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CT2017-3213 Contract
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CT2017-3213 Contract
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Last modified
4/17/2017 1:25:20 PM
Creation date
4/17/2017 1:25:07 PM
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Loan Projects
Contract/PO #
CT2017-3213
Contractor Name
St. Vrain & Left Hand Water Conservancy District
Contract Type
Loan
Loan Projects - Doc Type
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annual operating and maintenance expenses, annual debt service on all outstanding <br /> indebtedness having a lien on the pledged revenues, including this loan, the annual <br /> debt service on the proposed indebtedness to be issued, and all required deposits to <br /> any reserve funds required by this CONTRACT or by the lender(s) of any indebtedness <br /> having a lien on the pledged revenues. The analysis of revenues shall be based on the <br /> BORROWER'S current rate structure or the rate structure most recently adopted. No <br /> more than io%of total revenues may originate from tap and/or connection fees; <br /> iii. The BORROWER acknowledges and understands that any request for approval of <br /> the issuance of additional debt must be reviewed and approved by the CWCB prior to <br /> the issuance of any additional debt. <br /> f. Annual Statement of Debt Coverage. Each year during the term of this CONTRACT, the <br /> BORROWER shall submit to the CWCB an annual audit report. <br /> io. Pledged Revenues During Loan Repayment. The BORROWER shall not sell, convey, <br /> assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the PLEDGED <br /> REVENUES, as long as any of the principal, accrued interest, and late charges, if any, on this <br /> loan remain unpaid, without the prior written concurrence of the CWCB. The provisions of <br /> this Section to do not prohibit the Borrower from applying any PLEDGED REVENUES <br /> remaining in each year after the payment of the annual amounts due on the loan to any <br /> other legally permissible purpose, including, without limitation, paying for additional <br /> capital improvements or repairs. <br /> u. Pledge of Property. The BORROWER irrevocably pledges to the CWCB, for purposes of <br /> repayment of this loan, an interest in the Colorado-Big Thompson (C-BT) contractual rights <br /> for water, administered through the Northern Water Conservancy District (Northern <br /> Water). The PLEDGED PROPERTY as further described in Section 6 (COLLATERAL) of the <br /> PROJECT SUMMARY is authorized by the BORROWER'S AUTHORIZING RESOLUTION, and secured <br /> by the DEED OF TRUST(APPENDIX 6). <br /> 12. Pledged Property during Loan Repayment. The BORROWER shall not sell the PLEDGED <br /> PROPERTY so long as any of the principal, accrued interest, and late charges, if any, on this <br /> loan remains unpaid, without the prior written concurrence of the CWCB. This CWCB Loan <br /> Contract does not limit the BORROWER from leasing or renting the PLEDGED PROPERTY (C-BT <br /> units) during loan repayment. <br /> 13. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, all accrued interest, and late charges, if any, as specified in the PROMISSORY NOTE, <br /> the CWCB agrees to release and terminate any and all of the CWCB'S right, title, and interest <br /> in and to both the PLEDGED REVENUES and the PLEDGED PROPERTY. <br /> .L4. Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and by its <br /> representations herein, the BORROWER shall be estopped from asserting for any reason <br /> that it is not authorized or obligated to repay the loan to the CWCB as required by this <br /> Page 6 of 14 <br />
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