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CT2015-152 Contract
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CT2015-152 Contract
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Last modified
2/17/2017 3:28:57 PM
Creation date
5/20/2015 2:35:50 PM
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Loan Projects
Contract/PO #
CT2015-152
CMS 77047
Contractor Name
Cortez, City of
Contract Type
Loan
County
Montezuma
Loan Projects - Doc Type
Contract Documents
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EXISTING DEBT <br /> Lender Project Current Annual Maturity Collateral <br /> Balance Payment Date <br /> DOLA Water system $210 696 $23,772 2025 Water Enterprise <br /> improvements Revenues <br /> Dolores Water 1,500 acre- Water Enterprise <br /> Conservancy feet of water $3,225,076 $246,125 2046 Revenues <br /> District <br /> Colorado Water Water <br /> Resources and treatment $391,027 $27,246 2038 Water Enterprise <br /> Power facility Revenues <br /> Development <br /> The BORROWER must provide, to the CWCB, a Parity Certificate from an independent certified <br /> public accountant certifying that, based on an analysis of the BORROWER'S revenues, for 12 <br /> consecutive months out of the 18 months immediately preceding the date of issuance of the <br /> Promissory Note under this Loan Contract and that the BORROWER'S revenues are sufficient to <br /> pay its annual operating and maintenance expenses, annual debt service on all outstanding <br /> indebtedness having a lien on the PLEDGED REVENUE including this loan, and all required <br /> deposits to any reserve funds required by this CONTRACT or by the lender(s) of any <br /> indebtedness having a lien on PLEDGED REVENUE. The analysis of revenues shall be based on <br /> the BORROWER'S current rate structure or the rate structure most recently adopted. No more <br /> than 10% of total revenues may originate from tap and/or connection fees. <br /> SECTION 6— Loan Security <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY AGREEMENT <br /> (Appendix 4), incorporated herein, shall be a pledge of Water Activity Enterprise revenues <br /> backed by a rate covenant and evidenced by annual financial reporting. <br /> Section 7-ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> NONE. <br /> SECTION 8—"CONSTRUCTION FUND PROGRAM" PROCEDURES <br /> A. The BORROWER shall employ an engineer, registered in the State of Colorado to prepare <br /> plans and specifications for the PROJECT. <br /> B. Engineering contracts and the plans and specifications must be submitted to the CWCB <br /> staff for verification of compliance with the terms of this CONTRACT when available prior to <br /> bidding. Any modifications, to the plans and specifications that effect changes to the <br /> construction costs must be approved in writing by CWCB <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37- <br /> 87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's <br /> Office prior to construction. <br /> D. The BORROWER shall notify CWCB of the bid opening date, time and location. CWCB staff <br /> may elect to attend the bid opening. <br /> E. CWCB must approve the award of the construction contract. <br /> Appendix 1 <br /> Page 2 of 4 <br />
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