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ref rred to as the AUTHORIZED LOAN AMOUNT, from the Perpetual Base Account of the <br />Se erance Tax Trust Fund for financing PROJECT costs. <br />G. In he ORIGINAL CONTRACT, the BORROWER pledged water system revenues in an <br />am unt sufficient to pay the annual loan payment required by the ORIGINAL CONTRACT, <br />su ect only to a pledge of funds to repay its Water Revenue Refunding Bonds, Series <br />19 and Series 1997, and to repay existing loans from the STATE. <br />H. On May 17, 2000, the District, acting by and through the BORROWER, issued the Ute <br />Wa er Conservancy District Water Revenue Bonds Series 2000 ( "Ute Series 2000 <br />Bor ds ") in the amount of $17,095,000. On that same date, the STATE executed a <br />Consent to Additional Parity Bonds, which is incorporated herein by reference, by <br />whi h the STATE consented to the issuance of the Ute Series 2000 Bonds with a lien <br />on he net revenues of the District's water system that is on a parity with the lien of the <br />ORI INAL CONTRACT. <br />►. ThE STATE and the BORROWER have agreed to amend this contract to increase the <br />amount of the loan by $10,000,000, for a total loan amount of up to $17,000,000, <br />which may be used to finance up to 50% of the totgPROJECT costs, and to document <br />the issuance of the Ute Series 2000 s lien on the net revenues of the <br />Dis rict's water system that is on a p h t Ii of the ORIGINAL CONTRACT. <br />OW THEREFORE, it is hereb ed , <br />Consideration for this A,, e le ORIGINAL CONTRACT consists of the <br />payme is that shall be made pursuan� this ' endment and the ORIGINAL CONTRACT, <br />and thE promises and agreements herein s <br />It is expressly agreed by the that this Amendment is supplemental to <br />the ORIGINAL CONTRACT, and all terms, c nditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br />The DISTRICT and the BORROWER warrant that their respective boards of <br />directo s have complied with all applicable law and duly adopted resolutions that <br />conStitLite legislative measures of the DISTRICT and the BORROWER and are irrepealab►e <br />for the erm of this loan contract, authorizing: <br />i. the DISTRICT and the BORROWER to enter into this contract amendment to <br />borrow the additional $10,000,000, <br />the BORROWER to establish and collect water user charges, rates and fees <br />(water system revenues) sufficient to pay the annual loan payments, <br />the BORROWER to make annual loan payments in accordance with the <br />promissory note, <br />J. the BORROWER to pledge water system revenues to repay this loan, and to <br />execute a Security Agreement to convey a security interest to the STATE in the <br />pledged water system revenues, and <br />the BORROWER to set aside sufficient water system revenues each year to pay <br />the annual installment in a special account, separate and apart form other <br />Ute Water Conservancy District Page 2 of 4 Contract Amendment No. 1 <br />