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LPPD000396
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LPPD000396
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Last modified
1/7/2013 8:50:30 AM
Creation date
3/26/2007 10:36:08 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150005
Contractor Name
Loveland, City of
Contract Type
Loan
Water District
4
County
Larimer
Bill Number
HB 98-1189
Loan Projects - Doc Type
Contract Documents
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<br />consistent therewith during the term of this contract to establish, levy and collect <br />water charges and rates in amounts sufficient to enable the BORROWER to pay this <br />loan as required by this contract and the promissory note, to cover all expenditures <br />for operation and maintenance and emergency repair services, and to maintain <br />adequate debt service reserves. <br /> <br />d. Debt Service Reserve Account. BORROWER shall deposit an amount equal to one <br />annual payment into its debt service reserve account within one year from the date of <br />substantial completion of the PROJECT. <br /> <br />e. Additional Debts or Bonds. The CITY and the BORROWER shall not issue any <br />indebtedness payable from the pledged revenues and having a lien thereon which is <br />superior to the lien ef this loan. The CITY or the BORROWER may issue parity debt <br />only with the prior written approval of the STATE, provided that: <br /> <br />I. The CITY and/or the BORROWER is currently and at the time of the issuance of the <br />parity debt in substantial compliance with all of the obligations of this contract, <br />including, but not limited to, being current on the annual payments due under this <br />contract and in the accumulation of all amounts then required to be accumulated <br />in the CITY or the BORROWER'S debt ~e aserve account; <br /> <br />II. The CITY or the BORROWER pro,. t ~Y~s d a. Parity Certificate from an <br />independent certified public acc ce .. (] M, based on an analysis of <br />the water revenues, excludingt p a~l ction fees, for 12 consecutive <br />months out of the 18 months i~~l\Preceding the date of issuance of such <br />parity debt, the water revenue .' fficient to pay the annual operating and <br />maintenance expenses, annual . '. t service on all outstanding indebtedness <br />having a lien on the pledged revenues, including this loan, the annual debt <br />service on the proposed indebtedness to be issued, and all required deposits to <br />any reserve funds required by this contract or by. the lender(s) of any <br />indebtedness having a lien on the pledged revenues. If any adjustment in water <br />user charges is made by the City during or after such 12-month period, the <br />calculation of the revenues shall reflect the amount that would have been <br />received if such adjustment had been in effect throughout such 12-month period. <br /> <br />The CITY and the BORROWER acknowledge and understand that any request for approval <br />of the issuance of parity debt must be reviewed and approved by the CWCB Director <br />prior to the issuance of any parity debt. The STATE agrees that upon satisfaction of the <br />foregoing requirements by the CITY or the BORROWER, the approval of the STATE will not <br />be unreasonably withheld and that the CITY or the BORROWER may issue subordinate <br />debt without the approval of the STATE. <br /> <br />11. Annual Statement of Debt Coverage. Each year during the term of this contract, the <br />CITY'or the BORROWER shall submit to the STATE an annual audit report and a certificate <br />of debt service coverage from a Certified Public Accountant. <br /> <br />12; No Conveyance. Except as otherwise provided herein, the CITY and the BORROWER <br /> <br />City of Loveland and City of Loveland, <br />Colorado, Water Enterprise <br /> <br />Page8of15 <br />
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