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12/14/95 .16:25 $ <br />_ WILLIAMS, TURNER & HCLMES, P.C. <br />ATTORNEYS AT LAW <br />AaAaarMAdeAwdn0 WN% <br />2 <br />la 001/002 <br />00 <br />C Hdm.s <br />I D. s December 14, 1995 <br />J. D. nodpres� <br />W&M D. FrMdw <br />Devk J. Tumor' <br />Melk & Hwunds4d' <br />suWM.Code VIA FAX 303 -866 -3558 <br />Mark E. HemMm Linda Bassi <br />MV@n M. Kvnm Office of the Attorney General <br />'AW MAW N um <br />Re: CWCB Contract With Ute Water Conservancy District <br />Contract No. C 153670 <br />Dear Linda: <br />This will confirm our telephone conversation of this afternoon. As you are <br />aware, we represent Ute Water Conservancy District and its enterprise, The Ute <br />Water Activity Enterprise. Ute Water and its Enterprise have several contracts with <br />CWCB, including the above referenced contract. Paragraph 13.a, of the above <br />referenced contract contains a pledge of revenues by Ute Water's Enterprise to <br />CWCB in an amount sufficient to pay the CWCB contract, subject only to the pledge <br />of funds for repayment of Ute Vw, r& 1987 Water Revenue Refunding Bonds, <br />Ute Water's 1987 Wat & � eauc Refunding. Bonds were issued in 1987 in <br />an aggregate principal arnaurt o ,1$0,000. Ute Water: and its Enterprise are now <br />proposing to advance re 414 <br />" n of the 1987 bonds. The portion to be advance <br />refundod equals S5,740,0001 =g g is being done to take advantage of lower <br />interest rates, and no additional obligations are being created as a result of the <br />advance refunding- The 1995 bonds will be secured by revenues of the District and <br />will have a first lien on revenues of the District on a parity equal to the 1987 bonds - <br />Bond counsel for the issuance of the 1995 bonds, Fred Marienthal of Kutak Rock, <br />will have a copy ofthe preliminary Official Statement delivered to you this afternoon. <br />That preliminary Official Statement will explain the refunding plan for the 1995 bonds. <br />Prior to issuing the 1995 bonds, we want to make sure that the issuance of <br />those bonds does not violate the terms of the above referenced contract between <br />CWCB and Ute Water and its Enterprise, or any of the other wasting contracts <br />between Ute Water and CWCB. We believe that the 1995 bond issuance will not <br />conflict with, result in a breach of, or constitute a default under the above referenced <br />contract with CWCB, or any of the other contracts Ute Water has with CWCB- <br />Ute Water and its Enterprise intend to issue the bonds on Wednesday, . <br />December 2o, 1995. I would appreciate it if you could confirm to me, in writing, that <br />the 1995 bond issuance will not conflict with, result in a breach o� or constitute a <br />default under any of the contracts between Ute Water, its Enterprise and CWCB. <br />COURTHOUSE PLACE BUILDING <br />200 N. mh S M -POs" 330 <br />Gre1W Jw>�icn. Coloredv 01502 -0338 <br />Phony 970812 -6262 <br />FOR 976211.3026 <br />MWOMCE ATTACHMENT 1 <br />94 Eul GmrA Avon <br />Moab. L"h $4532 -M <br />Phono 0018594361 <br />