C150276 PIF Documents

• Contract/PO #: C150276
• Contractor Name: Center of Colorado Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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Resolution of the Board of Directors of the Center of Colorado
Water Conservancy District
The Board of Directors of the Center of Colorado Water Conservancy District(CCWCD),
at a public meeting conducted on January 7, 2009, adopts the following resolution:
WHEREAS, CCWCD submitted to the eligible electors at the November 4, 2008 general
election Referendum 5A which requested that CCWCD be authorized, without raising
taxes, to borrow up to $500,000.00 for the purposes of paying for the construction costs
of the James Tingle Reservoir project. Referendum 5A was approved by the eligible voters
at the November 4, 2008 election.
WHEREAS, the Colorado Water Conservation Board (CWCB) approved CCWCD's
request for a loan for the construction of the James Tingle Reservoir at the CWCB's
meeting of November 19, 2008 (the "Loan"). The terms of the Loan approved by the
CWCB were as follows: $450,000.00 principal, plus the 1% loan service fee of$4,500.00
for a total loan amount of $454,500.00, with interest at the rate of 3.5% per annum,
payable in 10 annual installments of principal and interest of$54,649.70.
WHEREAS, the Loan with the CWCB will be memorialized in certain loan documents,
including a "Loan Contract", a Promissory Note and a Security Agreement (the "Loan
Documents").
WHEREAS, CCWCD receives ad valorem tax revenues from its 1.0 mil tax assessment
on all taxable real property in Park County(hereafter"CCWCD's General Fund Revenue")
and the collateral for the Loan will be a pledge of that portion of CCWCD's General Fund
Revenue necessary to pay the annual Loan payment to the CWCB as set forth in the Loan
Contract.
Be it resolved by unanimous approval of the Board of Directors of CCWCD that:
1. Approval of Loan terms. The terms of the Loan to CCWCD from the CWCB, as
stated in the Loan Contract, Promissory Note and Security Agreement, are
approved.
4 2. Pledge of Revenues to CWCB as collateral. T•e sum • ' ' )f CCWCD's
annual General Fund Revenues are pledg- •.`,i�r WCB a `• .' teral for the
repayment of the Loan in accordance wi , ' hed in the Loan
Contract and the Loan Documents (the "Pledg:• ; - F y Pledged
Revenues are pledged to the CWCB as collateral for the to ` • ,°= n. CCWCD
shall segregate each year into a separate Loan repayment accou . pledged
Revenues and the Pledged Revenues shall be used only for repayment gthe Loan
and no other purposes. In addition, CCWCD shall deposit to the Loan repayment
Appendix 3 to Loan Contract C150276
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