C153609 contract docs

• Contract/PO #: C153609
• Contractor Name: Conejos Water Conservancy District
• Contract Type: Loan
• Water District: 22
• County: Conejos
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

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APPENDIX C
RESOLUTION
WHEREAS, the Board of Directors of the Conejos Water
Conservancy District (the "District") and the Board of Directors of
the Platoro Reservoir Enterprise (the "Enterprise'�) have d�termined
and hereby determine that the interests of the District and the
Enterprise and the public interest and necessity demand the making
of a contract with the State of Colorado, Department of Natural
Resources (Colorado Water Conservation Board) to borrow money to
repay the United States the construction costs for Platoro Dam and
Reservoir; and
WHEREAS, it is not necessary to submit to the qualified
electors of the District the question of incurring such obligation
because it shall be repayable solely from revenues derived from
payment of water user fees and charges made with respect to
contracts for storage and delivery of waters from Platoro �Reservoir
pursuant to Article 45 of Title 37, C.R:S.; and
WFiEREAS, said obligation shall be payable solely from the
revenues pledged to the repayment thereot, and shall not constitute
a debt of the District withi ing of any constitutional or
statutory limitations; and
WHEREAS, the Boards of Dir f the District and the
Enterprise have determi e rmine that the interest
of the District and the r i,� the public interest and
necessity demand that i ion be made for paying the cost of
constructing the Platoro Dam and Reservoir and related water works
and facilities and obtaining the sole right to operate, maintain
and replace said water works and facilities, as permitted by
§§37-45-118, 37-45-139 and 37-45.1-104, C.R.S., and the Reclamation
Projects Authorization and Adjustment Act of 1992, Public Law
102-575; and
WHF.REAS, tne estimated z�epayment cost of construction is
$450,000. The principal amount of the obligation to be incurred
for such purpose shall not exceed $350,000 and the maximum net
effective interest rate to be paid on such obligation shall not
exceed 5% per annum; and
WHEREAS, the District entered into a computer modelling
contract with the Colorado Water Conservation Board dated May 21,
1592 f�r the loan of the principal amount of $50,000 for
preparation of an operational model for Platoro Dam and Reservoir,
and the District and the Enterprise desire to have 'said $50,000
repaid pursuant to the terms applicable to the loan for $350,000
described above, for a total principal amount of $400,000, with a
maximum net effective interest rate to be paid on su�h total
obligation not to exceed 5g per annum; and