CT2016-2004 Contract

• Contract/PO #: CT2016-2004
• Contractor Name: Parkville Water District
• Contract Type: Grant/Loan Combo
• Loan Projects - Doc Type: Contract Documents

BORROWER: PARKVILLE WATER DISTRICT AGENCY NAME: COLORADO WATER
REQUESTED LOAN AMOUNT: $180,000 CONSERVATION BOARD
LOAN ORIGINATION FEE: $1,800 CONTRACT TYPE: LOAN/PUBLIC
TOTAL LOAN AMOUNT: $181,800 CWCB CMS: 83652/CORE: CT2016-2004
LOAN CONTRACT
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 Parkville Water District, 2015 N.
Poplar St., Leadville, Colorado, 80461, a Title 32 Colorado Special District ("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 September 17, 2015, CWCB ("Board") approved a loan request from the
BORROWER for the Evans Reservoir Bypass Flume Replacement ("PROJECT") to
rehabilitate the Evans Reservoir Bypass Flume, which has reached the end of its
useful life. The total estimated project cost is $533,430. The total loan amount of
$181,800 which includes a one percent (1%) loan origination fee of$1,800 is payable
over 10 years at an interest rate of 1.95%; and
4. 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 or 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.
5. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual and dependent covenants contained
herein, the parties agree as follows:
A. LOAN PROVISIONS
1. Loan Origination Fee. The amount of the loan (LOAN AMOUNT) shall include (1)
the amount of the funds loaned by the CWCB to the BORROWER for the PROJECT
and (2) a loan origination fee of one percent (1%) of the PROJECT amount. In the
event that the BORROWER does not use the full LOAN AMOUNT authorized, the
parties shall amend this CONTRACT or exercise an OPTION LETTER (as outlined in
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