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Under the Stipulation, the Funding Parties have agreed that the $1.5 million (2000 dollars) will be
<br />paid to the District, as follows:
<br />5.1 B1aclcHawlc,CentralandtheCottnty:66.67percent,not toexceed$lmillion
<br />(2000 dollvs) to be allocated among them under this Intergovernmental Agreement; Tlromton,
<br />Westminster, and the Coors Brewing Company: a total of 33.33 percent, not to exceed $500,000
<br />(2000 dollars) to be allocated among them as they determine by a separate agreement. Under the
<br />Stipulation, other entities may become party to either or both funding agreements. However, no
<br />other entities shall become a party to this Intergovernmental Agreement.
<br />5.2 The sumof$1,500,000(2DOOdollats)shallbep]acedinescrowbyDecember
<br />31, 2000 with a United States chartered bank selected by the District, which bank shall be an eligible
<br />depository as defined in thePublicDepositProtectionAct,C.R.S. § 11-10.5-106andslrall otherwise
<br />meet the requirements of said Act, pursuant to an escrow agreement providing: (1) that the escrowed
<br />funds shall be used and drawn upon by the District solely to defray the design and constriction cost
<br />of the TWT for the New Plant; (2) that escrowed funds (including interest thereon) that exceed the
<br />actual design and constriction cost of the TWT for the New Plant (as determined upon completion
<br />of constmction of the New Plant) shall be returned to the parties pro rata to their original
<br />contribution offunds. The District will establish the escrow account by June 1, 2000•and the parties
<br />will sign an escrow agreement. The District will use its best efforts to maximize the interest earned
<br />on the escrow account. The Funding Parties have agreed inthe Stipulation that instead of escrowing
<br />their share of the additional design and construction costs, Black Hawk and/or Central City and/or
<br />Gilpin County may enter into a funding agreement with the District foi their share, which ftmding
<br />agreement shall be binding, valid and enforceable under Colo. Const. Art. X ~ 20, and shall be
<br />subject to an election to ensure the enforceability ofthe funding agreement, which election shall be
<br />held in November, 2000, as provided by Colo. Const. Art. X § 20, and, if any election on such
<br />funding agreement is thereupon defeated, then the required escrow payment shall be made by the
<br />pariyholdingthe election no later thanDecember3l, 2000. However, forpurposes ofthis agreement
<br />the parties have agreed to provide funds as follows:
<br />5.2.1 Black Hawk, Central, and the County agree that the 66.67% share, not to
<br />exceed $1,000,000 (2000 dollars), described inparagraph 5.1, above, shallbe
<br />split on the following basis in 2000 dollars: 17 acre-feet of effluent for the
<br />Cotmty, 575 acre-feet of effluent for BJack Hawic, and 825.1 acre-feet of
<br />effluent for Central. Based on these acre-foot numbers, Central's percentage
<br />is 58 percent, Black Hawk's percentage is 41 percent, and the County's
<br />percentage is 1 percent of the $1,000,000 (in 2000 dollars) (or less) joint
<br />obligation.
<br />5.2.2 Central, B lack Hawk, and the County shall fiord their respective shares of the
<br />$1 million, or lesser amount, under the Stipulation, in the following manner:
<br />5.2.2.1 The County shall fund its shaze by cash payment into t]te escrow
<br />account described in paragraph 5.2, above, by November I5, 2000.
<br />5.2.2.2 Blaclc hawk bas determined not to fund its obligation over time as
<br />allowed by paragraph 5 ~, above, but to pay cash. Black Hawk
<br />shall fiord its share underparagraph 5.2.1, above, in cash paid in the
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