HomeMy Public PortalAboutResolution 04-03 Promissory Note to DEQM� f±
RESOLUTION NO. 04-03
A RESOLUTION OF THE CITY OF MCCALL, IDAHO, AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND DELIVERY OF A SUBORDINATE
LIEN PROMISSORY NOTE TO THE STATE OF IDAHO DEPARTMENT OF
ENVIRONMENTAL QUALITY, IN THE PRINCIPAL AMOUNT OF
$5,908,755.11, AS EVIDENCE OF A LOAN INDEBTEDNESS INCURRED
BY THE CITY FROM THE DRINKING WATER LOAN ACCOUNT OF THE
STATE FOR THE PURPOSE OF PAYING THE COST OF DOMESTIC WATER
TREATMENT SYSTEM IMPROVEMENTS; PROVIDING FOR THE ISSUANCE,
FORM, EXECUTION, REGISTRATION, MATURITY, AND PAYMENT OF THE
NOTE; ESTABLISHING FUNDS AND ACCOUNTS; PROVIDING COVENANTS
RELATING TO THE NOTE AND THE TAX-EXEMPT STATUS OF THE
INTEREST ON THE NOTE; PROVIDING FOR RELATED MATTERS; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of McCall, Valley County, Idaho (the
"City"), is a municipal corporation duly organized and
operating under and pursuant to the laws of the State of
Idaho; and
WHEREAS, the City presently owns and operates, and has
for many years owned and operated, a municipal domestic
water supply, treatment, and distribution system for the
benefit of the residents of the City; and
WHEREAS, the Mayor and Council of the City heretofore
determined that the acquisition and construction of certain
improvements to the existing domestic water treatment
facilities of the City, consisting generally of a
gravity/sand filtration facility, together with related
improvements and costs, were necessary for the continued
efficient operation of the domestic water system and in
order to continue to operate its domestic water system in
accordance with state and federal environmental standards
for the public health, safety, and welfare, and, in order
to finance the cost of such improvements, the City made
application to the State of Idaho Department of
Environmental Quality (the "State") for a loan under the
State's Drinking Water Revolving Loan Program in the amount
of not to exceed $8,000,000 which loan application was
approved by the State; and
WHEREAS, the Mayor and Council further determined that
the indebtedness to be incurred thereby was an ordinary and
necessary expense of the City within the meaning of Article
8, Section 3, Idaho Constitution, for which no approval of
the electors of the City was necessary; and
WHEREAS, The City caused to be filed, in the District
Court of the Fourth Judicial District of the State of
Idaho, in and for the County of Valley (the "District
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Court") a Petition for Judicial Confirmation pursuant to
Title 7, Chapter 13, Idaho Code, seeking a judicial
determination and declaration of the validity of the City's
incurring of an indebtedness and issuing its promissory
note as evidence thereof for the purpose of financing the
cost of the improvements; and
WHEREAS, on March 23, 2001, the District Court, in
Case No. SPO1-19C, entered its Memorandum of Findings of
Fact, Conclusions of Law, and Judgment (the "Judicial
Confirmation Order") ordering, adjudging, and decreeing
that (1) the loan agreement with the State constitutes a
valid "ordinary and necessary expense" of the City within
the meaning of Article 8, Section 3, of the Idaho
Constitution, for which no approval of the City's electors
is required; (2) the loan agreement, promissory note, or
other evidence of indebtedness, when duly executed and
delivered, will constitute valid and enforceable special
obligations of the City, enforceable in accordance with
their terms, and (3) the City may pledge its domestic water
system revenues to the payment thereof; and
WHEREAS, pursuant to the Judicial Confirmation Order,
the City and the State entered into the loan agreement, the
City has constructed and installed the improvements, and
the City now desires to issue its promissory note (the
"Note") in the principal amount of $5,908,755.11 to the
State in accordance with the loan agreement and Judicial
Confirmation Order; and
WHEREAS, the City has outstanding its Water Revenue
Refunding Bonds, Series 2003, issued on July 15, 2003, in
the principal amount of $5,630,000 (the "Series 2003
Bonds"), which are payable from the net revenues of the
City's water system, and the State has agreed that the Note
may be secured by a pledge of net revenues subordinate to
that of the Series 2003 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MCCALL, Valley County, Idaho, as follows:
Section 1: DEFINITIONS
As used in this Resolution, the following terms shall
have the following meanings.
City means the City of McCall, Valley County, Idaho.
City Clerk or Clerk means the Clerk of the City, or
other officer of the City who is the custodian of the
records, seal, and proceedings of the City.
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Cost of Project means all or any part designated by
the Council of the cost acquisition, construction, and
installation of the domestic water improvement Project.
Council means the City Council of the City.
Mayor means the Mayor of the City, including his/her
successor in functions, if any.
Net Revenues means the Revenue of the System after the
deduction of Operation and Maintenance Expenses.
Note means the Subordinate Lien Drinking Water
Revolving Loan Account Promissory Note of the City in the
initial principal amount of $5,908,755.11, authorized by
this Resolution.
Note Payment Fund means the fund created by Section 9
of this Resolution for the payment of the principal of and
interest on the Note.
Note Registrar means the registrar and paying agent
appointed and designated in Section 5 of this Resolution.
