CT2016-2047 Contract

• Contract/PO #: CT2016-2047
• Contractor Name: Center of Colorado Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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 October 7, 2015, adopts the following resolution:
WHEREAS, the eligible voters of Park County approved at the November, 2010 general
election a ballot question which authorized CCWCD to borrow up to $1,000,000.00 for the
purposes of paying for storage projects, including but not limited to the acquisition of
storage space in the Chatfield Reservoir reallocation project (the "Chatfield Project").
WHEREAS, the Colorado Water Conservation Board (CWCB) approved CCWCD's
requests for$600,000 in loans for participation in the Chatfield Project(individually referred
to as the "Loan" or collectively the "Loans"). The terms of the Loans approved by the
CWCB were as follows: Loan CT2016-2047: $94,637 principal, plus the 1% loan service
fee of$937.00 for a total loan amount of$94,637.00, with interest at the rate of 2.5% per
annum, payable in 15 annual installments of principal and interest of approximately
$7,643.50; Loan CT2016-2048: $506,300.00 in principal, plus the 1% loan service fee of
$5,063.00 for a total loan amount of 511,263.00, with interest at the rate of 2.5% per
annum, payable in 15 annual installments of principal and interest of approximately
$41,300.98.
WHEREAS, the Loans with the CWCB will be memorialized in certain loan documents,
including a "Loan Contract", a Promissory Note and a Security Agreement for each of the
above described Loans (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 Loans will be a pledge of that portion of CCWCD's annual
General Fund Revenue necessary to pay the annual payment on Loan Contract CT2016-
2048 and Loan Contract CT2016-2047 to the CWCB as set forth in the respective Loan
Contract and the Loan Documents.
Be it resolved by unanimous approval of the Board of Directors of CCWCD that:
1. Approval of Loan terms. The terms of the Loan Contract CT2016-2048 and Loan
Contract CT2016-2047 Loan to CCWCD from the CWCB, as stated in the Loan
Documents, including the Loan Contract, Promissory Note and Security Agreement,
for each of the Loans are approved.
2. Pledge of Revenues to CWCB as collateral. The sum of$41,300.98 and $7,643.50
for Loan Contract CT2016-2048 and Loan Contract CT2016-2047, respectively, of
CCWCD's annual General Fund Revenues are pledged annually to the CWCB as
Resolution to Loan Contract CT2016-2048 and Loan Contract CT2016-2047
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