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PROJ01988
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PROJ01988
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Last modified
11/19/2009 11:43:36 AM
Creation date
7/3/2007 12:47:14 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
FS0068FX
Contractor Name
Minturn, Town of
Contract Type
Loan
Water District
0
Loan Projects - Doc Type
Approval Letter
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<br />~ .' <br /> <br />- <br />F~M I~GO N~T. RES. SECTION <br /> <br />TO <br /> <br />303 S66 4474 <br /> <br />1997.03-06 <br /> <br />16145 <br /> <br />#381 P.02/02 <br /> <br />the TOWN'S two 1992 loans and a 1995 loan from the Colorado Water Resources and Power Development Authority <br />("AUTHORITY") and of the Tows/BoRROWER'S two 199'loans from the United States Department of Agriculture, Division <br />of Rural Develel'lfttftt ("RIf';. '7 <br />Uf;l;~ ~;Gc.. <br /> <br />b. Establish parity status for this loan. Because the TOWN and the BORROWER have also pledged water, sanitation and <br />recreation fees and charges to repay the TOWN'S.19S7, 1988 and 1991 loans from the DOLA, the TOWN'S two 1992 <br />loans and a 1995 loan from the AUTHORITY, and the TOWN'S/BoRROWER'S two 1996 loans from RD, the TOWN and the <br />BORROWER agree that they shall meet the requirements of each lender tD establish parltv status for this loan with the <br />TOWN'S loans from the DOLA, the AUTHORITY and RD. . Copies of the parity certificates or other documentation required <br />bV each lender to establish parity are attached hereto as APPENDIX 2 and incorporated herein. <br /> <br />c. Estab6sh security interest in the revenues. The BORROWER and the TOWN agree that in order to provide a security <br />interest to the STATE in the pledged revenues so that the STATE shall have priority over all other cDmpeting claims far <br />said revenues, except for the TOWN'S/BORROWER'S pledges of said revenues for repayment of the above.described loans <br />from the DOLA, the AUTHORITY and RD, with which this loan shall have parity status, the BORROWER and the TOWN shall <br />execute a Security Agreement, which is attached hereto as APPENDIX 3 and incorporated herein. The TOWN and the <br />BORROWER acknowledge that the STATE shall file a UCC.1 Financing Statement with the Colorado Secretary of State to <br />perfect its security interest in the pledged revenues. <br /> <br />d. levy charges and fees for replIJIIIenI: of the loan. The TOWN and the BORROWER shall, pursuant to statutory authority <br />and as authorized by their ordinances, take all necessary actions cDnsistent therewith to provide sufficient funds for <br />adequate operation and maintenance. emergency repair services, obsolescence reserves, debt reserves, and to establish <br />revenues from water, sanitation and recreation activity charges and fees sufficient to P.BY this contract loan in a timely <br />manner as required by the terms and conditions herein to assure repayment of the loan to the STATE. In the event these <br />revenues are or become insufficient to- assure repayment to the STATE as required bV the terms and conditions herein, <br />then the BORROWER shall immediately take all necessary action consistent with its statutory authority, including but not <br />limited to adjusting water, sanitation and recreation activity charges and fees, to raise sufficient revenue to assure <br />repayment of the loan to the STATE. Tire BORROWER shall deposit an amount equal to one-tenth of an annual payment <br />into its reserve debt service fund on an annual basis for the first ten years of this loan. <br /> <br />12. Collateral. Part of the security provided for this loan shall be an undivided one. hundred percent (100%) interest in [a <br />surety bond in the amount of $24,090.10 in favor of the STATE] or [a certificate of deposit in the amount of or (an <br />irrevocable letter of credit, which names the STATE as beneficiary, in the amount of _], a copy of which is attached hereto <br />as APPENDIX 4 and incorporated herein. ~~ Adlifiollallannuaae wiD he inse.h:d. when 3 SIIeCific~ at ~ <br />has been aoreed ODon by the Town and the CWCB. . <br /> <br />13. Collateral during repayment. The TOWN and the BORROWER shall not sail, convey, assign, grant. transfer. mortgage, <br />pledge. encumber. or otherwise dispose of any collateral for this loan, including the water, sanitation and recreation activity <br />revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the promissory <br />nDte provisions of the contract remain unpaid, without the prior written concurrence of the STATE. <br /> <br />14. Remedies. for default Upon default in the payments herein set forth to he made by the BORROWER, or default in the <br />performance by the TOWN Of the BORROWER of any covenant or agreement cDntained herein, the STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; <br /> <br />Town of Minturn and Town of <br />Minturn Water, Sanitation and Recreation <br />Activity Enterprise <br /> <br />Page 7 of 11 <br /> <br />Loan Contract <br />
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