Operation and Maintenance Expenses or any phrase of
similar import means all reasonable and necessary current
expenses of the City, paid or accrued, of operating,
maintaining, and repairing the System or of levying,
collecting, and otherwise administering the Net Revenues
for the payment of the Note; and the term includes (except
as limited by contract or otherwise limited by law) without
limiting the generality of the foregoing:
(1) Engineering, auditing, reporting, legal, and
other overhead expenses of the various City
departments directly relating and reasonably allocable
to the administration of the System;
(2) Fidelity bonds and property and liability
insurance premiums pertaining to the System, or a
reasonably allocable share of a premium of any blanket
bond or policy pertaining thereto;
(3) Payments to pension, retirement, health, and
hospitalization funds and other insurance;
(4) Any taxes, assessments, excise taxes, or
other charges which may be lawfully imposed on the
City, the System, revenues therefrom, or any privilege
in connection with their operation;
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(5) The reasonable charges of the bond
registrar, fiscal or paying agent, commercial bank,
trust bank, or other depository bank pertaining to the
Note issued by the City or pertaining to the Project,
if any;
(6) Contractual services, professional services,
salaries, other administrative expenses, and the cost
of materials, supplies, repairs, and labor, pertaining
to the issuance of the Note and to the ordinary
operation of the System; and
(7) All other administrative, general, and
commercial expenses.
Project means the domestic water system improvement
project described in Section 2 of this Resolution.
Registered Owner means the purchaser of the Note and
any subsequent transferee of the Note.
Reserve Fund means the Reserve Fund created by Section
10 of this Resolution.
Resolution means this Resolution No. 04-03, adopted on
April 8, 2004.
Revenue of the System shall have the meaning assigned
that term by Ordinance No. 779 of the City, adopted on June
26, 2003.
Revenue Fund means the "City of McCall Water Revenue
Fund" created by Ordinance No. 669 of the City, adopted on
August 25, 1994.
Series 2003 Bonds means the Water Revenue Refunding
Bonds, Series 2003, of the City, issued in the initial
principal amount of $5,630,000 pursuant to Ordinance No.
779, adopted on June 26, 2003.
State, for purposes of this Resolution, means the
State of Idaho Department of Environmental Quality.
System for purposes of this Resolution, means the
domestic water supply and distribution system of the City,
as the same now exists, including its assets, real and
personal, tangible and intangible, and as it may later be
added to, extended, and improved, and shall include
buildings, structures, utilities, or other income producing
water facilities from the operation of or in connection
with which the revenues of the payment of the Bond to be
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issued hereunder will be derived, and the lands pertaining
thereto.
Section 2: THE PROJECT
The domestic water improvement project consists of the
acquisition, construction, and installation of improvements
and betterments to the City's domestic water treatment
facilities, consisting generally of a gravity/sand
filtration facility, together with related improvements and
costs (the "Project"). $5,908,755.11 of the Costs of the
Project shall be paid from the proceeds of the Note.
Section 3: THE NOTE
The Note shall be substantially in the form annexed
hereto as Exhibit "A"; shall be issued to the State of
Idaho Department of Environmental Quality (the "State"), as
Registered Owner; shall be in the principal amount of
5,908,755.11; shall be dated as of its date of delivery,
shall mature twenty (20) years from its date, and shall,
with written permission of the Registered Owner be subject
to prepayment, in whole or in part, without penalty, on any
date; and shall bear interest at the rate of two percent
(2.0%) per annum on the unpaid principal balance from its
date of issuance. Principal of and interest on the Note
shall be payable in semi-annual installments of
$179,954.67, commencing on October 15, 2004, and continuing
on each April 15 and October 15 thereafter until the Note
is paid in full.
Section 4: EXECUTION OF NOTE
The Note shall be executed in the name of the City by
the manual signature of the Mayor and attested by the
manual signature of the City Clerk, and the seal of the
City shall be impressed thereon.
Section 5: REGISTRATION OF NOTE
The Note shall be registered in the name of the State
as the Registered Owner, both as to principal and as to
interest, with the City Treasurer, who is hereby designated
as registrar and paying agent with respect to the Note, and
any transfer must likewise be registered.
Section 6: PAYMENT
The Note shall be payable in lawful money of the
United States of America to the Registered Owner thereof at
the address of such Registered Owner as shown in the
registration books of the City.
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Section 7: PLEDGE OF NET REVENUES
The Net Revenues of the System are hereby pledged for
the payment of the Note, subordinate to the charge and lien
of the Series 2003 Bonds, and shall be used and applied in
the order of priority provided in Section 8 of this
Resolution.
Section 8: THE REVENUE FUND
There has heretofore been created a special fund,
designated the "City of McCall Water Revenue Fund" (the
"Revenue Fund"), which shall be maintained by the Treasurer
and into which the Revenue of the System shall be deposited
immediately upon its receipt.
A. Use of Revenues. The Revenue of the System shall
be used for the payment of the following obligations in the
following order of priority:
(1) First Charge and Lien: The costs of
Operation and Maintenance Expenses.
(2) Second Charge and Lien: the principal of and
interest on the Series 2003 Bonds, and to maintain the
Reserve Fund for the Series 2003 Bonds, as provided in
Ordinance No. 779.
(3) Third Charge and Lien: The principal of and
interest on the Note by payment into the Note Payment
Fund, as provided in Section 9 of this Resolution.
(4) Fourth Charge and Lien: To maintain the
Reserve Fund created by Section 10 of this Resolution;
and
(5) To administer surplus funds.
B. Interest Earnings. Interest earnings on deposits
in the Water Revenue Fund shall remain in and be used for
the purposes of the Water Revenue Fund.
C. Surplus Funds. Funds remaining in the Revenue
Fund after having been applied for the purposes provided in
this section shall constitute surplus funds and may be used
for any lawful purposes of the City.
Section 9: NOTE PAYMENT FUND
There is hereby created a special fund designated the
"City of McCall Water System Note Payment Fund" (the "Note
Payment Fund"), which shall be maintained by the Treasurer
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and into which shall be deposited, from the Net Revenues of
the System, not less than two (2) days before each payment
date, the amounts required by this Resolution to make the
semiannual payments of principal of and interest on the
Note. If for any reason the City does not have, on any
payment date, Net Revenues in the Note Payment Fund
sufficient to make the scheduled payment of principal and
interest, the amount of such deficiency shall be deposited
into the Note Payment Fund from the Reserve Fund.
