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<br />022G5
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<br />state of Calor ado will have to pay on the bonds, providing the funds for the
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<br />specific project.
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<br />Terms for repayment af the funds bnrrawed, the loan. shall be far a periad. of
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<br />thirt;y (30) yearsswith interest payable each year on qr befare the, 15th day af
<br />December" .For the fir9t .five (5) years of the ,loan, no. paym~nt an the principal
<br />shall be required, this five (5) year period being far the purpase of developi~g
<br />the program, However, beginniryg with the sixth (6th) ;'(8a,I' af.the loan the repay-'
<br />mentshall be on anamortized:hasis::t:or the remaining twenty--five (25) years, that.
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<br />is th~paymel!ts sh<>:llbe, ~w~rJtJ!:-fi::'? (25)eq1;lal :paymentp which shall include"bath
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<br />principal and interest, suc.hpayments to be made on or:.before the 15th day Of
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<br />December eash and ~v~ry .,ye,a.t;until ,~h~ ~ntire .,loan, ts: P,'!i.<:l.. ,,&l}au~~,.a.' p>;iymentbe..
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<br />defaulted and such default continue, for.a periad of fifteen (15) manthsj the laan
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<br />shall be ,declare,d ,in de!.ault .a'1d,.the usual. procedure, incident. to,a:simi~arci.vi1' ".
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<br />default be instituted,.whereby a receiver shall be appointed,.to take.aver,.the ",....
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<br />facility., a!1d ape rate th,e sttme unde.z; .the project..unti;1 .such, 1!ime !Is ,~he. .laan ;has,'
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<br />been paid in full. ar until the borrowers have demonstrat..e4 their abHity t,o ,retake,
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<br />the managemept of the!.acility an.d,prqject. by prepaying. !l9t. less than twoJ2) oC<,
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<br />the annual payments.as pravided i1'). the loan agree~ent,. th~s reducing; the. due or.
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<br />maturity date of. the. laan by. two, (2) years,.
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<br />Nothtng in. this .Act shall be cOflst,r!led .ta p.r~Yent the w!lter USE!rs borrawing under
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<br />this Act from making sLlch payments in :aclvance... to include the. entire unpaid ,
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<br />balance, as they may desire, Unearned interest under the loan agreement to. be . .
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<br />adjus,ted at the time. of payment of tpe .enHre unpaid ,balance. ,The barrawers under
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<br />this Act shall be eflcauraged to. make at le~st ane annual payment ane year ahead,.
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<br />of due date, which shall bl! can9idered as beJng a re~,erve .set up aeainst such year,
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<br />ar yearss 9s it ~:\' be found ~fficult to. make ther,equired annual payment.
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<br />At such time as the amaunts repaid ,by t.hE;' bo.rruwers under this Act shall. be in
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<br />excess: af the. amaunts lcaned under.. this Act, then the excess shall. be held in.
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<br />reserve far the re~iring af such Bands as the.State af Colorado. shall.have sold for
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