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<br />,~~, <br /> <br />......1 <br />\ <br />, <br /> <br />referred to as the AUTHORIZED LOAN AMOUNT, from the Perpetual Base Account of the <br />Severance Tax Trust Fund for financing PROJECT costs. <br /> <br />G. In the ORIGINAL CONTRACT, the BORROWER pledged water system revenues in an <br />amount sufficient to pay the annual loan payment required by the ORIGINAL CONTRACT, <br />sUbject only to a pledge of funds to repay its Water Revenue Refunding Bonds, Series <br />1995 and Series 1997, and to repay existing loans from the STATE. <br /> <br />H. On May 17, 2000, the District, acting by and through the BORROWER, issued the Ute <br />Water Conservancy District Water Revenue Bonds Series 2000 ("Ute Series 2000 <br />Bonds") in the amount of $17,095,000. On that same date, the STATE executed a <br />Consent to Additional Parity Bonds, which is incorporated herein by reference, by <br />which the STATE consented to the issuance of the Ute Series 2000 Bonds with a lien <br />on the net revenues of the District's water system that is on a parity with the lien of the <br />ORIGINAL CONTRACT. <br /> <br />I. The STATE and the BORROWER have agreed to amend this contract to increase the <br />amount of the loan by $10,000,000, for a total loan amount of up to $17,000,000, <br />which may be used to finance up to 50% of the total PROJECT costs, and to document <br />the issuance of the Ute Series 2000 Bonds with a lien on the net revenues of the <br />District's water system that is on a parity with the lien of the ORIGINAL CONTRACT. <br /> <br />NOW THEREFORE, it is hereby agreed that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the <br />payments that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, <br />and the promises and agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to <br />the ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br /> <br />3. The DISTRICT and the BORROWER warrant that their respective boards of <br />directors have complied with all applicable law and duly adopted resolutions that <br />constitute legislative measures of the DISTRICT and the BORROWER and are irrepealable <br />for the term of this loan contract, authorizing: <br /> <br />a. the DISTRICT and the BORROWER to enter into this contract amendment to <br />borrow the additional $10,000,000, <br /> <br />b. the BORROWER to establish and collect water user charges, rates and fees <br />(water system revenues) sufficient to pay the annual loan payments, <br /> <br />c. the BORROWER to make annual loan payments in accordance with the <br />promissory note, <br /> <br />d. the BORROWER to pledge water system revenues to repay this loan, and to <br />execute a Security Agreement to convey a security interest to the STATE in the <br />pledged water system revenues, and <br /> <br />e. the BORROWER to set aside sufficient water system revenues each year to pay <br />the annual installment in a special account, separate and apart form other <br /> <br />Ute Water Conservancy District <br /> <br />Page 2 of 4 <br /> <br />Contract Amendment No.1 <br />