C153351 Paid in Full Documents

• Contract/PO #: C153351
• Contractor Name: Town of Breckenridge
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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any amount necessary to pay any unpaid operating expenses) , plus
(ii) such Town funds from the Town's water enterprise fund as may
be necessary to provide sufficient funds to accomplish the payment
in full of the Bonds. It is reasonably expected that the costs of
paying the Bonds will be approximately One Million Two Hundred
Fifty Five Thousand Dollars ($1,255,000.00) , of which
approximately Nine Hundred Thousand Dollars ($950,00.00) will come
from District funds and the balance of Three Hundred Fifty Five
Thousand Dollars ($355,000.00) will come from Town funds. In the
event that the State successfully challenges the entry of the
Order of Dissolution in accordance with the provisions of §32-1-
707(6) , C.R.S. , it is agreed that the District shall repay to the
Town all funds advanced by the Town pursuant to this Paragraph
9.1, together with interest thereon at the rate of a ninety (90)
day U.S. Treasury Bill, by the end of the District's current
fiscal year following the entry of the final order setting aside
the Order of Dissolution. Such repayment obligation shall not
constitute a general obligation indebtedness or multiple year
direct or indirect debt or other financial obligation whatsoever
within the meaning of the Constitution or laws of the State of
Colorado.
9.2 Payment of CWCB Loan. The Town will have the
responsibility to see that the District's debt owed to the
Colorado Water Conservation - Board ("CWCB") in the amount of
approximately Nine Hundred Ninety Thousand One Hundred Two and
80/100 Dollars ($990,102.80) is paid. In connection with such
payment the Town will attempt to enter into an agreement with the
CWCB to either guarantee repayment of the CWCB loan or to have
such loan assumed by the Town. If no such agreement can be
reached, the Town will use funds from the Town's water enterprise
fund to pay such debt.
10. District Employees. There are no employees of the
District who will continue their employment with the Town
following dissolution of the District. No provision need be made
with respect to employee retirement benefits.
11. Cash Balances. All funds remaining in the treasury of
the District following dissolution will be transferred to and will
become the sole property of the Town. It is expected that such
funds will approximate Nine Hundred Fifty Thousand Dollars
($950,000.00) In recognition of the Town's agreement to pay part
of the District's debt obligation as described in Paragraph 9 of
this Agreement, and notwithstanding the provisions of §32-1-708,
C.R.S. , no portion of the funds transferred to the Town by the
District need be used by the Town to reduce the rates, tolls and
charges imposed by the Town for water service provided to property
located within the boundaries of the former District.
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