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n5/30/97 15:59 %T <br />WILLIAMS, TURNER & HOLMES, P.C. <br />ATTORNEYS AT LAW <br />M Atlomap AdnWW in Cohnae <br />Anthony W: Miams <br />Berndt C. Holmes <br />1 D, <br />William D. Prdk ken May 30, 1997 <br />David J. Tumor' <br />Mark A. Henntmdstad' <br />Susan M. Carla <br />Mark E. Hamilton Linda Bassi <br />IciretenM. Kurath VIA FAX - 303 - 866 -3558 <br />•Aka Adnim m Uleh Office of the Attorney General <br />Re: CWCB Contracts with Ute Water Conservancy District <br />Contract Encumbrance No. C 153670 <br />Dear Linda: <br />U 002/003 <br />This letter will confirm our telephone conversation of this afternoon. As you <br />are aware, we represent the Ute Water Conservancy District and its enterprise, the <br />Ute Water Activity Enterprise. Ute Water and its enterprise have several contracts <br />with CWCB, including those covered by the above Contract Encumbrance Number. <br />The contracts covered by the above Contract Encumbrance Number contain pledges <br />of revenues by Ute Water's Enterprise to CWCB, in an amount sufficient to pay the <br />amounts due to CWCB, subject only to the pledge of funds for repayment of Ute <br />Water's 1987 Water Revenue Refunding Bonds. <br />Ute Water's 1987 Water Revenue Refunding B is 987 in <br />an aggregate principal amount of $16,180,000. In 1995, er its; terprise <br />advance refunded a portion of these bonds. Ute �} its se are now <br />proposing to advance refund an additional portion 19 The portion <br />proposed to be advance refunded at this time equals $5,510P �+.r is 1997 refunding <br />is being done to take advantage of lower interest rat, to realize debt service <br />savings, and no additional obligations are being credt°e$ -gs a result of the advance <br />refunding. These 1997 bonds will be secured by revenues ,of the District and will have <br />a first lien on revenues of the District on a parity with the 1995 bonds. Bond counsel <br />for the issuance of the 1997 bonds, Fred Marienthal of Kutak Rock, will have a copy <br />of the Preliminary OfEcial Statement delivered to you shortly. That Preliminary <br />Official Statement will explain the refunding plan for the 1997 bonds. <br />Prior to issuing the 1997 bonds, we want to make sure that the issuance of <br />those bonds does not violate the terms of the above referenced contracts between Ute <br />Water and its Enterprise and CWCB, or any of the other existing contracts between <br />CWCB and Ute Water. We believe that the 1997 bond issuance will not conflict with <br />or constitute a breach of or a default under the above referenced contracts with <br />CWCB, or any of the other contracts Ute Water has with CWCB. <br />COURTHOUSE PLACE BUILDING <br />200 N. em Street— PO Box 338 Ute Water and its Enterprise intend to issue the 1997 bonds on approximately <br />Phone 97�012no2 -wr2m� 9'soz o339 June 11, 1997. 1 would appreciate it if you could confirm to me, in writing, that the <br />Fax OM41'8026 <br />MOAB OFFICE <br />04 Eest Greed Avenue <br />Moab, Utah 84SX -2930 <br />Phone 90112594381 <br />Attachment Ito Contract No. C153670 <br />