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CT2018-833 Contract
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CT2018-833 Contract
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Last modified
9/4/2020 1:05:46 AM
Creation date
8/29/2017 1:28:39 PM
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Loan Projects
Contract/PO #
CT2018-833
Contractor Name
Southeastern Colorado Water Conservancy District
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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loan money for water projects from the CWCB Severance Tax Perpetual Base Fund for <br /> the benefit of the people of the state, provided that the BORROWER assures repayment <br /> of that money. <br /> Pursuant to the 2007 Projects Bill (SB07-122), with an extension authorized in the 2009 <br /> Projects Bill (SBo9-125), the Colorado General Assembly authorized CWCB to loan the <br /> BORROWER an amount up to $6o,600,000.00 for the Arkansas Valley Conduit Project. <br /> SECTION 4-BOARD APPROVAL <br /> At its July 20, 2016 meeting the CWCB approved a Project Loan from the Severance <br /> Tax Perpetual Base Fund, to the BORROWER, in an amount up to $17,220,000.00 for <br /> PROTECT Costs. CWCB's LOAN ORIGINATION FEE of i%in the amount of$172,200.00, in <br /> accordance with CWCB Policy No. 16, added to the Base LOAN CONTRACT results in a <br /> TOTAL LOAN AMOUNT Of$17,392,200.00, at an interest rate of 2.00%per annum for a <br /> repayment term of thirty (30) years. <br /> SECTION 5-SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER has no other debt, backed <br /> by the loan security, described in Section 6 below. <br /> SECTION 6-LOAN SECURITY <br /> The SECURITY for this loan, as evidenced by the executed SECURITY AGREEMENT <br /> (APPENDIX 5) and incorporated herein, shall be: (i) a pledge to the CWCB of the <br /> PLEDGED POWER REVENUES in such amount as is necessary to make each annual <br /> payment due under this LOAN CONTRACT, (ii) and annual financial reporting. A rate <br /> covenant is not applicable as the PPA controls the purchase price of the power and <br /> it has been set at a price sufficient to cover expenses and debt service. However, <br /> because of the lack of a rate covenant, this is a variance from the CWCB <br /> Financial Policy #5 (Collateral). <br /> SECTION 7-ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> No funds will be disbursed until the following contract conditions have been <br /> satisfied: <br /> 1) Execution of the Lease of Power Privilege <br /> 2) Execution of the Power Purchase Agreement <br /> SECTION 8-"CONSTRUCTION FUND PROGRAM"PROCEDURES FOR PROJECTS <br /> A. The BORROWER shall employ an engineer, registered in the State of Colorado to <br /> prepare plans and specifications for the PROJECT. <br /> B. Engineering contracts and the plans and specifications must be submitted to the <br /> CWCB staff for verification of compliance with the terms of this CONTRACT when <br /> Appendix i <br /> Page i of 4 <br />
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