CT2016-2516 Contract

• Contract/PO #: CT2016-2516
• Contractor Name: Bow Mar Water and Sanitation District
• Contract Type: Loan
• County: Arapahoe
• County: Jefferson
• Loan Projects - Doc Type: Contract Documents

RESOLUTION
A RESOLUTION OF BOW MAR WATER AND SANITATION DISTRICT,
IN ARAPAHOE AND JEFFERSON COUNTIES, COLORADO,
AUTHORIZING A LOAN FROM THE COLORADO WATER
CONSERVATION BOARD TO FINANCE AUTHORIZED PURPOSES
APPROVED AT THE ELECTION HELD WITHIN THE DISTRICT ON
NOVEMBER 3, 2015; AUTHORIZING EXECUTION OF A LOAN
CONTRACT AND A PROMISSORY NOTE TO DOCUMENT THE LOAN;
AND PROVIDING FOR PAYMENT OF THE PROMISSORY NOTE AND
OTHER DETAILS IN CONNECTION THEREWITH.
WHEREAS, the Bow Mar Water and Sanitation District, in Arapahoe and Jefferson
Counties, Colorado (the "District"), is a duly organized and validly existing title 32 special
district, quasi-municipal corporation and political subdivision of the State (unless otherwise
indicated, capitalized terms used in this preamble shall have the meanings set forth in Section 1
of this Resolution); and
WHEREAS, Article X, Section 20 of the Colorado Constitution provides that voter
approval in advance is required for the creation of any district direct or indirect debt or other
multiple-fiscal year financial obligation whatsoever except for refinancing district bonded debt at
a lower interest rate; and
WHEREAS, at an election on November 3, 2015, a majority of the eligible electors of the
District voting on Ballot Question 4B,voted in favor of the following ballot issue:
SHALL BOW MAR WATER AND SANITATION DISTRICT("DISTRICT")DEBT BE INCREASED
UP TO $360,000 WITH A REPAYMENT COST OF UP TO $600,000, BUT WITH NO INCREASE IN
DISTRICT TAXES, FOR THE PURPOSE OF FINANCING THE COSTS OF REPLACING AND
UPGRADING THE WATER METERS THROUGHOUT THE DISTRICT'S WATER DISTRIBUTION
SYSTEM, ALONG WITH THE DISTRICT'S BILLING SOFTWARE AND OTHER NECESSARY
IMPROVEMENTS TO THE DISTRICT'S WATER DISTRIBUTION SYSTEM, SUCH DEBT TO
CONSIST OF THE ISSUANCE OF BONDS, NOTES, LOAN CONTRACTS OR OTHER MULTIPLE
FISCAL YEAR OBLIGATIONS TO BE PAID FROM LEGALLY AVAILABLE REVENUES OF THE
DISTRICT, WHICH BONDS,NOTES, LOAN CONTRACTS OR OTHER MULTIPLE FISCAL YEAR
OBLIGATIONS SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE,
NOT TO EXCEED 5% PER ANNUM, AND BE ISSUED AT SUCH TIME OR TIMES, AT SUCH
PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND CONTAINING SUCH
TERMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF DIRECTORS MAY
DETERMINE?
WHEREAS, the returns of the above-referenced election were duly canvassed and the
results thereof duly declared; and
WHEREAS, the District has received a Loan Contract (identified by CMS Number
85680/CORE: CT2016-2516) from the Colorado Water Conservation Board, an agency of the
State, for a loan in the amount of$332,795, which is to include a 1% origination fee and bear
interest at a rate of 2.65%per annum for a repayment term of 10 years; and
{00488776.DOC/2}
4833-8387-9213.1 APPEINDIX 4