Laserfiche WebLink
<br /> <br />WHEREAS, the Note, the Loan Amendment, and the amended security agreement <br />executed in connection with the Loan Amendment (the "Amended Security Agreement") <br />(collectively, the Note, the Loan Amendment, and the Amended Security Agreement shall be <br />referred to herein as the "Financing Documents ") shall be revenue obligations of the City, acting <br />by and through the Enterprise, payable solely from the net revenues of the Enterprise, which <br />obligation shall be on a parity with the City's: (1) Loan Agreement dated June I, 1996 with the <br />Colorado Water Resources and Power Development Authority ("CWRPDA"); (2), Loan <br />Agreement dated October 15, 1997 with CWRPDA; and (3) Loan Agreement dated January 30, <br />2002 with CWRPDA; and <br /> <br />WHEREAS, the Council hereby determines to use the proceeds of the Loan Amendment <br />to effect the completion of the Project; and <br /> <br />WHEREAS, there have been presented to the, Council the forms of the Financing <br />Documents; and <br /> <br />WHEREAS, the Council desires to approve the forms of the Financing Documents and <br />authorize the execution thereof; and <br /> <br />WHEREAS, pursuant to Section 31-11-105, C.R.S., the Council may pass an emergency <br />ordinance. <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF IDAHO SPRINGS, COLORADO: <br /> <br />Section 1. Approvals, Authorizations, and Amendments. The forms of the <br />Financing Documents presented at this meeting are incorporated herein by reference and are <br />hereby approved. The City, acting by and through the Enterprise, shall enter into an9-yerform its <br />obligations under the Financing Documents in the--forms of such documents, with such changes <br />as are not inconsistent herewith. The Mayor and City Clerk are hereby authorized and directed to <br />execute the Financing Documents and to affIX the seal of the City thereto, and further to execute <br />and authenticate such other documents or certificates as are deemed necessary or desirable in <br />connection therewith. The Financing Documents shall be executed in substantially the forms <br />approved at this meeting, with such changes as are hereafter approved by the City Administrator <br />or the Mayor. The execution of any instrument or certificate or other document in connection <br />with the matters referred to herein by the Mayor and City Clerk or by other appropriate officers <br />of the City, shall be conclusive evidence of the approval by the City of such instrument. <br /> <br />Section 2. Loan Details. The Loan Amendment shall be in the principal amount of <br />not to exceed $210,000 (bringing the total principal amount of the 2000 Loan and the Loan <br />Amendment to an amount not to exceed $1,165,000), shall bear interest at a net effective interest <br />rate not to exceed 5.50% per annum, and shall have a maxirnum maturity of not to exceed thirty <br />(30) years from the date the CWCB determines that the Project is substantially complete, as <br />provided in the Loan Amendment, and shall be payable in the time and manner, and shall be <br />subject to prepayment, as set forth in the Financing Documents. The City shall execute and <br />deliver to the CWCB the Note pursuant to the Loan Amendment as evidence of the Loan <br /> <br />CAK\54722\402612,02 <br /> <br />-2- <br />