Section 10: RESERVE FUND
There is hereby established a special fund and
account, to be held by the Treasurer, as additional
security for the Note, to be designated the Water System
Note Reserve Fund (the "Reserve Fund"). The City covenants
and agrees to accumulate in the Reserve Fund, in equal
annual deposits from the Revenue Fund of $71,981.87,
commencing on April 15, 2005, and continuing on the same
date each year thereafter through and including 2009, the
amount of $359,909.34, and to maintain the Reserve Fund
until the Note is paid in full. Any transfer from the
Reserve Fund to the Note Payment Fund shall be replenished
from the Revenue Fund as soon as practicable after such
transfer is made.
Section 11: GENERAL COVENANTS
For the protection and security of the Note, it is
covenanted and agreed to and with the Registered Owner of
the Note from time to time, that the City will perform the
following covenants:
A. Complete Project. It will complete the
construction of the Project with all practical dispatch and
in a sound and economical manner.
B. Operate System. It will operate the System in an
efficient and economical manner and prescribe, revise, and
collect such charges in connection therewith so that the
services, facilities, and properties of the System may be
furnished at the lowest possible cost consistent with sound
economy and prudent management.
C. Good Repair. It will operate, maintain,
preserve, and keep the System and every part hereof in good
repair, working order, and condition.
D. Corporate Status. It will maintain its status as
a municipal corporation of the State of Idaho and will take
no steps to disincorporate or otherwise change its
corporate status.
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E. Preserve Security. It will preserve and protect
the security of the Note and the rights of the Registered
Owner thereof.
F. Collect Revenues. It will collect and hold in
trust the revenues and other funds pledged to the payment
of the Note and apply such revenue or other funds only as
provided in this Resolution.
G. Service Note. It will pay and cause to be paid
punctually the principal of the Note and the interest
thereon on the date or dates and at the place or places and
in the manner mentioned in the Note, and in accordance with
this Resolution.
H. Pay Claims. It will pay and discharge any and
all lawful claims for labor, materials, and supplies which,
if unpaid, might by law become a lien or charge upon the
Revenue of the System, or any part of said Revenue of the
System, or any funds in the hands of the Treasurer, prior
or superior to the lien of the Note or which might impair
the security of the Note, to the end that the priority and
security of the Note shall be fully preserved and
protected.
I. Encumbrances. It will not mortgage or otherwise
encumber, sell, lease, or dispose of the System or any part
thereof, nor enter into any lease or agreement which would
impair or impede the operation of the System or any part
thereof necessary to secure adequate revenues for the
payment of the principal of and interest on the Note, nor
which would otherwise impair or impede the rights of the
Registered Owner of the Note with respect to such revenues
of the operation of the System without provisions for the
retirement of the Note then outstanding from the proceeds
thereof.
J. Insurance. It will procure and keep in force
insurance upon all buildings and structures of the System
and the machinery and equipment therein, which are usually
insured by entities operating like property, in good and
responsible insurance companies. The amount of the
insurance shall be such as may be required to adequately
protect it and the Registered Owner of the Note from loss
due to any casualty, and in the event of any such loss, the
proceeds shall be used to repair or restore the System or
for the payment of the Note issued under this Resolution.
K. Fidelity Bonds. It will procure suitable
fidelity bonds covering all of its officers and other
employees charged with the operation of the System and the
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collection and disbursement of revenues therefrom.
L. Engineers. It will employ consulting engineers
of acknowledged reputation, skill, and experience in the
improvement and operation of the System for any unusual or
extraordinary items of maintenance, repair, or betterments
as shall be required from time to time, all reports,
estimates, and recommendations of such consulting engineers
to be filed with the Clerk and furnished to the Registered
Owner of the Note issued hereunder, upon request.
M. Accounts. It will keep proper and separate
accounts and records in which complete and separate entries
shall be made of all transactions relating to the System,
and it will furnish complete operating and income
statements upon request.
N. Delinquencies. It will not furnish water service
to any customer whatsoever free of charge, and it shall not
later than sixty (60) days after an account becomes
delinquent, take such legal action as may be reasonable to
enforce collection of any collectible delinquent account.
O. Additional Obligations. It will not issue
additional bonds or other obligations payable from the Net
Revenues of the System with a pledge or lien superior to
the pledge and lien of the Note.
Section 12: SPECIAL COVENANTS
The City further covenants with the Registered Owner
of the Note as follows:
A. In accordance with Section 149(a) of the Internal
Revenue Code of 1986, as amended (the "Code "), the Note
shall be issued and remain in fully registered form in
order that interest thereon be excluded from gross income
of the owner or owners for federal income tax purposes.
The City covenants and agrees that it will take no action
to permit the Note to be issued in or converted to bearer
form.
B. The Note is hereby designated a "qualified tax -
exempt obligation" within the meaning and for the purposes
of Section 265(b)(3) of the Code, and the City does not
reasonably anticipate that it will designate more than
$10,000,000, including the Note, as qualified tax - exempt
obligations during the calendar year in which it is issued.
C. None of the proceeds of the Note will be used
directly or indirectly (i) to make or finance loans to
persons or (ii) in any trade or business carried on by any
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person (other than use as a member of the general public) .
For purposes of the preceding sentence the term "person"
does not include a government unit other than the United
States or any agency or instrumentality thereof, and the
term "trade or business" means any activity carried on by a
person other than a natural person. The City further
covenants and agrees to take no action which would cause
the Note to be a "private activity bond,,, nor will it omit
to take any action necessary to prevent the Note from
becoming a "private activity bond," within the meaning of
Section 141 of the Code.
