Laserfiche WebLink
<br />,-e <br /> <br />. <br /> <br />eJ <br /> <br />.. <br /> <br />:,. <br /> <br />"- <br /> <br />~~ <br /> <br />1. Prior to entering into a contract for a Construction Fund loan, the District will: <br /> <br />a. provide the CWCB staff with adequate documentation as to the Congressional or <br />Bureau of Reclamation authorization for retiring the existing loan and as to the exact <br />authorized payoff amount, <br /> <br />b. provide the CWCB staff with financial projections and information demonstrating that <br />District revenues will be adequate to cover all foreseeable operating and maintenance <br />expenses as well as all debt service likely to be incurred in the foreseeable future, <br /> <br />2. The District will provide the Director of the CWCB with an annual audited report of the <br />District's financial condition for each year of the period ofCWCB debt retirement and will <br />provide the Director with a letter of explanation of the circumstances in which the sum of <br />operating expenses plus debt service exceeds District revenues in any year in which such an <br />event may occur. <br /> <br />3. The District will provide, as collateral, a certificate of deposit equivalent in amount to two <br />annual payments on its Construction Fund loan. <br /> <br />4. All other standard contracting provisions of the CWCB. <br /> <br />cc: <br /> <br />Gene Aiello, PRWCD <br />Thelma Lujan, PR WCD <br />Jeris Danielson, Danielson & Assoc. <br />Sandy MacDougall, Esq. <br /> <br />5 <br />