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PROJ01991
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PROJ01991
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Last modified
11/19/2009 11:43:36 AM
Creation date
7/3/2007 12:45:14 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
FS0067FX
Contractor Name
Ouray, City of
Water District
0
Loan Projects - Doc Type
Application
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<br />2 <br /> <br />to the Municipal Hot Springs Pool and its appurtenances. {The <br />Project}. The City shall be permitted to access these funds as <br />construction proceeds by submitting draw requests to Norweet <br />Investment Services I Inc. Proceeds shall be used solely for <br />purposes related to the construction of the Project, acquisition of <br />equipment and improvements necessary for, the constI1.lction and <br />operation of the project and other related expens~s incidental to <br />the project, including interest on any construction loan. <br /> <br />Section 4: Warrant details. <br /> <br />The Warrant shall be dated December 30, 1994, be in a <br />denomination not to exceed $ 630,000, and bear interest at 1.10 <br />percent per annum. It shall be due on Septernper 15, 2004, or <br />earlier and be payable in equal annual installments of principal <br />and interest amortized over ten years, due on September 15 of each <br />year commencing on September 15, 1995. .This Anticipation Warrant <br />may be prepaid at anytime by payment of Termination Value at the . <br />next payment date as shoWJ;l on Exhibit A hereto, the remaining <br />principal shall thereafter be paid in equal annual installments <br />amortized over the remaining term of the Anticipation Warrant. The <br />Warrant shall be sold to Norwest Investment Services, Inc. and/or <br />its assignees'. One or more warrants consistent with the foregoing <br />may be used. <br /> <br />Section 5: Limited Obligations. <br /> <br />The warrant shall be payable solely out Of the Pledged <br />Revenues and such revenues are hereby pledged to the payment of the <br />~arrant. The holder of the Warrant may not look to any general ad <br />valorem taxes or levy collected by the City for the payment of the <br />installments on such Warrant, but may only look to I.the pledged <br />revenues and the designated special sinking fund pledged for its <br />payment, which are herein set forth.. This Warrant shall not <br />constitute an indebtedness or debt within the meaning of any <br />constitutional or statutory limitation. Neither shall it be <br />considered or held to be a general obligation of the City. <br /> <br />Section 6: Form and Execution of the Warrant. <br /> <br />The Warrant shall be signed with the manual signature of the <br />Mayor of the City, sealed with .an impression of the Seal of the <br />City and attested and countersigned with the ~nual signature of <br />the City Treasurer. It shall be in a commercially reasonable form <br />consistent with the provisions of this Ordinance. <br /> <br />r:oo~ <br /> <br />VJ.18U ~o .\1.1::> <br /> <br />9LLS vLS OL6 XV~ 61:91 66ILO/~T <br />
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