D. The City has general taxing powers. The Note is
not a "private activity bond" within the meaning of Section
141 of the Code. 95% or more of the net proceeds of the
Note are to be used for the local governmental activities
of the City. The City has no subordinate entities. The
City does not reasonably anticipate that it will issue tax -
exempt obligations in the calendar year in which the Note
is issued in a face amount which exceeds $5,000,000.
Accordingly, under Section 148(f)(4)(D) of the Code, the
City is not required to pay rebates to the United States
under Section 148(f) of the Code.
E. The Mayor, Clerk, and Treasurer, and other
appropriate officials of the City, or any one or more of
such officials, as may be appropriate, are each hereby
authorized and directed to execute, on behalf of the City,
such certificate or certificates as shall be necessary to
establish that the Note is not an "arbitrage bond" within
the meaning of Section 148 of the Code and the Treasury
Regulations promulgated thereunder, and to establish that
interest on the Note is not and will not become includable
in the gross income of the owners of the Note under the
Code and applicable regulations. The City covenants and
agrees that no use will be made of the proceeds of the
Note, or any funds of the City which may, pursuant to
Section 148 of the Code and applicable regulations, be
deemed to be proceeds of the Note, which would cause the
Note to be an "arbitrage bond" within the meaning of
Section 148 of the Code. The City further covenants to
comply throughout the term of the Note with the
requirements of Section 148 of the Code and the regulations
promulgated thereunder in order to prevent the Note from
becoming an "arbitrage bond.
F. The City will comply with the information
reporting requirements of Section 149(e) of the Code.
G. None of the proceeds of the Note will be used to
reimburse the City for capital expenditures made prior to
the date of delivery of the Note unless the City, not later
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than 60 days after the payment of such expenditure, shall
have adopted an official intent resolution as provided by
Section 1.150 -2 of the Treasury Regulations.
Section 13: FURTHER AUTHORITY
The Mayor, City Clerk, and City Treasurer, or any one
or more such officials, as shall be appropriate, are hereby
authorized to execute such further certifications and other
documents as may be necessary or appropriate to carry out
the intent of this Resolution.
Section 14: EFFECTIVE DATE
This Resolution shall take effect and be in force from and
after its passage and approval.
DATED this 8th day of April, 2004.
CITY OF MCCALL
Valley County, Idaho
gy Y�se'��(iW--
Mayor
ATTEST:
S , , � /<,/()t"L
Deputy City Clerk
( S E A L )
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DEQ Loan #DW -9906
PROMISSORY NOTE
WASTEWATER FACILITY LOAN ACCOUNT
This Promissory Note is executed in conformance with and pursuant to the
Drinking Water Facility Loan Contract entered into between the City of McCall
and the State of Idaho, Department of Environmental Quality, (herein called
the "State ") which is attached as Appendix A; the Record of Disbursements
prepared by the State dated April 1, 2004, which is attached as Appendix B and
the Judicial Confirmation Findings of Fact which is attached as Appendix C.
Appendices A, B and C are hereby incorporated by reference.
For value received, the City of McCall (herein called the "Borrower ") promises
to pay to the State the principal amount of five million nine hundred eight
thousand seven hundred fifty -five dollars and eleven cents ($5,908,755.11),
plus interest on the unpaid balance at the rate of two percent (2.0 %) per
annum. The principal and interest of this note shall be repaid in accordance
with the Loan Repayment Schedule, which is attached as Appendix D and hereby
incorporated by reference.
In addition, the Borrower pledges revenue and income of the Borrower's
drinking water facility, whether collected or uncollected, in an amount
sufficient to repay all principal and interest and pledges to establish and
maintain a reserve account. The reserve account must total $359,909.34 at the
end of five years with at least 20% of that amount being deposited annually.
Every payment made on any indebtedness evidenced by this note shall be applied
first to interest computed to the effective date of the payment and then to
principal. Prepayments of scheduled installments, or any portion thereof, may
be made only with prior written permission of the State. Refunds and extra
payments, after payment of interest, will be applied to the installments last
to become due under this note and shall not affect the obligation of the
Borrower to pay the remaining installments as scheduled herein.
If the State at any time assigns this note and insures the payment thereof,
the Borrower shall continue to make payments to the State as collection agent
for the holder. No assignment of this note shall be effective unless the
Borrower is notified in writing of the name and address of the assignee. The
Borrower shall thereupon duly note in its records the occurrence of such
assignment, together with the name and address of the assignee.
Any amount advanced or expended by the State for the collection hereof
or to preserve or protect any security hereto, or otherwise under the
terms of any security or other instrument executed in connection with
the loan evidenced hereby, at the option of the State shall become a
part of and bear interest at the same rate as the principal of the debt
evidenced hereby and be immediately due and payable by Borrower to the
State without demand.
This note is given as evidence of a loan to Borrower made or insured by the
State pursuant to Title 39, Chapter 79, Idaho Code. This note shall be subject
to the present regulations of the State and to its future regulations not
inconsistent with the express provisions hereof. This note shall be
subordinate to the City of McCall's Water Revenue Refunding Bonds, Series 2003
but any future debt on the City of McCall's drinking water system must grant
parity with this note.
Exhibit "A" - Page 1
Presentment, protest and notice are hereby waived.
Payments shall be sent to:
Idaho Department of Environmental Quality
1410 North Hilton
Boise, Idaho 83706 -1253
Execution of this agreement must be accompanied by a written resolution of the
Borrower's governing body authorizing the signator to sign on Borrower's
behalf for the purpose of this agreement.
