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C153588 PIF Contract
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C153588 PIF Contract
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Last modified
4/18/2013 8:58:02 AM
Creation date
12/6/2012 1:50:22 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C153588
Contractor Name
Greeley, City of
Contract Type
Loan
Water District
3
County
Larimer
Bill Number
SB 89-85
Loan Projects - Doc Type
Contract Documents
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Thereafter, the Contr may make such modifications '- 'he rate schedule <br />` as the Contractor de essary to efficiently and cally provide for <br />the financial requirements of the system, including repayment of the State, as <br />long as the rate schedule remains reasonable and nondiscriminatory. <br />assessed. Ti�reef-t -er;- tyre -f•mrtr�rtar-nray;-rhje�t -ta -Che <br />s-e hed*l e- -a-& - the -GeFtt sa a -t-o-F- deems --tree es-q-ary- t cr - ef-f-re le-rrtly- �rrd Pi <br />eseisa- € €y- �r -ov }d- a - - €o-� - �t�e --� rRa�rai-- r-eq�i- P-emerrta -� -the <br />s-s l�e�k� -€ e- -r�ma3 -rte - �e�e flame €e - � - flirt =el�.s -er ittri -rra ttrry.- <br />9. Adjust its operating costs and service charges and levy <br />assessments from time to time as necessary to provide <br />sufficient funds for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves, and debt <br />reserves. <br />10. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br />11. Repay to the State the total sum of Three Hundred <br />Forty -Five Thousand Forty -Three Dollars and Twenty Cents <br />($345,043.20), which includes the project loan amount and the <br />Twenty -Two Thousand Six Hundred Eighty -Three Dollars ($22,683) <br />feasibility report amount, together with interest at the rate <br />of Five percent (5 %) per annum, said repayment to be made in <br />constant annual installments of Seve n Thousand Two Hundred <br />Fifty -Two Dollars and Sixteen Cents ,2 1 ) each, for <br />twenty (20) years, as shown in Ex C a ched hereto and <br />incorporated by reference herein h installment shall <br />be due and payable on the first f e onth next <br />succeeding the month in which th to ermines that the <br />project has been substantially romp t and yearly thereafter <br />until the entire principal sum and Brest shall have been <br />paid. Said installment payments 1 be made payable to the <br />Colorado Water Conservation Board, 'sayable at the offices of <br />said Board in Denver, Colorado. The Contractor pledges its <br />full faith and credit in support of this obligation and <br />warrants that it has taken all steps necessary to pledge its <br />full faith and credit for this obligation. <br />At the Contractor's option, the total principal repayment <br />cost can be repaid to the State by the Contractor at any time <br />within the twenty - (20) year repayment period, thereby <br />terminating this contract. The repayment of the total <br />principal payment cost prior to the end of the twenty- (20) <br />year period can be done by submitting a final payment to the <br />State equal in amount to the outstanding unpaid principal of <br />the total principal repayment cost when this final payment is <br />made, plus the interest accumulated on the unpaid total <br />principal repayment cost principal calculated at a rate of five <br />percent (5 %) per annum for that period from the last scheduled <br />annual payment date to the date final payment of the <br />outstanding total principal repayment cost principal is <br />received by the State. <br />12. As security for the loan to be made to it by the State, <br />execute a warranty deed within thirty (30) days of the <br />substantial completion of the project as determined by paragraph <br />B.11. above that shall convey to the State the following: <br />An undivided one -half (1/2) interest in and to the <br />Barnes Meadow Dam and Reservoir, as described in the <br />construction contract documents, the terms of which <br />are incorporated herein, together with all structures <br />appurtenant thereto or used in connection therewith. <br />The deed shall be recorded by the Contractor in the <br />proper county or counties and all recording fees shall <br />be paid by the Contractor. The construction retainage <br />held by the State shall not be paid to the Contractor <br />until this deed has been executed, recorded, and filed <br />with the State. <br />Page 4 of 10 Pages <br />
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