C150335 PIF Documents

• Contract/PO #: C150335
• Contractor Name: Cemter 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 Distric (C WCD),
at a public meeting conducted on September 5, 2012, adopts the following resolution:
WHEREAS, the eligible voters of Park County approved at , e + , 2010 general
election a ballot question which authorized CCWCD to bore y 4 1 i i ,$ 0.00 for the
purposes of paying for storage projects, including t ,traction of
CCWCD's existing Smelter Pipeline Reservoir.
WHEREAS, the Colorado Water Conservation Board (C = . • CWCD's
request for a loan for the reconstruction of the Smelter Pipeline Rese WCB's
meeting of July 18,2012(the"Loan"). The terms of the Loan approved by the CWCB were
as follows:$400,000.00 principal,plus the 1%loan service fee of$4,000.00 for a total loan
amount of$404,000.00, with interest at the rate of 2.5%per annum, payable in 10 annual
installments of principal and interest of approximately$46,160.54.
WHEREAS, the Loan with the CWCB will be memorialized in certain loan documents,
including a "Loan Contract", a Promissory Note and a Security Agreement (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 Loan will be a pledge of that portion of CCWCD's General Fund
Revenue necessary to pay the annual Loan payment to the CWCB as set forth in the Loan
Contract.
Be it resolved by unanimous approval of the Board of Directors of CCWCD that:
1. Approval of Loan terms. The terms of the Loan to CCWCD from the CWCB, as
stated in the Loan Documents, including the Loan Contract, Promissory Note and
Security Agreement, are approved.
2. Pledge of Revenues to CWCB as collateral. The sum of$46,160.54 Cf CCWCD's
annual General Fund Revenues are pledged annually to the CWCB as collateral for
the repayment of the Loan in accordance with the terms established in the Loan
Contract and the Loan Documents (the "Pledged Revenues"). The Pledged
Revenues are pledged to the CWCB as collateral for the term of the Loan. CCWCD
shall segregate each year into a separate Loan repayment account the Pledged
Revenues and the Pledged Revenues shall be used only for repaymenr of the Loan
and no other purposes. In addition, CCWCD shall deposit to the Loan repayment
account an amount equal to one-tenth of an annual payment on the due date of its
APPENDIX 3 to Loan Contract C150335
Page 1