Dated April 15, 2004.
(SEAL)
ATTEST:
&I I y L I, I /<� P tr "�a
Deputy City C erk
Exhibit "A" - Page 2
CITY OF MCCALL
Valley' ''jjCJounty, Idaho
By v"l.�-G �,
Mayor
216 E. Park Street
McCall, Idaho 83638
APPENDIX A
STATE OF IDAHO
DEPARTMENT OF ENVIRONMENTAL QUALITY
LOAN OFFER, ACCEPTANCE AND CONTRACT
FOR DRINKING WATER TREATMENT
DESIGN AND CONSTRUCTION
SECTION I. INTRODUCTION
The Idaho Department of Environmental Quality (Department) is authorized by Title 39, Chapter
76 of the Idaho Code, to make loans from the State Drinking Water Revolving Loan Account
(Account) to assist public water systems in the construction of drinking water treatment facilities.
The Department has determined that the City of McCall (Applicant) has established eligibility for
a loan under the terms of the Idaho Code and the Rules for Administration of Drinking Water Loan
Account, Title 1, Chapter 20 (Rules).
A completed application for a Drinking Water Design and Construction Loan has been submitted
to the Department by the Applicant. The Department hereby offers a loan to the Applicant
according to the terms and conditions contained in this document and the Rules.
SECTION II. DESCRIPTION OF PROJECT
This loan offer is for design and construction of the following project:
Completion of Phase II of the Water Treatment Plant as described in Appendix I of the August, 1993
Revised Master Plan. Components include an inlet structure, flocculators /filters, filter to waste
washwater basin, chemical feed facilities, chlorine system, electrical instrumentation and control,
a building, sitework, modification to the chlorine contact basin/clearwell and a high service pump
station.
A. Loan Project Number: DW -9906
B. Name and Address of Applicant: City of McCall
216 Park St.,
McCall, Id 83638
C. Terms: $7,999,528 at 2.0% interest, to be repaid in biannual installments over 20
years.
1
9
D. Estimated Project Budget:
1. Administrative & Legal $ 197,000
2. Engineering Fees 590,000
3. Construction 6,556,528
4. Contingency 656,000
5. Total 7,999,528
SECTION III. GENERAL CONDITIONS
•
Loan No. DW -9906
This offer may only be accepted by signature by an authorized representative of the Applicant. Upon
acceptance by the Applicant, this offer shall become a loan contract and the Applicant shall become
a Borrower. The effective date of this loan contract shall be the date of acceptance by the Borrower
after this loan contract has been duly authorized by ordinance of the Borrower. By accepting this
offer, the Borrower agrees to all terms and conditions set forth in this document and the Rules:
The Borrower agrees:
A. To not transfer, assign or pledge any beneficial interest in this contract to any other person
or entity without the prior written consent of the Director of the Department of
Environmental Quality (Director). To not enter into sale, lease or transfer of any of the
property related to the project. To not make any additional material encumbrances to the
project without the prior written consent of the Director. To not incur any liabilities that
would materially affect the funds pledged to repay this loan without the prior written consent
of the Director. To not delegate legal responsibility for complying with the terms,
conditions, and obligations of this contract without the prior written consent of the Director.
Notwithstanding any other provision of this paragraph, the Borrower may sell or otherwise
dispose of any of the works, plant, properties and facilities of the project or any real or
personal property comprising a part of the same which shall have become unserviceable,
inadequate, obsolete or unfit to be used in the operation of the project, or no longer
necessary, material or useful in such operation, without the prior written consent of the
Director.
B. To enter into such contractual arrangements with third parties as it deems advisable to assist
it in meeting its responsibilities under this contract.
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L o a n N o . D W - 9 9 0 6
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D . T o c o m p l y w i t h a p p l i c a b l e S t a t e a n d F e d e r a l e m p l o y m e n t r e q u i r e m e n t s i n c l u d i n g , b u t n o t
l i m i t e d t o , E q u a l E m p l o y m e n t O p p o r t u n i t y a n d C i v i l R i g h t s r e q u i r e m e n t s .
E . T o p r o v i d e e v i d e n c e o f o w n e r s h i p i n t h e f o r m o f f e e s i m p l e t i t l e o r l o n g - t e r m l e a s e a n d r i g h t
o f a c c e s s o r e a s e m e n t s f o r r e a l p r o p e r t y o n w h i c h t h e p r o j e c t i s t o b e c o n s t r u c t e d . C l e a r t i t l e
t o a l l r e a l p r o p e r t y n e c e s s a r y f o r t h e s u c c e s s f u l o p e r a t i o n o f t h e f a c i l i t i e s s h a l l b e g u a r a n t e e d
b y t h e B o r r o w e r f o r t h e u s e f u l l i f e o f t h e p r o j e c t .
F . T o t a k e a f f i r m a t i v e a c t i o n t o e n s u r e t h a t t h e p r o j e c t s h a l l b e c o m p l e t e d a n d o p e r a t e d i n
c o n f o r m a n c e w i t h f e d e r a l a n d s t a t e l a w s r e l a t i n g t o o c c u p a t i o n a l h e a l t h a n d s a f e t y .
G . T h a t i f p r i o r t o c o m p l e t i o n o f t h i s c o n t r a c t t h e p r o j e c t i s d a m a g e d o r d e s t r o y e d , t h e r e w i l l b e
n o r e d u c t i o n i n t h e a m o u n t s p a y a b l e b y t h e B o r r o w e r t o t h e D e p a r t m e n t .
