C150081 Paid in Full Documents

• Contract/PO #: C150081
• Contractor Name: City of Victor
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

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O .I.s
NELSON & COMPANY, P.C.
Certified Public Accountants
May 6, 2005 Paul S. Nelson
Colorado Water Conservation Board
Attn: Construction Fund Section
1313 Sherman Street, Room 721
Denver, CO
To Whom It May Concern:
The City of Victor (the "City"), acting by and through its Water and Wastewater
Enterprise, plans to accept a $283,000 loan from the Colorado Water Resources and Power
Development Authority for the construction of a new water treatment facility(the "Parity Debt").
To comply with the requirements of a previous loan issued to the City by the Colorado Water
Conservation Board ("CWCB") (Contract Number C150081), the City has requested that we
issue a parity certificate.
In connection therewith, we have compiled the accompanying "Payment Affordability
Analysis" for the City and made inquiries of the City's personnel and legal counsel to form an
opinion as to the City's ability to meet the parity conditions of the CWCB loan. Therefore, we
certify the following:
1. The City is current on the annual payments due under all loan contracts and in the
accumulation of all amounts required to be accumulated in the City's debt service
reserve fund.
2. Based on an analysis of the City's revenues for twelve (12) consecutive months
out of the eighteen (18) months immediately preceding the date of issuance of
such Parity Debt, the City's revenues are sufficient to pay:
a. the annual operating and maintenance expenses of the City's Water and
Wastewater Enterpise;
b. the annual debt service on all outstanding indebtedness having a lien on
the pledged revenues, including the loan by the CWCB;
c. the annual debt service on the proposed indebtedness to be issued, and
d. all deposits to any reserve fund required by all CWCB loan contracts or by
the lenders of any indebtedness having a lien on the pledged revenues.
3. No more than ten (10) percent of total revenues originating from tap and/or
connection fees have been considered in this certification.
4. The analysis of revenues is based on the City's current rate structure, which has
already been implemented.
116 S. 8th Street Colorado Springs, Colorado 80905 [phone] Fax: [phone]