereby irrevocably pledges to the STATE, for <br />purposes of repayment of this loan. water system revenues levied for that purpose as authorized <br />by its resolutions, and any other funds legally available to the BORROWER, in an amount <br /> <br />Page 5 of 8 <br />