C150016 Parity Lein

• Contract/PO #: C150016
• Contractor Name: Idaho Springs, City of
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PARITY LIEN O:LIGATIONS 61 RTIFICATE
The undersigned hereby c.rtifies pursuant o (i) Ordinance No. 12, Series 2000,
duly passed and adopted on December 11 2000, by the C. Council (the "Council") of the City
of Idaho Springs, Colorado (the "City") acting and thro gh its Water Activity Enterprise, as
amended and supplemented by Ordinanc: No. 02, Series ►002, duly passed and adopted by the
Council,on March 25, 2002(collectively he"CWCB Ordinance")authorizing the execution and
delivery by the City of a Loan Contract a d a Promissory ote(collectively,th "CWCB Loan")
to the Colorado Water Conservation Board (the "CWCB') in the original pri cipal amount of
$1,165,000; and (ii) Ordinance No. 3, Series 2002, duly p..ssed and adopted on March 25, 2002,
by the City, acting by and through its Water Activity En -rprise, authorizing a execution and
delivery by the City of a Loan Agreement and Gover 0 ental Agency Bond (the "CWRPDA
Loan") to the Colorado Water Resources and Developme t Authority (the "CWRPDA") in the
original principal amount of$2,125,000 ( ollectively, the WCB Loan and the CWRPDA Loan
are referred to as the "Prior Parity Oblig tions"), and in connection with the proposed issuance
by the City of a 2019 Loan Agreement an Governmental - gency Bond with t e CWRPDA(the
"Proposed Parity Obligations"),that:
(a) The undersigned are (i) the Mayor If the City and (ii) Certified Public
Accountant.
(b) At the time of the adoption of the ordinance authorizing the Proposed
Parity Obligations, the City was not, and as of the date hereof is not, in default in making any
payments required by the Prior Parity Oblgations.
(c) Pursuant to the terms of the CWCB Loan, the undersigned certifies as
follows:
i. The Net Revenues for the 1 consecutive month from anuary 1,
2018 throw. December 31, 018, increased to reflect the revenues
that would ave been received by the City if the adjustments in
rates by Ora inance No. 4, Series 2019 adopted February 11, 2019,
and effecti e beginning pril 1, 2019 had been in effect
throughout said period, ould be $393,206 as presented in
EXHIBIT - .
ii. The maxim im annual debt ervice on the CWCB Loan is $76,573
and the C RPDA Loan i $156,466, and the Proposed Parity
Obligations is $109,224. The total maximum annual debt service
is $340,942 in fiscal year 2021 as presented in EXHIBIT B.
iii. The Net Re enues (as defin:d in the CWCB Loa ) is at least equal
to the sum a f(a) 110%oft maximum annual a -bt service of the
Prior Parity Obligations an. the Proposed Parity Obligations; and
(b) 110% c f all other ind-btedness payable f om the Pledged
Property(z:ro).
B-1