EXHIBIT 4.24
REA Project Designation:
SOUTH DAKOTA 515-H XXXXX
AMENDMENT
Dated as of December 8, 1970
to
TELEPHONE LOAN CONTRACT
Dated as of September 5, 1952, as amended,
between
DAKOTA COOPERATIVE TELEPHONE COMPANY, INC.
and
UNITED STATES OF AMERICA
UNITED STATES DEPARTMENT OF AGRICULTURE
RURAL ELECTRIFICATION ADMINISTRATION
No. 2
AGREEMENT, made as of December 8, 1970, pursuant to the
Rural Electrification Act of 1936, as amended (7 U.S.C. 901
ET SEQ.) between DAKOTA COOPERATIVE TELEPHONE COMPANY, INC.
(hereinafter called the "Borrower"), a corporation existing
under the laws of the State of South Dakota, and UNITED
STATES OF AMERICA (hereinafter called the "Government"),
acting through the Administrator of the Rural
Electrification Administration.
WHEREAS, the Government and the Borrower have heretofore entered
into a certain telephone loan contract, dated as of September 5, 1952, and
six certain agreements, dated, respectively, as of August 11, 1955, as of
October 9, 1958, as of March 8, 1961, as of August 20, 1964, as of June 1,
1967, and as of December 20, 1968, amending said telephone loan contract
(said telephone loan contract, as so amended, being hereinafter called the
"Loan Contract"), and intend by this agreement to amend the Loan Contract
by increasing the aggregate amount of the loans therein provided for by an
amount not in excess of $539,000, and in certain other respects;
NOW, THEREFORE, for and in consideration of the mutual agreements
herein contained, the Government and the Borrower agree as follows:
SECTION 1. Section 1.1 of article I of Loan Contract is amended
to read as follows:
SECTION 1.1. AMOUNT AND PURPOSE. For the purpose of
furnishing telephone service in rural areas, the Government shall lend
and the Borrower shall borrow an amount not in excess of $5,915,000,
which, together with the sum of $80,465 (hereinafter called the
"equity funds"), to be deposited by the Borrower in the "Special
Construction Account" hereinafter defined and provided for in
section 2.4, shall be used to finance, pursuant to the provisions of
the Act, the acquisition, construction and operation of telephone
lines and facilities (hereinafter called the "Project"), to serve a
total of approximately 5,065 subscribers, and to be located in the
Counties of Clay, Hutchinson, Lincoln, Minnehaha, McCook, Turner,
Union and Yankton, and in counties contiguous thereto, all in the
State of South Dakota.
SEC. 2. Article II of the Loan Contract is amended by adding
thereto a new section numbered and reading as follows:
SEC. 2.16. ADDITIONAL PREREQUISITES TO CERTAIN ADVANCES.
The Government shall be under no obligation to advance any of the
$539,000 (hereinafter called the "H Section Funds"), included in the
Loan by an agreement made by and between the Borrower and the
Government, dated as of December 8, 1970, until the Borrower in
addition to complying with all other prerequisites of this agreement
to the advance of Loan funds, shall have submitted evidence,
satisfactory to the Administrator, showing that it has:
(1) obtained commitments covering all toll traffic,
operator assistance, and extended area services to be
provided for, or by, connecting or other companies, as
may be necessary for the proper operation of the
Project; and
(2) obtained all authorizations, permits and approvals of
regulatory bodies, as may be required by law,
including, without limitation, approval of rate
schedules for the Alsen exchange which exclude mileage
or zone charges and which are otherwise satisfactory to
the Administrator; and
(3) obtained a binding sales agreement for the acquisition,
by the Borrower, of all facilities (including real
estate) owned and operated by the Alsen Community
Telephone Company, a cooperative organization
represented by Xx. Xxxxxx Xxxxxxxx, president, located
at and in the vicinity of Alsen, in Union and Clay
Counties, South Dakota.
The first advance of H Section Funds will be limited to $47,000 now
owed by the Borrower on the purchase price of the Alsen Community
Telephone Company being acquired, plus an amount to be approved by the
Administrator for preloan engineering services. Advances of H Section
Funds for other purposes will not be made until the Borrower has
submitted evidence, satisfactory to the Administrator, that it has
obtained title to the acquired properties in accordance with the terms
and conditions of the sales agreement, approved by the Administrator,
and that any indebtedness incurred through interim financing of the
acquisition subsequent to March 4, 1970, as approved by the
Administrator, and all associated liens, if any, have been discharged.
SEC. 3. Article II of the Loan Contract is amended by deleting
therefrom section 2.13 (relating to "Relation of General Funds Level to
Advances") and section 2.14 (relating to "Construction Schedule").
SEC. 4. Article IV of the Loan Contract is amended by adding a
new section numbered and reading as follows:
SEC. 4.20. COMPLIANCE WITH ENVIRONMENTAL REQUIREMENTS. The
Borrower shall, with respect to all facilities which may be part of
the System, comply with applicable water and air pollution control
standards and other environmental requirements imposed by federal or
state statutes or regulations.
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SEC. 5. This agreement may be simultaneously executed and
delivered in two or more counterparts, each of which so executed and
delivered shall be deemed to be an original, and all shall constitute but
one and the same instrument.
IN WITNESS WHEREOF, the Borrower has caused this agreement to be
signed in its corporate name and its corporate seal to be hereunto affixed
and attested by its officers thereunto duly authorized, and the Government
has caused this agreement to be duly executed, all as of the day and year
first above written.
DAKOTA COOPERATIVE TELEPHONE
COMPANY, INC.
by /s/ B. Xxxxxxx Xxxxxxxxxxx
President
(Seal)
Attest: /s/ X.X. Xxxxxxxxxx
Secretary
UNITED STATES OF AMERICA
by /s/ X.X. Xxxxxxxx
Acting Administrator
of
Rural Electrification Administration
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