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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
Fields
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 />DOLORES WATER CONSERVANCY DISTRICT <br />RESOLUTION NO. 05-OS <br />RESOLUTION APPROVING FIRST AMENDMENT TO MBIA, INC., 1NVESTMENT <br />AGREEMENT WITH THE DOLORES WATER CONSERVANCY DISTRICT, <br />ACTING BY AND THROUGH THE DOLORES WATER CONSERVANCY <br />DISTRICT WATER ACTIVITY ENTERPRISE, DATED DECEMBER 5, 2002. <br />WHEREAS, the Dolores Water Conservancy District (the "District") is a water <br />conservancy district established pursuant to and governed by Colorado statute, C.R.S. § <br />37-45.1-101, et se ., to conserve and develop the water resources of the Dolores River <br />and its tributaries in Southwest Colorado; and <br />WHEREAS, the Dolores Water Conservancy strict Wat Act ity Enterprise <br />(the "Enterprise") is an enterprise with' meaning f C.R.S. § 7- .1-101 et seg., <br />and Article X, Section 2 of " the olor Constit ion, and was established by <br />Resolution No. 93-0 f th istrict, ed De mber 14, 993; and <br />WHEREAS, the strict, acting by and through the Enterprise ("Borrower"), <br />executed Loan Contract C150058A with the Colorado Water Conservation Boazd (the <br />"CWCB") for a loan of up to $5,461,200, bearing interest at the rate of 3.5% for a term of <br />up to 30 years ("Loan"), to finance the costs of the irrigation components of the District's <br />WETPACK plan, and the purchase of shares of "B" Stock from Montezuma Valley <br />Irrigation Company ("MVIC"); and <br />WHEREAS, as security for the Loan, the Borrower executed an Investment <br />Agreement with MBIA, Inc., dated December 5, 2002 ("Investment Agreement"); and <br />WHEREAS, the District received funds under Loan Contract C150058A to <br />purchase t he M VIC " B" S tock a nd c onstruct t he S andstone W est p ortion o f t he ne w <br />WETPACK irrigation facilities; and <br />WHEREAS, at its January 26, 2005, meeting, the CWCB approved a second loan <br />to Borrower under Loan Contract C 150193, in an amount not to exceed $3,323,180 or <br />ninety percent (90%) of the cost to construct additional WETPACK irrigation facilities, <br />whichever is less, (the "Project"), at an interest rate of 2.5% per annum for a term of up <br />to thirty (30) yeazs (the "Second Loan"). The CWCB approved the Second Loan with the <br />requirement that the District amend the Investment Agreement to mention Loan Contract <br />C 150193. The security for the Second Loan is also the annuity under the Investment <br />Agreement; and <br />WHEREAS, both the District and Borrower approved Loan Contract C 150193 <br />and desire to amend the Investment Agreement. <br />This document is incorpor~ted <br />into the contract by ref~~rE;n~.~~. <br />
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