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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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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF <br />GREELEY, COLORADO: <br />SECTION 1. By virtue <br />Article III of the Greeley <br />Colorado Constitution, and <br />Greeley shall agree to pay <br />the costs incurred in cons - <br />Barnes Meadow Dam. <br />and pursuant to Article 11, Sections 1 and 6, and <br />City Charter, the Colorado Revised Statutes and the <br />all other laws thereunto enabling, the City of <br />and pledge its full faith and credit to repay all <br />tructing and installing the Rehabilitation of <br />Payment shall consist of twenty 20 equal principal payments of Twenty- <br />Five Thousand One Hundred Fifty Dollars and Forty -Four Cents ($25.150.44) with <br />interest accruing at 5% per annum, in accordance with the project contract and <br />the project contract amendment hereinbefore stated. <br />The payment schedule is as set out in the Payback Schedule (Exhibit C). <br />The maximum net effective interest rate authorized to be paid under this <br />contract shall be 5 percent (5%) per annum. <br />SECTION 2. Paving Agent. The afore- referenced payments shall be payable <br />in lawful money of the United States of America at the offices of the Colorado <br />Water Conservation Board, or such other place as designated in writing to the <br />City of Greeley, or to their successors and assigns. Such payment may be paid <br />by check or warrant of the City of Greeley. <br />SECTION 3. Execution of the Project <br />Amendment. The Project Contract has been <br />Greeley through its Water and Sewer Boar <br />by its Clerk, Betsy Holder, by lawful r <br />the project contract amendment shall <br />IL <br />Greeley through its lawfully elect <br />its duly appointed Clerk. <br />SECTION 4. Irreoealability of <br />irrepealable for a period not to exc <br />time as is necessary to complete the <br />ordinance. <br />Contract and Project. Contract <br />previously executed by the City of <br />eftirman, W. D. Farr, and attested <br />ion a City of Greeley and <br />er a ed by the City of <br />W. J. Morton, and attested by <br />_1 <br />ance. This ordinance shall be <br />enty -seven 27 years or such lesser <br />nts referenced in Section 1 of this <br />SECTION 5. Security for the Performance _of_ the _Obligations Provided for <br />in this Ordinance. A mortgage, in a form mutually satisfactory to the City of <br />Greeley and the Colorado Water Conservation Board, shall be incorporated into <br />this ordinance by reference as provided in Article III, Section 3 -5 of the <br />Greeley City Charter. In summary: <br />a. The mortgage provides that the Colorado Water Conservation Board <br />shall take a mortgage interest as provided by Colorado law in the <br />Rehabilitation of Barnes Meadow Dam. <br />b. The mortgage provides that all the afore - referenced items are real <br />property or fixtures and that if the same shall be considered to be <br />personal property under Colorado law or the Uniform Commercial Code, the <br />mortgage shall be deemed to be a security agreement in personal property <br />and shall be treated as such. <br />2 <br />
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