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money.
<br /> SECTION 4—BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION
<br /> At its May 22, 2014, meeting the CWCB approved a Small Project Loan, from the
<br /> Severance Tax Perpetual Base Fund to the BORROWER, in an amount up to $10,826,000
<br /> for PROJECT costs with a loan service fee of 1% in accordance with CWCB Policy No. 16
<br /> resulting in a loan service fee of$108,260 and a total loan amount of$10,934,260 at an
<br /> interest rate of 3.00% per annum for a repayment term of 30 years.
<br /> Pursuant to CWCB projects Bill HB14-1333, the Colorado General Assembly authorized
<br /> CWCB to loan to the BORROWER a total amount up to $44,440,000 for the Chatfield
<br /> Reallocation PROJECT. There will be a total of three (3) CWCB loan contracts.
<br /> SECTION 5—SCHEDULE OF EXISTING DEBT
<br /> As of the date of the CWCB loan approval, the DISTRICT has outstanding the following
<br /> obligations payable from the operating revenues, which obligations constitute PARITY
<br /> OBLIGATIONS under the LOAN RESOLUTION and requires a Parity Certificate.
<br /> The District has $62 million in existing debt consisting of four Revenue Bonds, payable
<br /> solely from net operating revenues. These bonds are shown in the table below and
<br /> have as collateral the Districts operating revenues.
<br /> EXISTING DEBT
<br /> Debt Original Current Annual Maturity Collateral
<br /> Balance Balance Payment Date
<br /> 2005 $16,360,000 $4,230,000 $2,245,000 2015 Operating
<br /> Bond Revenues
<br /> 2008 $18,775,000 $9,165,000 $2,516,000 2017 Operating
<br /> Bond Revenues
<br /> 2012A $30,490,000 $29,955,000 $1,169,000 2024 Operating
<br /> Bond Revenues
<br /> 2012B $18,750,000 $18,540,000 $772,000 2023 Operating
<br /> Bond Revenues
<br /> Total $61,890,000 $6,702,000
<br /> Such obligation constitutes PARITY OBLIGATIONS under the LOAN CONTRACT and requires a
<br /> Parity Certificate. Therefore, the BORROWER must provide, to the CWCB, a Parity
<br /> Certificate from an independent certified public accountant certifying that, based on an
<br /> analysis of the BORROWER'S revenues, for 12 consecutive months out of the 18 months
<br /> immediately preceding the date of issuance of such Parity Bonds, the BORROWER'S
<br /> revenues are sufficient to pay its annual operating and maintenance expenses, annual
<br /> debt service on all outstanding indebtedness having a lien on the TAx REVENUES
<br /> including this loan, and all required deposits to any reserve funds required by this
<br /> CONTRACT or by the lender(s) of any indebtedness having a lien on the TAx REVENUES.
<br /> Appendix 1
<br /> Page 2 of 5
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