H . T h a t i n t h e e v e n t t h e r e i s a n y d e f a u l t i n t h e p a y m e n t o f e i t h e r t h e p r i n c i p a l a m o u n t o r t h e
i n t e r e s t d u e u n d e r t h i s c o n t r a c t , o r a n y b r e a c h b y t h e B o r r o w e r o f a n y o f t h e t e r m s o r
c o n d i t i o n s o f t h i s c o n t r a c t , t h e e n t i r e p r i n c i p a l a m o u n t a n d w h a t e v e r i n t e r e s t i s d u e t o t h e
d a t e o f p a y m e n t m a y b e d e c l a r e d d u e a n d i m m e d i a t e l y p a y a b l e . T h e a m o u n t o f s u c h d e f a u l t
s h a l l b e a r t h e s a m e i n t e r e s t r a t e a s a p p l i e s t o t h e p r i n c i p a l o f t h i s l o a n f r o m t h e d a t e o f
d e f a u l t u n t i l t h e d a t e o f p a y m e n t b y t h e B o r r o w e r . A l l c o s t s i n c u r r e d b y t h e D e p a r t m e n t d u e
t o s u c h d e f a u l t , i n c l u d i n g c o u r t c o s t s a n d a t t o r n e y ' s f e e s , s h a l l b e r e p a i d b y t h e B o r r o w e r t o
t h e D e p a r t m e n t .
I . T h a t a n y w a i v e r b y t h e D e p a r t m e n t a t a n y t i m e o f t h e r i g h t s o r d u t i e s u n d e r t h i s c o n t r a c t
s h a l l n o t b e d e e m e d a w a i v e r o f a n y s u b s e q u e n t o r a d d i t i o n a l r i g h t s o r d u t i e s u n d e r t h i s
c o n t r a c t .
J . T h a t t h e u s e b y t h e D e p a r t m e n t o f a n y r e m e d y s p e c i f i e d i n t h i s c o n t r a c t f o r i t s e n f o r c e m e n t
i s n o t e x c l u s i v e a n d s h a l l n o t d e p r i v e t h e D e p a r t m e n t o f t h e r i g h t t o s e e k a n y o t h e r
a p p r o p r i a t e l e g a l o r e q u i t a b l e r e m e d y .
K . T h a t t h i s a g r e e m e n t i s b i n d i n g u p o n t h e B o r r o w e r a n d t h e D e p a r t m e n t , a n d a n y p e r s o n ,
o f f i c e o r e n t i t y s u c c e e d i n g t h e B o r r o w e r o r t h e D e p a r t m e n t .
L . T o c o m p l y w i t h a l l a p p l i c a b l e f e d e r a l , s t a t e a n d l o c a l l a w s .
3
9 0
Loan No. DW -9906
SECTION IV. PROJECT MANAGEMENT
The Borrower agrees to:
A. Require the prime engineering firm(s) and their principals retained for engineering services
to carry professional liability indemnification to protect the public from the engineer's
negligent acts and errors of omission of a professional nature. The total aggregate of the
engineer's professional liability indemnification shall be one hundred thousand dollars
($100,000) or twice the amount of the engineer's fee, whichever is greater. Professional
liability indemnification must cover all services rendered for all phases of the project,
whether or not those services are state funded, until the certification of project performance
is accepted by the Department.
B. Comply with the Public Contracts Bond Act, Title 54, Chapter 19, Idaho Code, including
requiring the prime construction contractor retained for construction to carry performance
and payment bonds equal to one hundred percent (100 %) of the contract price. The bond
will be released when the constructed facility is accepted by the Borrower.
C. Assure that contracts related to the project which provide for arbitration allow appeal of any
resulting arbitration decision to a district court or allow the arbitration to be non - binding on
both parties if either party desires not to use arbitration as a method of dispute settlement.
D. Jointly with an engineering consultant provide assurances that the physical and operational
integrity of the works, when constructed, will achieve the level of treatment provided for in
the design specifications.
E. Provide for the accumulation of funds through charges made for services or otherwise, for
the purposes of (1) establishing a fund dedicated solely to the repayment of principal and
interest on this loan, (2) capital replacement and (3) future improvement, betterment, and
extension of such works occasioned by increased usage on the facility.
F. Provide a plan and program for an equitable user charge system for payment of operation and
maintenance of constructed facilities. The user charge system shall be approved by the
Department and enacted by the Borrower prior to receiving final payment. Make available
on an equitable basis the services of the project to the residents and commercial and
industrial establishments of the area it was designed to serve.
G. Develop and adopt a water system protection ordinance approved by the Department prior
to receiving final payment of loan funds.
H. Provide an operation and maintenance manual for the project approved by the Department
prior to receiving final payment of loan funds.
0
"
L o a n N o . D W - 9 9 0 6
I . P r o v i d e a d e q u a t e s t a f f i n g a n d q u a l i f i e d o p e r a t i o n a n d m a i n t e n a n c e p e r s o n n e l a s s p e c i f i e d i n
t h e o p e r a t i o n a n d m a i n t e n a n c e m a n u a l a p p r o v e d b y t h e D e p a r t m e n t .
J . A s s u r e t h a t t h e o p e r a t o r i n c h a r g e o f t h e f a c i l i t y h a s a l e v e l o f c o m p e t e n c y c o m m e n s u r a t e
w i t h t h e n a t u r e o f t h e f a c i l i t y . H e ( S h e ) m u s t b e a g r a d u a t e o f a n a p p r o v e d w a s t e w a t e r
o p e r a t o r s t r a i n i n g p r o g r a m o r b e c e r t i f i e d a s a D r i n k i n g W a t e r O p e r a t o r i n a c l a s s e q u a l t o
o r g r e a t e r t h a n t h a t o f t h e f a c i l i t y .
