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LPPD000408
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LPPD000408
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Last modified
11/19/2009 11:01:21 AM
Creation date
3/26/2007 10:38:28 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153721
Contractor Name
Lyons, Town of
Contract Type
Loan
Water District
5
County
Boulder
Loan Projects - Doc Type
Contract Documents
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<br />G. After execution of the ORIGINAL CONTRACT, the BORROWER informed the STATE that it was <br />obtaining another loan from the Authority for which it would pledge its water system <br />revenues as security, and requested the STATE'S consent to parity status for the Authority's <br />lien created by this pledge. <br /> <br />H. At its November 1996 meeting, the CWCB authorized the CWCB Director to consent to <br />the parity request provided that the BORROWER is in substantial compliance with the <br />ORIGINAL CONTRACT, and ha~)ld.D. . rity certificate issued by a CPA certifying that <br />the BORROWER'S rate schecilie..bILI.l. .. te revenues in an amount sufficient to pay <br />annual operating and maintenance expenses, to make deposits to all required reserve <br />funds, and to make aIlINt~p1Jt'''iS,gand proposed indebtedness. <br /> <br />I. The BORROWER is in substantial ~~with the ORIGINAL CONTRACT and has <br />submitted the required parity certificate and supporting documentation to the STATE. <br />Based on its review of the same, the STATE hereby consents to parity status for the <br />Authority's lien created by the BORROWER'S pledge of water system revenues as security <br />for a loan from the Authority dated October 7, 1996. <br /> <br />J. The parties agree to amend the Original Contract to allow a loan subsequent to the <br />CWCB's loan to the Borrower to have a parity lien against the revenues pledged to repay <br />the CWCB loan. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />which shall be made pursuant to this Amendment and the ORIGINAL CONTRACT and the <br />promises and agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br /> <br />3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in <br />the following respects only: <br /> <br />a) Recital 11 is amended to read as follows: <br /> <br />The parties recognize and understand that the BORROWER has also pledged its <br />water system revenues for the payment of the BORROWER'S 1990 Energy <br />Impact Assistance Fund loan, the BORROWER'S 1991 Joint Revenue Bonds, and <br />the BORROWER'S August 19,1996 and October 7, 1996 loans from the Colorado <br />Water Resources and Power Development Authority. <br /> <br />b) Paragraph A.9. (Promissory Note Provisions) is replaced by a separate <br />Promissory Note, attached as Attachment A and incorporated herein. <br /> <br />c) The last two lines of Paragraph A.11.a are amended to read as follows: <br /> <br />...BORROWER'S 1991 Joint Revenue Bonds, and the BORROWER'S August 19, <br /> <br />Town of Lyons <br /> <br />Page 2 of4 <br /> <br />Amendment NO.1 <br />
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