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CT2017-917 Contract
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CT2017-917 Contract
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Last modified
9/13/2016 8:25:16 AM
Creation date
7/28/2016 3:25:09 PM
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Loan Projects
Contract/PO #
CT2017-917
Contractor Name
Lamar, City of
Contract Type
Grant/Loan Combo
Loan Projects - Doc Type
Contract Documents
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FOURTH,to the credit of any other fund or account as may be designated by the City,to <br /> be used for any lawful purpose, any moneys remaining in the Water Activity Enterprise Fund <br /> after the payments and accumulations set forth in FIRST through THIRD hereof. <br /> (c) Promissory Note Does•Not Constitute a Debt The Promissory Note,together with the <br /> interest thereon, shall be payable only out of: (i) the Note Account; or (ii) if necessary, the Reserve <br /> Account. The CWCB may not look to the general fund of the City for the payment of the principal of <br /> and interest on the Promissory Note,and the Loan Contract and the Promissory Note shall not constitute <br /> a debt or an indebtedness of the City within the meaning of any constitutional or statutory provision or <br /> limitation;nor shall they be considered or held to be general obligations of the City. <br /> Section 6. Additional Obligations. No bonds, notes, interim securities or other obligations shall be <br /> issued payable from the Net Revenue and having a lien thereon which is superior to the lien of the Promissory <br /> Note. The City may issue Future Parity Obligations only upon compliance with the requirements of provision <br /> A(8)(e) of the Loan Contract. So long as no Event of Default shall have occurred and be continuing, nothing <br /> herein shall prevent the City from issuing Subordinate Lien Obligations. <br /> Section 7. Additional Covenants and Agreements. <br /> (a) Maintenance of Rates and Coverage. The City hereby covenants that it will establish, <br /> maintain,enforce and collect rates,fees and charges for services furnished by or the use of the System as <br /> required in provision A(8)(c) of the Loan Contract. In the event that the Gross Revenue at any time is <br /> not sufficient to make the payments required by said provision,the City covenants to promptly increase <br /> such rates,fees and charges to an extent which will ensure compliance with said covenant. <br /> (b) Alienation of Property. The City will not sell or alienate any of the property constituting <br /> any part or all of the System in any manner or to any extent as might reduce the security provided for the <br /> payment of the Promissory Note, but the City may sell any portion of such property which shall have <br /> been replaced by other similar property of at least equal value, or which shall cease to be necessary for <br /> the efficient operation of the System;provided however, that the proceeds of any such sale of property <br /> shall be included as part of the Gross Revenue. <br /> (c) Enterprise Status. The City has established, and covenants to continue to maintain, the <br /> System as an"enterprise"within the meaning of Article X, Section 20 of the Colorado Constitution and <br /> Ordinance No. 992 of the City; provided, however, after calendar year 2016 the City may disqualify <br /> either the System as an "enterprise" in any year in which said di,squalification does not materially, <br /> adversely affect the enforceability of the covenants made pursuant to`this Ordinance. In the event that <br /> the System is disqualified as an enterprise and the enforceability of the covenants made pursuant to this <br /> Ordinance are materially, adversely affected, the City covenants to immediately take all actions <br /> necessary to (i) qualify the System as an enterprise within the meaning of Article X, Section 20 of the <br /> Colorado Constitution and(ii)permit the enforcement of the covenants made herein. <br /> (d) Findings of the City Council The City Council, having been fully informed of and <br /> having considered all the pertinent facts and circumstances, hereby finds, determines, declares and <br /> covenants with the CWCB that: <br /> (i) The Water Activity Enterprise has been duly established and is operating during <br /> the current calendar year as an"enterprise"within the meaning of Article X, Section 20 of the <br /> Colorado Constitution; <br /> (ii) the City Council elects to apply all of the provisions of Title 11,Article 57,Part 2, <br /> C.R.S.to the execution of the Loan Contract and to the issuance of the Promissory Note; <br /> (iii) that no "event of default" (as defined in the documents executed in connection <br /> with the issuance of the Parity Lien Obligations)has occurred and is continuing;and <br /> (iv) the execution of the Loan Contract and the issuance and delivery of the <br /> Promissory Note, and all procedures undertaken incident thereto, are in full compliance and <br /> conformity with all applicable requirements, provisions and limitations prescribed by the <br /> Constitution and the Enabling Law, and all conditions and limitations of the Enabling Law and <br /> other applicable law relating to the execution of the Loan Contract and the issuance and delivery <br /> of the Promissory Note have been satisfied. <br /> Section 8. Events of Default and Remedies. <br /> (a) Events of Default The occurrence or existence of any one or more of the following <br /> events shall be an Event of Default hereunder: <br /> APPENDIX 5 <br />
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