K . A s s u r e t h a t t r e a t m e n t f a c i l i t y p e r s o n n e l s h a l l p a r t i c i p a t e i n o p e r a t o r t r a i n i n g p r o g r a m s
a p p r o v e d b y t h e D e p a r t m e n t a n d d e s i g n e d t o a s s u r e c o m p e t e n c e i n t h e o p e r a t i o n a n d
m a i n t e n a n c e o f t h e f a c i l i t y .
L . C o m m e n c e s a t i s f a c t o r y o p e r a t i o n a n d m a i n t e n a n c e o f t h e d r i n k i n g w a t e r t r e a t m e n t f a c i l i t y
o n c o m p l e t i o n o f t h e p r o j e c t i n a c c o r d a n c e w i t h a p p l i c a b l e p r o v i s i o n s , r u l e s o f t h e
D e p a r t m e n t a n d a n y o t h e r a p p l i c a b l e l a w , r u l e o r r e g u l a t i o n a n d n o t d i s c o n t i n u e o p e r a t i o n
o r d i s p o s e o f t h e f a c i l i t y w i t h o u t t h e w r i t t e n a p p r o v a l o f t h e D e p a r t m e n t .
M . R e v i e w a n d u p d a t e t h e u s e r c h a r g e s y s t e m a t l e a s t b i e n n i a l l y d u r i n g t h e l i f e o f t h i s a g r e e m e n t
t o a s s u r e t h a t a l l c o s t s i n c l u d i n g d e b t r e t i r e m e n t , o p e r a t i o n a n d m a i n t e n a n c e a r e o f f s e t b y
s u f f i c i e n t r e v e n u e s .
N . M a i n t a i n p r o j e c t a c c o u n t s i n a c c o r d a n c e w i t h g e n e r a l l y a c c e p t e d g o v e r n m e n t a c c o u n t i n g
p r i n c i p l e s i s s u e d b y t h e G o v e r n m e n t A c c o u n t i n g S t a n d a r d s B o a r d ( G A S B ) .
S E C T I O N V . S P E C I A L C O N D I T I O N S
A . T h e B o r r o w e r s h a l l c o m p l e t e t h e p r o j e c t i n a c c o r d a n c e w i t h t h e f o l l o w i n g s c h e d u l e :
N u m b e r o f m o n t h s f r o m T a s k
L o a n A c c e p t a n c e
�� ��o " " o L ! - i o
1 0 % D e s i g n R e v i e w
5 0 % D e s i g n R e v i e w
9 0 % D e s i g n R e v i e w
U s e r C h a r g e S y s t e m A p p r o v e d
W a t e r S y s t e m P r o t e c t i o n O r d i n a n c e A p p r o v e d
F i n a l P l a n s , S p e c i f i c a t i o n s a n d B i d d i n g D o c u m e n t s
B i d S u m m a r y
C o t e i
A w a r d C o n s t r u c t i o n C o n t r a c t
P r o j e c t M a n a g e m e n t C o n f e r e n c e
P l a n o f O p e r a t i o n A m e n d m e n t
0
N� p
a- G
at
Loan No. DW -9906
Draft Operation & Maintenance Manual
Staffing Plan
Construction Completion
User Charge System Enacted
Water Protection Ordinance Enacted
Final O &M Manual
Final Inspection
Initiate Operation
Final Payment
B. The above schedule constitutes the plan of operation; all amendments to the plan of operation
must be approved by the state project engineer, prior to becoming effective.
C. By completion of construction the Borrower agrees to establish the following: a capital
improvements plan, a capital budget, a cash budget for the water utility to address cash flow
and emergencies and policies for system operations, safety and risk management,
emergencies and customer service.
D. To establish a reserve account that within 5 years will contain an amount equal to 1 year's
repayment of principal and interest due on this contract. A minimum of 20 percent of the
total reserve will be deposited annually during the 5 year period. In the event Borrower fails
to make any repayment due on this contract, Borrower shall immediately use the funds in the
reserve account to pay the past due principal and interest on this contract. Borrower will
inform the Department in writing when funds from the reserve account are used. Within 30
days of using the funds in the reserve account, Borrower will replenish the reserve account
in an amount equal to the amount borrowed from the reserve account. The reserve account
may be used by the Borrower solely for the purpose of securing repayments on this contract.
SECTION VI. SECURITY REQUIREMENTS
The Borrower agrees:
A. This loan will be evidenced and secured by a promissory note in the amount of $7,999,528.
A copy of the promissory note will be attached to this contract upon project completion and
incorporated by reference.
SECTION VII. LOAN DISBURSEMENTS
The Borrower agrees:
A
Loan No. DW -9906
A. This loan shall be used solely to aid in the financing of the Borrower's project.
B. Requests for actual disbursement of loan funds will be made by the Borrower using forms
provided by the Department. Upon approval of the disbursement request by the Department
loans funds shall be released to the Borrower.
C. If the actual eligible cost of the project is determined by the Department to be lower than the
estimated eligible cost, the loan amount will be reduced accordingly.
D. A project review by the Department will determine final eligible costs for the project.
E. Payment of the final five percent (5 %) of this loan shall be withheld until the following
requirements are met:
1. The Borrower's engineer certifies (a) that the project has been constructed according
to plans and specifications previously approved by the Department and (b) that the
project is fully operational; and
2. The Department has inspected the project and verifies the engineer's certification;
and
3. The Department has determined that all terms and conditions of this agreement have
been met; and
4. A final loan repayment schedule has been completed; and
5. All security requirements of Section VI have been satisfied.
F. This offer is subject to the existence of the offered sum of money in the Account at the time
of payment. Should the offered sum of money not be available in the Account at the time
of payment, the Department hereby agrees to pay the Applicant the offered sum of money
on the basis of the Applicant's priority position immediately upon the accrual of said sum in
the Account.
