Laserfiche WebLink
<br />. ~5/30/97 15:59 <br /> <br />I' <br /> <br />.lI"'tomIfIAdlnilIDtlil~ <br />Anthmy W: WiJIlIm5 <br />Ben1:IrC. HaImes <br />JD.Soodgr.u:, <br />Wi~iam D. Plilkken <br />IliMIJ. Tu,",,' <br />Malk A. Hllrmtl'ld&lad. <br />Susan M. CcD <br />M:1rkE.HamMton <br />Kimen M. Kuratll <br /> <br />'.u..aAdrriaedInI..!Wl <br /> <br />COURTHOUSE PlAce BUILDING <br />200 N. em Sltllm - PO Sex 338 <br />GlandJLfldlon.CoIoradaB15O;!-C:338 <br />Phono97Q1242-6:1I'iZ <br />Fu 1I7OiZ41.3026 <br /> <br />MOAB OffiCE <br />IU east Gmn:t AVI!InUlil <br />.\bab,UIlh84532-2S30 <br />Prlonaam~9"'381 <br /> <br />'If <br /> <br />IaJ 0021003 <br /> <br />'-.-.--.- <br /> <br />WilLIAMS, TURNER & HOLMES, P.C. <br />ATTORNEYS AT LAW <br /> <br />May 30, 1997 <br /> <br />Linda Bassi VIA FAX - 303-866-3558 <br />Office ofthe Attorney General <br /> <br />Re: CWCB Contracts with Ute Water Conservancy District <br />Contract Encumbrance No. C 153670 <br /> <br />'. Dear Linda: <br /> <br />This letter will confirm our telephone cOllVersation of this afternoon. As you <br />are aware, we represent the Ute WlIter Conservancy District and its enterprise, the <br />Ute Water Activity Enterprise. Ute Water and its enterprise have several contracts <br />with CWCB, induding those covered by the above Contract Encumbrance Number. <br />The contracts covered by the above Contract Encumbrance Number contain pledges <br />of revenues by Ute Water's Enterprise to CWCB in an amount sufficient to pay the <br />amounts due to CWCB, subject only to the pledge of funds for repayment of Ute <br />Water's 1987 Water Revenue Refunding Bonds. <br /> <br />Ute Water's 1987 Water Revenue Refunding Bonds were issued in 1987 in <br />an aggregate principalarnount ofS16,180,000. In 1995, Ute Water and its Enterprise <br />advance refunded a portion of these bonds. Ute Water and its Enterprise are now <br />proposing to advance refund an additional portion of the 1987 bonds. The ponion <br />proposed to be advance refunded at this time equals $5,510,000. This 1997 refunding <br />is being done to take advantage of lower interest rates and to realize debt seIVice <br />savings, and no additional obligations are being created as a result of the advance <br />refunding. TIlese 1997 bonds will be secured by revenues of the District and will have <br />a first lien on revenues of the District on a parity with the 1995 bonds. Bond counsel <br />for the issuance of the 1997 bonds, Fred Marlenthal ofKutak Rock, will have a copy <br />of the Preliminary Official Statemellt delivered to you shortly. That Preliminary <br />Official Statement will explain the refunding plan for the 1997 bonds. <br /> <br />Prior to issuing the 1997 bonds, we want to make sure that tl1e issuance of <br />those bonds does not violate the tenns of the above referenced contracts between Ute <br />Water and its Enterprise and CWCB, or any of the other existing contracts between <br />CWCB and Ute Water, We believe that the 1997 bond issuance will not conflict with <br />or constitute a breach of or a defalllt under the above referenced contracts with <br />CWCB, or any of the other contracts Ute Water has with CWCB. <br /> <br />Ute Water and its Enterprise intend to issue the 1997 bonds On approximately <br />June 11, 1997. 1 would appreciate it if you could confinn to me, in writing, that the <br /> <br />Attachment 1 to Contract No. C153670 <br />