Laserfiche WebLink
PARITY AGREEMENT <br />THIS AGREEMENT is entered into and effective on the day last executed below by and <br />among the Dolores Water Conservancy District ( "DWCD "), the Montezuma Valley Irrigation <br />Company ( "MVIC "), and the Colorado Water Conservation Board ( "CWCB "). <br />RECITALS <br />A. The DWCD, a Colorado quasi - municipal corporation, has two agreements with <br />MVIC, a Colorado nonprofit corporation organized under the Ditch and Reservoir Companies <br />Act (C.R.S. §§ 7 -42 -101 et seq.),among others, under which MVIC has repayment obligations to <br />DWCD secured by a first lien on MVIC's "annual and special assessments collected from the <br />landowners of [MVIC] ". These agreements include the "Contract between DWCD and MVIC <br />for Adjustment of Water Rights and Sale of the Use of Irrigation Water, Dolores Project, <br />Colorado River Storage Project," dated September 23, 1977, ( "D/M Contract ") (Articles 4, 6, 7 <br />and 8), and the "Contract Among the United States and DWCD, MVIC and the Ute Mountain <br />Ute Tribe Providing for the Adjustment of Water Rights and for the Rehabilitation, Operation, <br />Maintenance and Replacement of Facilities to Reduce Salinity Inflow to Colorado River," dated <br />April 21, 1989 ( "T/HC Contract ") (Articles 5 and 6). <br />B. MVIC intends to enter into a loan contract with the CWCB to borrow <br />$339,603.00 for thirty (30) years with interest at the rate of two and three quarters percent <br />(2.75 %) per annum, also to be secured by a lien interest in MVIC's "Pledged Revenues," as <br />