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PROJC00816
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PROJC00816
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Last modified
4/26/2011 10:12:17 AM
Creation date
10/6/2006 12:14:20 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150026
Contractor Name
Ute Water Conservancy District
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
SB 99-173
Loan Projects - Doc Type
Contract Documents
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<br />_.~. <br /> <br />a. The DISTRICT and the BORROWER to enter into and comply with the applicable terms of this <br />contract and the BORROWER to enter into and comply with the terms of the Promissory <br />Note; and <br /> <br />b. The BORROWER to establish and collect water user charges, rates and fees in amounts <br />sufficient to repay the loan; and <br /> <br />c. The BORROWER to make annual loan payments in accordance with the promissory note; <br />and <br /> <br />d. The BORROWER to pledge revenues from water user charges, rates and fees ("water <br />system revenues") to repay this loan and to execute a Security Agreement to convey a <br />security interest to the STATE in the pledged water system revenues; and <br /> <br />e. The BORROWER to set aside sufficient water system revenues each year to pay the annual <br />installment in a special account, separate and apart from other revenues of the BORROWER, <br />in accordance with the Pledge of Revenues provisions of this contract. <br /> <br />Said resolutions are attached hereto as Appendix A and incorporated herein. <br /> <br />8. Attorney's opinion letter. Prior to the execution of this contract by the STATE, the DISTRICT and <br />the BORROWER shall submit to the STATE an opinion from its counsel that the contract will be duly <br />executed by officers of the DISTRICT and BORROWER who are duly elected or appointed and are <br />authorized to execute the contract and to bind the DISTRICT and BORROWER; that the resolutions <br />of the DISTRICT and BORROWER authorizing the execution and delivery of the contract were duly <br />adopted by the governing bodies of the DISTRICT and BORROWER; that there are no provisions in <br />the Colorado Constitution or any other state or local law that prevent this contract from binding <br />the DISTRICT and BORROWER; and that the contract will be valid and binding against the DISTRICT <br />and BORROWER if entered into by the STATE. <br /> <br />9. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment and <br />evidencing this debt in the amount of up to $7,000,000 from the Severance Tax Trust Fund <br />Perpetual Base Account at an interest rate of 4.75% per annum for a term of thirty (30) years is <br />attached as Appendix B and incorporated herein. <br /> <br />a. Final Loan Amount. In the event that the final loan amount is at least 90% of the <br />AUTHORIZED LOAN AMOUNT, the STATE shall apply the remaining loan funds to reduce the <br />final loan amount and the annual loan payment shall remain the same. If the final loan <br />amount is less than 90% AUTHORIZED LOAN AMOUNT, the State may apply those funds to <br />reduce the final loan amount with the BORROWER'S consent, or the STATE and the <br />BORROWER shall execute a REVISION LETTER, attached hereto as Appendix C and <br />incorporated herein, which will establish the final loan amount and amend or replace the <br />loan documents that reflect the final loan amount, including the Promissory Note, the <br />Security Agreement and the Deed of Trust. <br /> <br />b. Interest During Construction. As the loan funds are disbursed by the STATE to the <br />BORROWER during PROJECT completion, interest shall accrue at the rate of 4.75% per <br />annum. The STATE shall calculate the amount of the interest accrued during PROJECT <br />completion and shall bill the BORROWER annually from the date of first disbursement and <br />upon completion of the PROJECT. The BORROWER shall pay the interest during construction <br />within ten (10) days after receipt of said bill. <br /> <br />10. Warranties. The DISTRICT and the BORROWER warrant the following: <br /> <br />Ute Water Activity Enterprise and <br />Ute Water Conservancy District <br /> <br />Page 5 of 13 <br />
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