C150321 Contract

• Contract/PO #: CT2015-055
• Contract/PO #: C150321
• Contractor Name: Georgetown, Town of
• Contract Type: Loan
• Water District: 7
• County: Clear Creek
• Loan Projects - Doc Type: Contract Documents

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Resolution No. WWE -24
(Series of 2011)
A RESOLUTION OF THE TOWN OF GEORGETOWN, COLORADO,
ACTING BY AND THROUGH ITS WATER AND SEWER ACTIVITY
ENTERPRISE, APPROVING A LOAN FROM THE COLORADO WATER
CONSERVATION BOARD FOR THE PURPOSE OF FINANCING CERTAIN
IMPROVEMENTS TO THE OUTLET WORKS AT GEORGETOWN LAKE;
AUTHORIZING THE FORM AND EXECUTION OF A LOAN CONTRACT
AND A PROMISSORY NOTE EVIDENCING THE LOAN; PROVIDING FOR
REPAYMENT OF THE PROMISSORY NOTE FROM CERTAIN REVENUES
OF THE WATER AND SEWER ACTIVITY ENTERPRISE; AND
PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH.
WHEREAS, the Town of Georgetown, Colorado, is a body politic and corporate within
the State of Colorado, duly organized and operating under and by virtue of a charter granted by
Colorado Territory (unless otherwise indicated, capitalized terms used in this preamble shall
have the meanings set forth in Section I of this Ordinance); and
WHEREAS, the Town 'is the owner and operator of a water utility and a sewer utility
(collectively defined as the "System ") and the System has been established by the Town as a
"water activity enterprise" within the meaning of the Water Activity Law; and
O WHEREAS, in calendar year 2010 the System was, and in calendar year 2011 the System
continues to be operated as, a government owned business authorized to issue its own revenue
bonds and receiving under 10% of annual revenue in grants from all State and local governments
combined, and the Board of Selectmen (the "Board ") of the Town hereby determines and
reaffirms that the System is an enterprise within the meaning of Article X, Section 20 of the
Colorado Constitution; and
WHEREAS, the Board has heretofore determined and does hereby determine that it is
necessary to construct certain improvements to the outlet works at Georgetown Lake (as more
specifically defined herein, the "Project "), currently estimated to cost approximately $3,275,000,
for the benefit of the Town and its inhabitants, the costs of which are to be funded from legally
available Town moneys and a loan to the Town; and
WHEREAS, the purpose of the Project is to be able to increase the release flow rate of
the existing dam at the Georgetown Lake from approximately 260 c.f.s to 500 c.f.s., (i) satisfying
a water court order to increase the dam outlet release capacity, and (ii) ensuring that the Town
will be able to continue to use water stored in the Lake to augment its out of priority depletions
for the purposes of providing water to the people of the Town.
WHEREAS, in furtherance thereof and after extended discussions and consultation, the
Board has determined and hereby determines that it is in the best interests of the District and its
residents and ratepayers that the Project should be financed by the execution and delivery of (a) a
Loan Contract dated as of December _, 2011 (including the Security Agreement, form of
Promissory Note and Project Summary appended thereto, the "Loan Contract ") between the
District and the Colorado Water Conservation Board, an agency of the State (the "CWCB ") in an
amount up to $2,976,975 at an interest rate of 4.50% per annum for a repayment term of 30 years
48194015- 3614.1
Appendix 3 to Loan Contract C150321