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<br />~ <br /> <br />. . <br /> <br />GRIMSHAW & HARRING <br />A PROFESSIONAL CORPORATION <br />ATTORNEYS AT LAW <br />SUITE 3800 <br />ONE NORWEST CENTER <br />1700 LINCOLN STREET <br />DENVER. COLORADO 80203-4538 <br /> <br />, ~_"'__""'f""'---;;';;:;;-1-:O-..J""1.-1 <br />11 f'l~j I! i i: <br />: :_"::"':"'~_~.~;~r_~,p ,__-.1 <br />;"QC l'~' L/l/il. <br />)-....,. ~ <br />.-....----.\" I " <br />: ABC i I I II <br />~,_____ I <br />· F I <br />I <br />L <br />E <br /> <br />TELEPHONE (303) 839-3800 <br />TELECOPIER (303) 839-3838 <br /> <br /> <br />October 18, 1993 <br /> <br />Mr. Chuck Lile <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />Re: Project Contract and Promissory Note, dated October 23, 1993, <br />between the Colorado Water Conservation Board and the ~n of <br />Ignacio, Colorado <br /> <br />I <br /> <br />, <br />. <br /> <br />Dear Mr. Lile: <br /> <br />Grimshaw and Harring, P. C. , represents the Town of <br />Ignacio, Colorado, with respect to a proposed refunding of the <br />Town's Sales Tax Revenue Refunding Bonds, Series 1986 (the <br />"Outstanding Bonds"). Mr. Bill Stanton suggested that I write this <br />letter to you to explain the problem the Town has encountered with <br />its proposed refunding bond issue and the request the Town would <br />like to make to the Colorado Water Conservation Board (the "Board") <br />in order to solve this problem. <br /> <br />In the course of preparing the Preliminary Official <br />Statement for the Town's new refunding bond issue, we discovered <br />the Project Contract and Promissory Note, dated October 23, 1992, <br />between Board and the Town (the "Contract"). This Contract related <br />to the financing by the Board of an outside irrigation system for <br />the Town. <br /> <br />The Contract provided that the Town would pledge its <br />sales tax revenue by Ordinance (attached as Exhibit A to the <br />Contract) to repay the loan to the Board. The relevant language in <br />Ordinance No. 133 of the Town pledging such sales tax is as <br />follows: <br /> <br />4. The Town has previously pledged a portion of the Town's <br />Sales tax revenues in Ordinance No. 103 for the payment <br />of the Town's Paving Bonds. The Board of Trustees hereby <br />pledges the amount of $10,500.00 from the Town's 2% sales <br />