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C153723 PIF Contract
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C153723 PIF Contract
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Last modified
12/11/2012 10:49:04 AM
Creation date
12/11/2012 10:33:47 AM
Metadata
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Loan Projects
Contract/PO #
C153723
Contractor Name
Orchard Mesa Irrigation District
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
HB 95-1155
Loan Projects - Doc Type
Contract Documents
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R and /or the DISTRICT shall immediately notify the STATE in writing if the circumstances which <br />formulate the basis of this warranty change. <br />e. Th DISTRICT and the BORROWER warrant that the security identified in the Pledge of Revenues and <br />Collat ral Provisions of this contract is not encumbered by any liens of any party other than the STATE <br />or in v other manner. <br />11. Pled g of revenues. The DISTRICT and the BORROWER agree that the specific revenues to be pledged <br />to repay the S ATE shall include rates, fees and charges levied and collected by the BORROWER from the DISTRICT <br />for services aE 3ociated with the Mutual Mesa Lateral pursuant to an agreement between the DISTRICT and the <br />BORROWER dat d October4j, 1996, which is incorporated herein by reference, and any other funds legally <br />available to B RROWER to repay the STATE. <br />a. Revenues for this loan are to be kept separate. The BORROWER hereby irrevocably pledges such <br />reven es to repay the STATE loan, agrees that these revenues shall be set aside and kept in an account <br />separ to from other BORROWER revenues, and warrants that these revenues shall not be used for any <br />other urpose. <br />b. Es ablish security interest in the revenues. The DISTRICT and the BORROWER agree that, in order to <br />provi e a security interest to the STATE in the pledged revenues so that the STATE shall have priority <br />over II other competing claims for said revenues, they shal ovide a properly executed Security <br />Agreement, which is attached as APPENDIX B and inc r ' d her in. The DISTRICT and the <br />BORR WER acknowledge that the STATE shall file a LIC I in a ent with the Colorado <br />Secr ary of State to perfect its security interest in tbp. re e <br />a r <br />c. Le y charges and fees for repayment of the loan. The Bo�Rtd R s all, pursuant to its statutory <br />auth rity and as authorized by its resolutions, charge the QI'rRfCY sufficient fees for its services and <br />fort use of BORROWER'S water conveyance facilities and-take all other necessary actions consistent <br />there Nith to generate sufficient revenues to pay this c&`t1 af6 loan in a timely manner and as required <br />by tt e terms and conditions of this contract. In add n, in the event the fees charged by the <br />BORR )WER become insufficient to assure repayment to the STATE as required by this contract, then the <br />BORR )wER shall immediately take all necessary action consistent with its statutory authority and its <br />resot itions, including, but not limited to, charging additional fees to raise sufficient revenue to assure <br />repai, ment of the loan to the STATE. <br />d. I ssessments for operations, maintenance and reserves. The BORROWER shall, pursuant to its <br />statLtory authority and its resolutions, levy charges from time to time as necessary to provide <br />suffi ient funds for adequate operation and maintenance, emergency repair services, obsolescence <br />rese es and debt reserves. BORROWER shall deposit an amount equal to one -tenth of an annual <br />pay ent into its reserve debt service fund on an annual basis for the first ten years of this loan. <br />12. ollateral. Part of the security provided for this loan, as evidenced by the executed Assignment <br />of CertificatE of Deposit attached as APPENDIX C and incorporated herein, shall be an undivided one hundred <br />percent inter st in a certificate of deposit account established by the BORROWER in the amount of one annual <br />loan paymen ($50,370.02), hereinafter referred to as CD ACCOUNT. The STATE shall use the funds contained <br />in the CD A OUNT for the purpose of paying principal and interest due under this contract not otherwise paid <br />by the BORR wER. Any amount withdrawn by the STATE for this purpose shall be replenished by the BORROWER <br />within sixty Pays after such withdrawal. The STATE shall not disburse any loan funds under this contract until <br />the BORROW R has established the CD ACCOUNT. <br />13. Co ateral during repayment. The DISTRICT and the BORROWER shall not sell, convey, assign, grant, <br />transfer, m rtgage, pledge, encumber, or otherwise dispose of any collateral for this loan, including the <br />PROJECT, so Ong as any of the principal and any accrued interest required by the Promissory Note Provisions <br />of the contr ct remain unpaid, without the prior written concurrence of the STATE. <br />Orchard M sa Irrigation District & Page 6 of 12 Loan Contract <br />Mutual Me I a Lateral Enterprise <br />
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