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C150016 Contract
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C150016 Contract
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Last modified
8/4/2011 9:39:45 AM
Creation date
10/6/2006 12:21:49 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150016
Contractor Name
Idaho Springs, City of
Contract Type
Loan
Water District
7
County
Clear Creek
Bill Number
HB 98-1189
Loan Projects - Doc Type
Contract Documents
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<br /> <br />(,'.'\ <br /> <br />7_ Authority To Contract. The BORROWER warrants that the City Council has complied with all <br />statutory and other legal requirements and duly passed ordinances that constitute legislative <br />measures of the BORROWER and are irrepealable for the term of this loan contract, <br />authorizing: <br /> <br />a. The BORROWER to enter into and comply with the terms of this contract and the <br />promissory note, and <br /> <br />b. The BORROWER to establish and collect water and sewer user charges, rates and fees in <br />amounts sufficient to repay the loan under the contract, and <br /> <br />c. The BORROWER to make annual payments in accordance with the promissory note, and <br /> <br />d. The BORROWER to pledge revenues from water and sewer user charges, rates, and fees <br />("pledged system revenues") to repay this loan and to execute a Security Agreement to <br />convey a security interest to the STATE in the pledged system revenues in accordance <br />with the Collateral provisions of this contract, and <br /> <br />e. The BORROWER to set aside sufficient system revenues each year to pay the annual <br />installment into a special account that also contains funds required for the Prior <br />Obligations, separate and apart from other revenues of the BORROWER, in accordance <br />with the Pledge of Revenues provisions of this contract. <br /> <br />Said ordinances are attached hereto as Appendix 1 and incorporated herein. <br /> <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the <br />BORROWER shall submit to the STATE a letter from Red Book Bond Counsel that the contract <br />will be duly executed by officers of the BORROWER who are duly elected or appointed and are <br />authorized to execute the contract and to bind the BORROWER; that the ordinances of the <br />BORROWER authorizing the execution and delivery of the contract were duly adopted by the <br />governing bodies of the BORROWER; that there are no provisions in the Colorado Constitution <br />or any other state or loca/law that prevent this contract from binding the BORROWER; and that <br />the contract will be valid and binding against the BORROWER if entered into by the STATE. <br /> <br />9. Promissory Note Provisions. , The Promissory Note setting forth the terms of repayment <br />and evidencing this loan in the amount of $955,000 at an interest rate of 5% per annum for a <br />term of 30 years is attached as Appendix 2 and incorporated herein. <br /> <br />b. Interest During Construction. As the loan funds are disbursed by the STATE to the <br />BORROWER during construction, interest shall accrue at the rate of 5% per annum. The <br />STATE shall calculate the amount of the interest accrued during construction and the <br />BORROWER shall repay that amount to the STATE either within ten (10) days after the date <br />the STATE determines that the PROJECT has been substantially completed, or, at the <br />STATE'S discretion, said interest shall be deducted from the final disbursement of loan <br />funds that the STATE makes to the BORROWER. <br /> <br />c. 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 <br />prepayment of the loan, which will result in the annual loan payment remaining the <br />same, and the time for repayment of the loan will be reduced. If the final loan amount <br /> <br />Page 5 of 14 <br />
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