Laserfiche WebLink
1 _ , ..- <br />APPENDIX C <br />RESOLUTION <br />WHEREAS, the Board of Directors of the Conejos Water <br />ConseYVancy District (the "District") and the Board of Directors of <br />the Platoro Reservoir Enterprise (the "Enterprise") have determined <br />and hereby determine that the interests of the District and the <br />Enterprise and the public interest and necessity demand the making <br />of a contract with the State of Colorado, Department of Natural <br />Resources (Colorado Water Conservation Board) to borrow money to <br />repay the United States the construction costs for Platoro Dam and <br />Reservoir; and <br />WHEREAS, it is not necessary to submit to the qualified <br />electors of the District the question of incurring such obligation <br />because it shall be repayable solely from revenues derived from <br />payment of water user fees and charaes made with respect to <br />contracts for storage and delivery of waters from Platoro:Reservoir <br />pursuant to Article 45 of Title 37, C.R:S.; and <br />WHEREAS, said obligation shall be payable solely from the <br />revenues pledged to the repayment thereof, and shall not constitute <br />a debt of the District within the meaning of any constitutional or <br />statutory limitations; and <br />WHEREAS, the .$oards of Directors of the District and the <br />Enterprise have determined and hereby determine that the interest <br />of the District and the Enterprise, and the public interest and <br />necessity demand that provision be made for paying the cost of <br />constructing the Platoro Dam and Reservoir and related water works <br />and facilities and obtaining the sole right to operate, maintain <br />and replace said water works and facilities, as permitted by <br />�§37-45-118, 37-45-139 and 37-45.1-104, C.R.S., and the Reclamation <br />Projects Authorization and Adjustment Act of 1992, Public Law <br />102-575; and <br />WHEREAS, tne estimated repayment cost of construction is <br />$450,000. The principal amount.o£ the obligation to be incurred <br />for such purpose shall not exceed $350, 000 and the maximum net <br />effective interest rate to be paid on such obligation shall not <br />exceed So per annum; and <br />WHEREAS, the District entered into a computer modelling <br />contract with the Colorado Water Conservation Board dated May 21, <br />1592 fur the loan of the principal amount of $SO,G00 fcr <br />preparation of an operational model for Platoro Dam and Reservoir, <br />and the District and the Enterprise desire to have 'said $50,000 <br />repaid pursuant to the terms applicable to the loan for $350,000 <br />described above, for a total principal amount of $400,000, with a <br />maximum net effective interest rate to be paid on su^h total <br />obligation not to exceed 5°s per annum; and <br />