CT2018-2851 Contract

• Contractor Name: Central Colorado Water Conservancy District, Well Augmentation Subdistrict ‎(WAS)‎
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

NOT INCONSISTENT HEREWITH, AS THE BOARD OF DIRECTORS MAY DETERMINE;
SHALL (I) AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR AT A
LIMITED MILL LEVY RATE NOT TO EXCEED 9 MILLS, EXCEPT AS PERMITTED IN
SECTION 37-45-126 OF THE COLORADO REVISED STATUTES, AND IN SUCH
AMOUNTS AS SET FORTH ABOVE AND (II) THE SUBDISTRICT BE AUTHORIZED TO
ENCUMBER AND PLEDGE ANY OTHER REVENUES OF THE SUBDISTRICT TO BE
USED TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS AS THE SAME
BECOME DUE AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND
SHALL ANY INVESTMENT EARNINGS (REGARDLESS OF AMOUNT) FROM SUCH
TAX REVENUES AND FROM THE PROCEEDS OF SUCH BONDS CONSTITUTE A
VOTER-APPROVED REVENUE CHANGE WITHIN THE MEANING OF ARTICLE X,
SECTION 20 OF THE COLORADO CONSTITUTION?
WHEREAS, the returns of the above-referenced election were duly canvassed and the
results thereof duly declared; and
WHEREAS, from the Ballot Authorization the District previously issued its Limited Tax
General Obligation Notes, Series 2005 in the principal amount of $9,000,000, its Subordinate
Limited Tax General Obligation Notes, Taxable Series 2009, in the principal amount of
$2,000,000, both of which series of notes have been paid and cancelled prior to the date of this
Resolution, as well as two Loan Contracts (identified by Loan Contract Numbers C150194 and
CT2015-060, and defined hereafter as the Outstanding CWCB Loans) from the Colorado Water
Conservation Board, an agency of the State, for original loans in amounts of$14,934,612 and
$1,651,905,respectively; and
WHEREAS, as of the date of this Resolution there remains $11,414,293 of authorized but
unissued principal authorization from the Ballot Authorization which is available for the
financing of the purposes set forth in the Ballot Authorization; and
WHEREAS, the District has been presented with the Loan Contract from the CWCB,
identified as Contract Nunber CT2018-2851,to finance a portion of the costs of the Shores Lakes
Pond C Infrastructure Improvement Project, which project will increase the efficiency by which
the Shores Lakes can capture and release water for augmentation use and is within the purposes
set forth in the Ballot Authorization; and
WHEREAS, the District's repayment obligation under the Loan Contract will be
evidenced by a Promissory Note to be issued by the District to the CWCB, which Promissory
Note shall constitute a limited tax obligations of the District which is to be paid from Pledged
Revenues on a basis which is on a parity with the District's Outstanding CWCB Loans and, after
consideration,the Board has determined that the execution of the Loan Contract and the issuance
of the Promissory Note to the CWCB is to the best advantage of the District; and
WHEREAS, no member of the Board has a potential conflict of interest in connection
with the authorization, issuance, sale or use of proceeds of the Loan Contract; and
WHEREAS, the form of the Loan Contract and related appendices have been reviewed
by the District staff and made available to the Board; and
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