C150340 Contract - Laserfiche WebLink

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APPENDIX 3 provided however, that there shall be excluded from Operation and Maintenance Expenses any allowance for depreciation, payments in lieu of taxes or franchise fees, expenses incurred in connection with Capital Improvements, payments due in connection with any bonds or other obligations, and expenses that are otherwise paid from ad valorem property tax revenues granted to the Water Enterprise. "Ordinance" means this Ordinance which authorizes the execution of the Loan Contract and the issuance of the Promissory Note, including any amendments properly made hereto. "Parity Lien Loans" means the respective loans identified in the preamble to this Ordinance as the Parity Lien Loans which are currently outstanding and have a lien on the Net Revenue which is on a parity with the lien of the Promissory Note. "Parity Lien Obligations" means one or more series of additional bonds, notes, interim securities or other obligations issued by the Town having a lien on the Net Revenue which is on a parity with the lien of the Promissory Note. "Payment Date" means the date established pursuant to the Loan Contract for the annual payment of the principal of and interest on the Promissory Note, as set forth therein. "Project" means the System improvements identified in the Loan Contract, which generally consist of the construction of the Lake Otonowanda Rehabilitation Project to increase the Town's raw water storage capacity, and such other improvements as may be later approved by the Town Council. "Project Account" means the "2013 CWCB Note Project Account," established by the provisions hereof for the purpose of paying the Project Costs. "Project Costs" means the Town's costs properly attributable to the Project and permissible as"Eligible Expenses"as set forth in provision B(2) of the Loan Contract: "Promissory Note" means the Promissory Note evidencing the Town's repayment obligation from the date of substantial completion of the Project, as set forth in Appendix 2 to the Loan Contract. "Pro Rata Portion" means the dollar amount derived by dividing the amount of principal and interest to come due on the next Payment Date by the number of monthly credits required to be made prior to such Payment Date. "Required Reserve Amount" means the amount equal to an annual loan payment as specified for the Required Reserve Amount under Section A(8)(d)of the Loan Contract. "Reserve Account" means a special account of the Town designated as the "2013 CWCB Note Reserve Account," created by this Ordinance for the purpose of paying, if necessary, the principal of and interest on the Promissory Note. "State"means the State of Colorado. 4810-9135-2836.2 4