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<br />;. <br /> <br />~"v' <br /> <br />A. <br /> <br />The State agrees as follows: <br /> <br />1. The State shall loan a principal amount of Four <br />Million Two Hundred Thirty-Three Thousand Dollars ($4,233,000) 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 />a. Interest will accrue at a rate of Two (2) per <br />annum on all funds advanced to Borrower during project <br />construction. <br /> <br />b. The term of the loan will be Forty (40) years <br />commencing as specified in paragraph B.6. <br /> <br />3. Project costs eligible for payment by the State <br />under this Contract shall inclUde, but not be limited to, the <br />cost of planning, design, right of way acquisition, purchase of raw <br />water, and construction for the following segments of 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 h~ve been duly authorized by all <br />necessary actions of the Borrower. <br /> <br />2. The Borrower w~rrants 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 />{, <br />\,J/ <br /> <br />r 3. The Borrower warrants that the Fort Lupton Water <br />Utility Enterprise is an Enterp~ise lawfully created and maintained <br />i in 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 />i into this Contract with the State. The Borrower shall immediately <br />! notify the State in writing if the circumstances which formulate <br />i the basis of this warranty change. <br /> <br />~ <br /> <br />r The Borrower agrees not to terminate the Fort Lupton <br />lJ~ I Water Utility Enterprise, :cor adversely withdraw or deplete its <br /> <br />Page 4 of 12 pages <br />