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RESOtunON No. at) 12 <br />Resolution Approving An Amendment to Loan Contract C153347 <br />Between <br />The Town of Starkville <br />and <br />The Colorado Water Conservation Board <br />WHEREAS, the Town of Starkville is a Municipal Corporation within the State of Colorado: and <br />WHEREAS, the town of Starkville is the owner and operator of the water utility and sewer utility <br />(collectively defined as the "System "); and <br />WHEREAS, the System continues to be operated as a government owned business authorized to <br />increase fees and establish and collect assessments sufficient to pay the annual loan payments and to <br />pledge said System revenues for repayment of the loan and to execute; and <br />WHEREAS, at its September 2012 meeting the CWCB approved an amendment to the Original <br />Loan Contract which shall include accrued interest forgiveness up to $20,000 and amend the Original Loan <br />Contract to amortize the current principal balance of $141,065.50 with a loan term of thirty (30) years at zero (0) <br />percent interest rate. <br />THEREFORE, BE IT RESOLVED by the town of Starkville Board of Trustees as follows: <br />1. to enter into and comply with the terms of the loan amendment contract, and <br />2. to institute a facilities fee in an amount sufficient to pay the annual amounts due under the amended Loan <br />Contract, and to pledge assessment revenues and the Company's right to receive said revenues for repayment of <br />the loan, and <br />3. to place said pledged revenues in a special account separate and apart from other Company revenues, and <br />4. to make the annual payments required by the promissory note, and <br />S. to pledge the facilities fee as collateral for the loan and execute all documents, including an amended <br />security agreement and amended deed of trust, necessary to convey a security interest in said property to the <br />CWCB, and <br />6. to execute all documents as required by the loan amendment contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />7. to take such other actions and to execute such other documents as may be necessary to consummate and <br />implement the loan amendment <br />This Resolution shall take effect immediately upon its passage. ADOPTED AND APPROVED this day <br />of O c, 2012. <br />[SEAL] <br />TTEi <br />Signature <br />Name: )V ►` cr n l E <br />Title: Town Clerk <br />Date: 10 h :S-11 <br />Town of Starkville <br />By: C / • <br />Sijnature <br />Name <br />Title: Mayor <br />Date: /D / / <br />ATTACHMENT A <br />Page 1 of 1 <br />