C150016 Contract

• 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

CITY OF IDAHO SPRINGS
Clear Creek County, Colorado
Ordinance No. 02, Series 2002

AN ORDINANCE APPROVING AN AMENDMENT TO A PRIOR LOAN FROM THE
COLORADO WATER CONSERVATION BOARD TO INCREASE THE PRINCIPAL
AMOUNT OF SAID LOAN FROM $955,000 TO $1,165,000; AUTHORIZING THE
FORM AND EXECUTION OF THE LOAN CONTRACT AMENDMENT, A
PROMISSORY NOTE TO EVIDENCE SUCH LOAN AMENDMENT, AND AN
AMENDED SECURITY AGREEMENT IN CONNECTION THEREWITH;
PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH; AND
DECLARING AN EMERGENCY.

WHEREAS, the City of Idaho Springs, in the County of Clear Creek and State of
Colorado (the "City"), is a statutory City duly existing under the Constitution and laws of the
State of Colorado, more particularly Title 31, Colorado Revised Statutes ("C.R.S_ "); and

WHEREAS, the members of the City Council of the City (the "Council") have been duly
elected and qualified; and

WHEREAS, the Council has determined and does hereby determine that the City's joint
water and sewer system is an enterprise (the "Enterprise") within the meaning of Article X,
Section 20 of the Colorado Constitution and Section 37-45.1-103, C.R.S.; and

WHEREAS, the Council has heretofore determined that the interest of the City and the
public interest and necessity demand and require the acquisition, construction, and completion of
certain water facilities, at a cost originally estimated at approximately $1,100,000, including
design, engineering, legal, fmancing and administrative costs relating thereto, and any other costs
incidental thereto (the "Project"); and

WHEREAS, pursuant to the Loan Contract Number Cl50016 by and between the
Colorado Water Conservation Board ("CWCB") and the City, acting by and through the
Enterprise, the Enterprise received a loan in the amount of $955,000 (the "2000 Loan") from the
CWCB to fmance a portion of the Project; and

WHEREAS, the Council has determined that in order to finance the remainder of the
Project, it is necessary and advisable and in the best interests of the City, acting by and through
the Enterprise, to enter into an amendment to the 2000 Loan to increase the aggregate principal
amount of the 2000 Loan from $955,000 to $1,165,000 (the "Loan Amendment") in order to pay
increased and additional costs incurred to date and expected to be incurred to complete the
Project; and

WHEREAS, the City's repayment obligations under the Loan Amendment shall be
evidenced by a promissory note (the "Note") to be issued by the City to the CWCB; and

WHEREAS, pursuant to Section 31-35-402, C.R.S., the City is authorized to issue
revenue bonds payable solely from the revenues of the Enterprise; and

CAK\54722\4026, Attachment A to Contract C150016 Amendment No.1