CT2015-152 Contract

• Contract/PO #: CT2015-152
• Contract/PO #: CMS 77047
• Contractor Name: Cortez, City of
• Contract Type: Loan
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

BORROWER: CITY OF CORTEZ, A HOME RULE AGENCY NAME: COLORADO WATER
MUNICIPALITY ACTING BY AND THROUGH ITS CONSERVATION BOARD/PDA
CITY OF CORTEZ WATER ENTERPRISE CONTRACT TYPE: LOAN/PUBLIC
REQUESTED LOAN AMOUNT: $850,000 CWCB CMS: 77047/CORE: CT2015-152
LOAN ORIGINATION FEE: $8,500
TOTAL LOAN AMOUNT: $858,500
LOAN CONTRACT
(STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003)
This contract ("CONTRACT" or "LOAN CONTRACT")) is made between the State of
Colorado for the use and benefit of The Department of Natural Resources, Colorado
Water Conservation Board ("CWCB" or "State"), and the City of Cortez, a Home Rule
Municipality acting by and through its City of Cortez Water Enterprise, 210 East Main
Street, Cortez, Colorado, 81321, ("BORROWER").
FACTUAL RECITALS
1. CWCB authority exists in the law, and funds have been budgeted, appropriated and
otherwise made available and a sufficient unencumbered balance thereof remains
available for encumbering and subsequent payment of this CONTRACT; and
2. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies; and
3. On January 27, 2015, CWCB ("Board") approved a loan request from the BORROWER
for the Water Meter Replacement Project ("PROJECT") to replace the City's manually
read water meters with electronic automated meters. The total estimated project cost
is $1,200,000. The BORROWER was approved for a total loan contract amount of
$858,500 which includes a one percent (1%) loan origination fee of $8,500 payable
over 10 years at an interest rate of 2.10%; and
4. The BORROWER was approved for a Water Efficiency Grant not to exceed $50,000,
which will be processed using a State purchase order; and
5. The PROJECT SUMMARY, attached as APPENDIX 1 and incorporated herein, contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval and Legislative
Authorization (Section 4), identifying the amount of the loan and the terms of
repayment. The PROJECT SUMMARY also contains sections on BORROWER'S debt,
collateral, procedures and eligible expenses.
6. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
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