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CT2019-2792 Contract
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CT2019-2792 Contract
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Last modified
7/9/2019 1:38:17 PM
Creation date
7/9/2019 1:37:56 PM
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Loan Projects
Contract/PO #
CT2019-2792
Contractor Name
Arabian Acres Metropolitan District
Contract Type
Loan
Loan Projects - Doc Type
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D. Debt Service Reserve Account or Fund. To establish and maintain t e debt service reserve <br /> account or fund, the Borrower shall deposit an amount equal to one-t-nth(0.1) of an annual <br /> payment into its debt service reserve account or fund on the due date of its first annual loan <br /> payment and annually thereafter for the first ten years of repayment o this loan. In the event <br /> that the Borrower applies funds from this account to repayment of he loan, the Borrower <br /> shall replenish the account within ninety (90) days of withdrawal II f the funds. The debt <br /> service reserve account or fund requirement is in effect until the loan I's paid in full. <br /> E. Additional Debts or Bonds. The Borrower shall not issue any inde•tedness payable from <br /> the Pledged Revenues or have a lien thereon which is superior to the lien of this loan. The <br /> Borrower may issue parity debt only with the prior written approval •f the CWCB,provided <br /> that: <br /> i. The Borrower is currently and at the time of the issuance of the p: ity debt in substantial <br /> compliance with all of the obligations of this Contract, includ ng, but not limited to, <br /> being current on the annual payments due under this Contract and in the accumulation <br /> of all amounts then required to be accumulated in the Borrower's debt service reserve <br /> fund; <br /> ii. The Borrower provides to the CWCB a Parity Certificate from an independent certified <br /> public accountant certifying that, based on an analysis of the Borrower's revenues, for <br /> twelve(12)consecutive months out of the eighteen(18)months immediately preceding <br /> the date of issuance of such parity debt, the Borrower's revenues are sufficient to pay <br /> its annual operating and maintenance expenses, annual debt service on all outstanding <br /> indebtedness having a lien on the Pledged Revenues, including this loan, the annual <br /> debt service on the proposed indebtedness to be issued, and all quired deposits to any <br /> reserve funds required by this Contract or by the lender(s) of y indebtedness having <br /> a lien on the Pledged Revenues. The analysis of revenues hall be based on the <br /> Borrower's current rate structure or the rate structure most rec ntly adopted. No more <br /> than ten percent(10%)of total revenues may originate from tap d/or connection fees; <br /> iii. The Borrower acknowledges and understands that any requ st for approval of the <br /> issuance of additional debt must be reviewed and approved by the CWCB prior to the <br /> issuance of any additional debt. <br /> F. Annual Statement of Debt Coverage. Each year during the term of this Contract, the <br /> Borrower shall promptly submit, to CWCB, a copy of the annual udit report of an audit <br /> performed on Borrower's records that relates to this Contract or the roject. <br /> G. Pledged Revenues During Loan Repayment. The Borrower shall of sell, convey, assign, <br /> grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the Pledged Revenues, <br /> so long as any of the principal, accrued interest, and late charges, if y, on this loan remain <br /> unpaid, without the prior written concurrence of the CWCB. <br /> 12. RELEASE AFTER LOAN IS REPAID <br /> Upon complete repayment to the CWCB of the entire principal, all accrued interest, and late <br /> charges, if any, as specified in the Promissory Note, the CWCB agrees to release and terminate <br /> any and all of the CWCB's right,title, and interest in and to the Pledged Revenues. <br /> Contract Number:CT2019-2792 Page 9 of 19 Version 0119 <br />
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