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revenues of the BORROWER, in accordance with the Pledge of Revenues <br />provisions of the ORIGINAL CONTRACT, as amended. <br />Said resolutions are attached hereto as Attachment 1 and incorporated herein. <br />4. Prior to the execution of this Amendment by the STATE, the DISTRICT and <br />the BORROWER shall submit to the STATE a letter from its counsel that the contract will <br />be duly executed by officers of the DISTRICT and the BORROWER who are duly elected or <br />appointed and are authorized to execute and to bind the DISTRICT and the BORROWER; <br />that the resolutions of the BORROWER and the DISTRICT authorizing the execution and <br />delivery of the contract were duly adopted by the governing bodies of the DISTRICT and <br />the BORROWER; that there are no provisions in the Colorado Constitution or any other <br />state or local law that prevent this contract from binding the DISTRICT and the <br />BORROWER;, and that the contract will be valid and binding against the DISTRICT and <br />BORROWER if entered into by the STATE. <br />5. The BORROWER agrees that it shall execute the following documents, all of <br />which shall set forth the revised loan amount: a Promissory Note, attached as <br />Attachment 2 and incorporated herein, which shall supersede and replace Appendix B to <br />the ORIGINAL CONTRACT and an Amended Security Agreement, attached as Attachment 3 <br />and incorporated herein, which shall supplement and operate in conjunction with <br />Appendix D to the ORIGINAL CONTRACT. The STATE shall void and return the Promissory <br />Note attached as Appendix B to the ORIGINAL CONTRACT to the WER. <br />6. The STATE agrees that it shall loa ER an additional <br />$10,000,000 at an interest rate of 5% per annum f 0 m of thi (30) years for <br />financing PROJECT costs, resulting in an AUTHORIZED LOAN dt 'S contract of <br />$17,000,000. <br />4 f <br />7. The parties agree that the ORIGINAL ACT is and shall be modified, <br />altered, and changed in the following respects only: <br />a. The third line of Recital 11 is amended to read as follows: "1995 and <br />Series 1997, its Water Revenue Bonds Series 2000, and to repay <br />existing loans from the STATE." <br />b. The second line of Paragraph A.9 of the ORIGINAL CONTRACT shall be <br />amended to read as follows: "and evidencing this loan in the amount of <br />up to $17,000,000 at an interest rate of 4.90% per annum ,..." <br />c. The second line of Paragraph A.9.b of the ORIGINAL CONTRACT shall be <br />amended to read as follows: "...BORROWER during construction, interest <br />shall accrue at the rate of 4.75% on the first $7,000,000 disbursed to the <br />BORROWER and at the rate of 5.00% on the remaining $10,000,000 <br />disbursed to the BORROWER. The STATE shall ..." <br />d. The last line of Paragraph A.11 is amended to read as follows: 1995 <br />and Series 1997, its Water Revenue Bonds Series 2000, and its existing <br />CWCB loans. Further, the BORROWER agrees to:" <br />e. The fourth line of Paragraph A.11.b is amended to read as follows: <br />"Series 1995 and Series 1997, its Water Revenue Bonds Series 2000, <br />Ute Water Conservancy District Page 3 of 4 Contract Amendment No. 1 <br />