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PROJC02506
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PROJC02506
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Last modified
6/15/2011 10:09:39 AM
Creation date
7/15/2009 4:01:09 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150193
Contractor Name
Dolores Water Conservancy District
Contract Type
Loan
Water District
34
County
Montezuma
Loan Projects - Doc Type
Contract Documents
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~ ~ <br />Trust Fund Perpetual Base Account for the benefit of the people of the state, provided <br />that the borrower assures repayment of that money. <br />Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly <br />SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED~ <br />At its January 26, 2005 meeting, the CWCB approved a loan from the Severance Tax <br />Trust Fund Perpetual Base Account to the BoRROwER in an amount up to $3,323,180 for <br />PROJECT COStS, not to exceed 90% of the cost of the PRO~ECr, with a loan origination fee of <br />1% in accordance with CWCB Policy No. 16 that will be paid by the BoRROwER at the time <br />Of the PROJECT's substantial completion, at an interest rate of 2.50% per annum for a <br />repayment term of 30 years. <br />SECTION 5- SCHEDULE OF EXISTING DEBT <br />The BoRROwER has two existing loans wi Colorado ater Co tion Board: <br />(1) CWCB Loan No. C15005 dated ecem r 10, 20 for an original principal <br />amount of $5,461,200, o hic the BoR wE grees to draw only $2,530,000 and <br />to substantially complete work unde at contract (the "Work") prior to or <br />concurrently with the execut n of this Loan Contract; and (2) CWCB Loan No. <br />C150153 dated March 1, 2004, for an original amount of $598,058. <br />SECTION 6- ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />This Loan Contract No. 150193 shall not be effective until the BoRROwER satisfies <br />the following conditions: <br />1. BoRROwER requests that the CWCB make a finding of substantial <br />completion under the BoRROwER's existing loan (Contract No. 150058A), <br />in accordance with BoRROwER's Resolution No. 04-08-E, such that the <br />repayment of such loan commenees one year after the date of substantial <br />completion. Substantial completion of the Work funded under such loan <br />occurs prior to or concurrently with the effective date of the CWCB Loan <br />No. 150193 hereunder. <br />2. BoRROwER draws no more than $2,530,000 from CWCB Loan No. <br />150058A. <br />3. CWCB Loan No. 150058A is amended to add, as additional security, the <br />pledge of BoRROwER's revenues from its Water Activity Enterprise <br />necessary to assure payment of the annual debt service until such time as <br />MBIA, Inc. makes its first payment from the annuity to the CWCB. <br />4. The BoRROwER amends its annuity agreement with MBIA Inc., dated <br />December 5, 2002, to refer to CWCB Loan No. 150193. <br />Appendix 1 to Loan Contract C150193 <br />Page 2 of 5 <br />
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