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<br />~S/30/97 1S:S9 <br /> <br />"'.UlIrIIIfIAlIInilIotIillf:oiJra4D <br /> <br />Anrtll:ny W: Wiliams <br />Berndt C. Holm," <br />J, D. Snodll1ilG <br />WiUiam O. Prakken <br />Cavil J. Tum&!" <br />M;lkA.HBrrnttDilado <br />5_ M. CorIo <br />Mark E, Hamilton <br />KirufenM.KUrath <br /> <br />"AkcAdm!tldllllJl.t1 <br /> <br />COUIlTHOUSE PUCE aU'OING <br />~oo N, 8m Slrllllt- PDBox 338 <br />Gri1lldJ~on,CoIoradoelS02-0J3S <br />PflOtlo970f2il2-G:!!i2 <br />FSI97M41-302S <br /> <br />MOAB OFFICE <br />IUEaslGrarrlAvllni,D <br />Moab,Ul8n845:32-2!l3O <br />PtIonll901I2S!l-43B1 <br /> <br />'a' <br /> <br />141 002/003 <br /> <br />'-'-.-,.- <br /> <br />WILLIAMS, TURNER & HOLMES, p.e. <br />ATIORNEYS AT LAW <br /> <br />May 30, 1997 <br /> <br />Linda Bassi VIA FAX - 303-866-3558 <br />Office ofthe Attorney General <br /> <br />Re: CWCB Contracts with Ute Water Conservancy District <br />Contract Encumbral1ce No. Cl53670 <br /> <br />. . Dear Linda: <br /> <br />1bis letter will confirm our telephone conversation of this afteI1loon. As you <br />are aware, we represent the Ute Water Conservancy District and its enterprise, the <br />Ule Water Activity Enterprise. Ute: Water and its enterprise have several contracts <br />with CWCB, including those covered by the above Contract Encumbrance: Number. <br />The contracts covered by the above Contract Encumbrance Number cOntain pledges <br />of revenues by Ute Water's Enterprise to CWCB in an amount sufficient to pay the <br />amounts due to CWCB, subject only to the pledge of funds for repllyment of Ute <br />Water's 1987 Water Revenue Refiulding Bonds. <br /> <br />Ute Water's 1987 Water Revenue Refunding Bonds were isSlled in 1987 in <br />an aggregate principal amount of$16, 180,000. In 1995, Ute Water and its EntelJlrise <br />advance refunded a portion of these bonds. Ute Water and its EnteJ'Prise are now <br />proposing to advance refund an additional portion of the 1987 bonds. The ponion <br />proposed to be advance refunded at t:l1is time equals $5,510,000. This 1997 refunding <br />is being done to take advantage of lower interest rates and to realize debt service <br />sa1fings, and no additional obligations are being created as a result of the advance <br />refUnding. Il1ese 1997 bonds will be ~ by revenues of the District and will have <br />a flrSllien on revenues of the District on a parity with the 1995 bonds. Bond counsel <br />for the issuance of the 1997 bonds, Fred Marienthal ofKutak Rock, will have a copy <br />of the Preliminary Official Statement delivered to you shortly. Thllt Preliminary <br />Official Statement will explain the refunding plan for the 1997 bonds. <br /> <br />Prior to issuing the 1997 bonds, we want to make sure that the issuance of <br />those bonds does not violate the tentlS of the above referenced contracts between Ute <br />Water and its Enterprise and CWCB, or any of the other existing contracts between <br />CWCB and Ute Water. We believe tl1at the 1997 bond issuance will not conflict with <br />or constitute a breach of or a default under the above referenced contracts with <br />CWCB, or any of the other contracts Ute Water has with CWCB. <br /> <br />Ute Water and its Enterprise irttend to issue the 1997 bonds on approximately <br />June II, 1997. I would appreciate it if you could confinn to me, in writing, that the <br /> <br />Attachment 1 to Contract No. C153670 <br />