CT2019-2792 Contract - Laserfiche WebLink

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• APPENDIX 1, PROJECT SUMMARY Loan Contract Number CT2019-2792 Section 1 —Borrower's Name Arabian Acres Metropolitan District, acting by and through the water activity enterprise Section 2—Project Description A. Description of Project: The Borrower applied to the CWCB for a to to be used for the Automatic Meter Implementation(Project), located in Teller County,at a otal estimated project cost of$400,000.00. The purpose of the Project is to improve the district's operational efficiency by upgrading its water system to improve the water meters that no longr accurately measure water flow. B. Description of Feasibility Study: Adam Somers,P.E., with Aqua Works BO, Inc. prepared the Loan Feasibility Study titled, "Colorado Water Conservation Board Lan Feasibility Study Automatic Meter Reading System Implementation," dated May 2018. Th feasibility study was prepared in accordance with CWCB guidelines and includes an analysis of alternatives, preliminary engineering, and estimated engineering costs. Based upon the feasibility report,the CWCB determined the Project to be technically and fmancially feasible. Section 3—CWCB's Authority This loan is made pursuant to the provisions of §§37-60-119 and 37- 0-120, C.R.S., which authorizes the CWCB to loan money for water projects from the CWCB Co struction Fund for the benefit of the people of the state,provided that the Borrower assures repayment of that money. Section 37-60-122(1)(b)C.R.S., authorizes the CWCB to make loans of u to $10,000,000 from the CWCB Construction Fund without prior approval from the General A embly. Section 4-Board Approval At its September 20, 2018 meeting the CWCB approved a Project an from the CWCB Construction Fund to the Borrower, in an amount up to $400,000.00 for oject Costs. CWCB's Loan Origination Fee of 1%in the amount of$4,000.00 in accordance with CWCB Policy No. 16, added to the Base Loan Amount results in a Total Loan Amount of$404,0 0.00 at an interest rate of 1.85%per annum for a repayment term of ten(10)years. Section 5—Schedule of Existing Debt As of the date of the CWCB loan approval,no other debt,backed by the 1 an security described in Section 6 below,exists. Section 6—Loan Security The Security for this loan, as evidenced by the executed Security Agreem nt(Appendix 5) and incorporated herein, shall be: (i) an irrevocable (but not exclusive)pledg to the.CWCB of the Pledged Revenues in such amount as is necessary to make each annual p ment due under this Contract, (ii)an assessment covenant; and(iii)annual financial reporting. All Loan Security shall be in accordance with CWCB Policy No. 5. Section 7—Additional Conditions and Requirements None. Page 1 of 3 Contract Number:CT2019-2792 Appendix 1