C150058A PIF Contract - Laserfiche WebLink

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. . MBIA Inc. ~~fp ~Q~~y @ ~~~~ INVESTMENT AGREEMENT . ~f ~' This Investment Agreement dated as of December 5, 2002 is made by and bet ~ Inc., a Connecticut corparation, as Investment Agreement provider ("INC") and the Dolores al~) Conservancy District (the "District"), acting by and through the Dolores Water Conservan District Water Activity Enterprise (the "Borrower") in accordance with a Loan Contract, dated December 10, 2002 (the "Loan ContracY') by and between the Borrower and the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB") and in accordance with Resolutions No. 02-03 of the Borrower and No. 02-04 of the District dated as of October 10, 2002 (the "Resolutions"). WHEREAS, the Borrower is authorized by the Resolutions and by C.R.S. §11-57- 214 and pursuant to the Loan Contract to invest certain monies with IlVC; and WHEREAS, INC is prepared to cept such investment from the Borrower, subject to the terms and conditions set i th r ment. ~~ . NOW, THEREFORE, m consider ' n~the prerrnses and of the mutual covenants contained herein, the parties ~t a 1 Article 1. Def~~ons. As used herein, the following terms have the meanings indicated; "Agreement" means this Investment Agreement between INC and the Borrower. "Agreement Termination Date" means December 1, 2037 or such earlier date as is declared pursuant to Article 4 or Article 5. "Amounts Invested" means the initial principal invested, which is $3,692,614.50. "Business Day" means any day which is not a Saturday or Sunday or a day on which commercial banks in the State of New York or the Borrower are authorized or required by law to be closed. "Fund" means the Fund as such Fund is defined in the Loan Contract. "Insurer powngrade" means the reduction of the claims-paying ability rating of the Insurer below "AA-" or "Aa3" by Standard & Poor's Ratings Service ("S&P") or Moody's Investors Service, Inc. ("Moody's"), respectively. "Insurer" means MBIA Insurance Corporation, a New York stock insurance company, in its capacity as guarantor of INC's obligations under this Agreement. "Interest Rate" means 4.80°Io calculated on the basis of actual days in the month and a 360-day year.