C150062 Paid in Full Documents

• Contract/PO #: C150062
• Contractor Name: Town of Monument
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

WHEREAS, unforeseen additional costs of repair have resulted in the Town
requesting an additional amount of$362,000 which amount has been approved by the
Colorado Water Conservation Board; and
WHEREAS, The Colorado Water Conservation Board has funds available for
such needs which funds may be loaned to municipal corporations for such projects; and
WHEREAS, The Colorado Water Conservation Board has approved the
application for a loan to fund the project; and
WHEREAS,the approval of the loan documents and disbursal of the funds is
immediately necessary in order to pay for work which has been performed.
NOW THEREFORE, IT IS ORDAINED BY THE BOARD OF TRUSTEES OF
THE TOWN OF MONUMENT AS FOLLOWS:
Section 1. Approval of Loan Contract, Promissory Note and Security Agreement.
The forms of the loan contract,the promissory note and the security agreement required
by the State as security for repayment of borrowed funds (the "Loan Contract,"the
"Promissory Note" and the "Security Agreement,"respectively) and any changes thereto
as may be necessary in the opinion of the Attorney and the bond counsel for the
Enterprise to effectuate the intentions of the parties or to comply with the provisions of
applicable law are hereby approved to supplement the original documents and to
authorize receipt of the additional amounts. ;,
Section 2. Authority to Execute. The President and the Secr- . .f ,,
Enterprise are hereby authorized and directed to execute and ' r the Loan Contract,
the Promissory Note and the Security Agreement to the State. 11j
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Section 3. Use of Proceeds. The proceeds of the loan shall be us6for
payment of the costs of the Project and, if necessary and desirable, the payment of costs
incident to the execution and delivery of the Loan Contract, the Promissory Note and the
Security Agreement.
Section 4. Acceptance of Loan. The Town of Monument Enterprise has agreed
to accept the approved loan in the total amount of$2,443,000 and the revenues from the
Town's Water Enterprise Fund are hereby pledged to repay the loan over a thirty-year
period.
Section 5. Irrevocable Contract. This Ordinance is, and shall constitute, a
legislative measure, and after the Loan Contract, the Promissory Note and the Security
Agreement are executed and delivered, this Ordinance shall constitute an irrevocable
contract between the Town, the Enterprise and the State, and this Ordinance shall be and
shall remain irrepealable until the loan shall be fully paid, satisfied or discharged.