C150335 PIF Documents

• Contract/PO #: C150335
• Contractor Name: Cemter of Colorado Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

d. Debt Service Reserve Account. To establish and maintain the deb' service
reserve account, the BORROWER shall deposit an amount equal to one-tenth of an
annual payment into its debt service reserve fund on the due date of its first annual
loan payment and annually thereafter for the first ten years of repayment of this
loan. In the event that the BORROWER applies funds from this account to
repayment of the loan, the BORROWER shall replenish the account with n ninety
(90) days of withdrawal of the funds.
e. Additional Debts or Bonds. The BORROWER shall not • n indebtedness
payable from the pledged revenues and having a. ' n th or " i , uperior to
the lien of this loan. The BORROWER may issu i deb .. , # he prior
written approval of the CWCB, provided that:
i. The BORROWER is currently and at the time of the i s esadly debt in
substantial compliance with all of the obligations of this c. i r• r n :ing, but
not limited to, being current on the annual payments due u • - contract
and in the accumulation of all amounts then required to be accum - -d in the
BORROWER'S debt service reserve fund;
ii. The BORROWER provides to the CWCB a Parity Certificate from an
independent certified public accountant certifying that, based on an analysis of
the BORROWER'S revenues, for 12 consecutive months out of the 18 months
immediately preceding the date of issuance of such parity debt, the
BORROWER'S revenues are sufficient to pay its annual operat ng and
maintenance expenses, annual debt service on all outstanding indebtedness
having a lien on the pledged revenues, including this loan, the annual debt
service on the proposed indebtedness to be issued, and all required deposits
to any reserve funds required by this contract or by the lenders l of any
indebtedness having a lien on the pledged revenues. The analysis of
revenues shall be based on the BORROWER'S current rate structure or the rate
structure most recently adopted. No more than 10% of total revenues may
originate from tap and/or connection-fees.
The BORROWER acknowledges and understands that any request for approval of
the issuance of additional debt must be reviewed and approved by the CWCB
Director prior to the issuance of any additional debt.
f. Annual Statement of Debt Coverage. Each year during the term of this contract,
the BORROWER shall submit to the CWCB an annual audit report and a certificate of
debt service coverage from a Certified Public Accountant.
9. Pledged Revenues During Loan Repayment. The BORROWER shall not sell,
convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of
the Pledged Revenues, so long as any of the principal, accrued interest, and late
charges, if any, on this loan remain unpaid, without the prior written concurrence of
the CWCB.
10. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
principal, all accrued interest, and late charges, if any, as specified in the Promissory
Loan Contract C150335
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