C150364 Contract - Laserfiche WebLink

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SECTION 3—CWCB's AUTHORITY Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from the CWCB Construction Fund for the benefit of the people of the state, provided that the BORROWER assures repayment of that money. Section 37-60-122(1)(b), C.R.S., authorizes the CWCB to make loans of up to $10,000,000 from the CWCB's Construction Fund and the Severance Tax Fund Perpetual Base Fund without prior approval from the General Assembly. SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION At its September, 2013 meeting, the CWCB approved a Small Project Loan from the Construction Fund to the BORROWER in an amount up to $2,200,000 for PROJECT COSTS, with $22,000 for the loan origination fee of 1% in accordance with CWCB Policy No. 16, resulting in a total loan amount of$2,222,000 at a low income municipal interest rate of 2.25% per annum for a repayment term of 30 years. SECTION 5—SCHEDULE OF EXISTING DEBT No existing debt backed by mill levy revenues. SECTION 6—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS If the District sells, conveys, assigns, transfers, or otherwise disposes of any portion of land purchased with CWCB funds from this loan, proceeds from such transfer shall be applied to the CWCB debt service within 90 days of the sale. In the event of such sale or transfer and the proceeds not applied to this CWCB debt, the CWCB may declare all outstanding principal and interest immediately due and payable. SECTION 7—CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. Engineering contracts, plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this CONTRACT when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. D. The District shall extend an invitation to CWCB to be present at the bid opening. E. The BORROWER shall contract for the construction of the work with responsible and Appendix 1 to Loan Contract C150364 Page 2 of 4