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CT2015-070 Contract
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CT2015-070 Contract
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Last modified
9/13/2016 8:25:16 AM
Creation date
8/12/2014 4:20:19 PM
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Loan Projects
Contract/PO #
CT2015-070
C150353
Contractor Name
Boxelder Basin Regional Stormwater Authority
Contract Type
Loan
Water District
3
County
Larimer
Loan Projects - Doc Type
Contract Documents
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statements, representations and agreements of the Authority. The accomplishment of each <br /> Project is hereby authorized, approved and ordered. <br /> Section 3. Form of Promissory Notes. The Promissory Notes shall be in substantially <br /> the forms set forth in Appendix 2 to each Loan Contract, subject to Section 9 hereof, with such <br /> changes thereto, not inconsistent herewith, as may be necessary or desirable and approved by the <br /> officials of the Authority executing the same (whose manual or facsimile signatures thereon shall <br /> constitute conclusive evidence of such approval), and shall have terms equal to 15 years. The <br /> interest rates authorized for the Promissory Notes are as follows: (i) for the Promissory Note <br /> executed in connection with Loan Contract No. 150352, 2.75% per annum, (ii) for the <br /> Promissory Note executed in connection with Loan Contract No. 150353, 2.75%per annum, (iii) <br /> for the Promissory Note executed in connection with Loan Contract No. 150393, 2.50% per <br /> annum, in each case, exclusive of any late charges of 5.0% of the annual payment due which <br /> may be imposed pursuant to the terms of the Loan Contract for any late payments, and in each <br /> case, with maximum net effective interest rates equal to the "net effective rate" calculated in <br /> accordance with the definition thereof set forth in Section 31-35-401, C.R.S., and assuming the <br /> foregoing interest rates and terms of 15 years, and the annual payments set forth in such <br /> Promissory Notes. <br /> Section 4. Fund and Accounts. <br /> (a) Re Affirmation of Funds; Creation of Accounts. There is hereby <br /> reaffirmed the following funds previously established by the Authority: the General <br /> Fund, the Debt Service Fund and the Capital Project Fund. There is hereby established <br /> within the Debt Service Fund the "Reserve Account", which shall secure the amount due <br /> under the Loan Contracts, and shall be maintained by the Authority in accordance with <br /> the provisions of this Resolution. There is hereby established the following accounts <br /> within the Capital Projects Fund (each referred to as a "Project Account"): the "150352 <br /> Project Account" (relating to Loan Contract No. 150352), the "150353 Project Account" <br /> (relating to Loan Contract No. 150353), and the "150393 Project Account" (relating to <br /> Loan Contract No. 150393), which shall be maintained by the Authority in accordance <br /> with the provisions of this Resolution. The Authority shall keep proper books of record <br /> and accounts showing complete and correct entries of all transactions relating to the <br /> funds and accounts referred to herein and in such manner that the Gross Revenue and the <br /> Net Revenue may at all times be readily and accurately determined. <br /> (b) Project Accounts. All moneys received from CWCB under each Loan <br /> Contract shall be credited to the related Project Account and shall be applied solely to the <br /> payment of the Project Costs for such Loan Contract. Upon the determination of the <br /> Board that all Project Costs for a Loan Contract have been paid or are determinable, any <br /> balance remaining in the related Project Account (less any amounts necessary to pay <br /> Project Costs not then due and owing) shall be applied solely in accordance with the <br /> terms of the Loan Contract, including without limitation provision A(5)thereof. <br /> 6 <br /> 4831-0427-7019.3 <br />
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