SECTION VIII. REPAYMENT TERMS AND SCHEDULE
The Borrower agrees:
A. This loan shall be repaid in the manner set forth in the promissory note which will be
attached to this contract upon project completion and incorporated by reference.
7
17J
•
Loan No. DW -9906
B. To pay biannual payments of principal and interest and to fully amortize this loan not later
than twenty years from project completion. Interest will begin accruing with the first
disbursement.
C. This loan contract shall remain in full force and effect for the actual service life of the project.
At a minimum, this loan contract shall remain in full force and effect until all loan proceeds,
including principal and interest, have been paid in full or the contract is otherwise suspended
or terminated by the Department .
SECTION IX. SUSPENSION OR TERMINATION OF LOAN CONTRACT
A. The Director may suspend or terminate this loan contract prior to final disbursement for
failure by the Borrower or its agents, including engineering firm(s), contractor(s) or
subcontractor(s), to perform. This loan contract may be suspended or terminated for good
cause including, but not limited to, the following:
Commission by an employee or agent of the Borrower, of any of the following acts
which affects the Borrower's obligations under this contract: fraud, embezzlement,
theft, forgery, bribery, misrepresentation, conversion, malpractice, misconduct,
malfeasance, misfeasance, falsification or unlawful destruction of records, receipt
of stolen property or any crime for which the maximum sentence includes the
possibility of one (1) or more years' imprisonment.
2. Violation(s) of any term of this loan contract; or
3. Any willful or serious failure to perform within the scope of the project, plan of
operation and project schedule, terms of engineering subagreements, or contracts for
construction; or
4. Utilizing a contractor or subcontractor who has been debarred for good cause by any
federal or state agency from working on public work projects funded by that agency.
B. The Director will notify the Borrower in writing and by certified mail of the intent to suspend
or terminate this loan contract. The notice of intent shall state:
1. Specific acts or omissions which form the basis for suspension or termination; and
2. Availability of a hearing, conducted by the Director, or his designee as hearing
officer, said hearing being conducted in an informal manner at a time and in a place
specified by the Director.
C. Upon the proof of the existence of cause(s) for suspension or termination by substantial
evidence or by proof of judgement or conviction of offense(s), the Director shall make a
Loan No. DW -9906
written determination, sending the determination to the Borrower by certified mail within
seven (7) days of the hearing.
D. Upon written request by the Borrower with evidence that the cause(s) for suspension no
longer exists, the Director may, if funds are available, reinstate the loan contract. If a
suspended loan contract is not reinstated, the loan will be amortized and a repayment
schedule prepared in accordance with the provisions of this loan contract.
E. No terminated loan shall be reinstated. Terminated loans will be amortized and a repayment
schedule prepared in accordance with the provisions of this loan contract.
SECTION X. ACCESS AND INDEMNIFICATION
The Borrower agrees to:
A. Provide the Department, or its authorized agents, access to all files, records, accountings and
books relating to the management and accountability of this loan.
B. Indemnify and save harmless the Department, its agents, and its employees from any and all
claims, actions, damages, liabilities and expenses directly or indirectly connected to the
Borrower or its agents, employees, contractors, or assignees= actions related to the location,
design, construction, operation, maintenance, repair, failure or deactivation of the project or
any part of the project.
W']
city ot Mcual t
IV :2Ueb646U6�3
9
JUN 15'U1
.0
14 :UU No .uU6 r .U1
Loan No. nw -9906
Sr,(71'jON X1. OFFER
The offer set forth herein must be accepted, if at all, on or before June 23, 2001. An acceptance must
be accompanied by a resolution of the Applicant's governing body authorizing the signator to sign
on the Applicant's behalf for the purpose of this agreement.
23, 2001.
of Environmental Quality
- C'T1QN X11. ACCEPTAN"
The City of McCall, by and through, its undersigned representative(s), accepts the foregoing oiler
and agrees to discharge all obligations and m comply with all terns and conditions contained herein.
Reprc:sentativc
Name and Title of Representative - type or print
- .l-/.._
Date
10
APPENDIX B
04/01314 IDAHO DEPARTMENT OF HEALTH AND WELFARE
15:10:22 WATER QUALITY LOAN SYSTEM
Loan No: DW -9906 L 0 A N D E T A I L
Borrower: CITY OF NCCALL
Purpose: DRINKING WATER SYSTEM IMPROVEMENTS
Contractor: CONTRACTORS NW Contractor 2:
Engineer: DONOHUE & ASSOCIATES Project Officer: MM See also:
Security: NOTE Environmental Review: CE First Use:
Commitment Date: 04/26/01 Repayment Period: 0 mos.
Disbursement Period: 0 mos. Repayment Frequency: SEMI - ANNUAL
Disburs. Completion Date:
Tran
Post
Date
Date.
Document
Disbursements
10/30/01
11/07/01
Disb #1 -3
1,642,020.00
12/05%01
':2/07101
Disb #4
5931621.00
12/05/0I
i2/�0 /ii1
14�1J4�� -14'1
12/27/01
12/31/01
Disb #5
300,726.00
1227/01
12x'28/01
12/6 - 27/001
06/30/02
07/01/02
12/28-6/30
07/26/02
07/30/02
Disb 06
389,470.00
07/28/02
07/2910
7/1- 28/2002
08/08/02
08/12/02
Disb 17
391,975.00
08/08/02
08109102
7 /29- 8/8/02
08/14/02
08/19/02
Disb #8
25,534.00
08/15/02
08/16/02
8/9- 15/2002
09/24/02
09/26/02
Disb #9 -10
690,547.00
09/24/02
09/25/02
8/16- 9/24/2
10/31/02
11/05/02
Disb #11
582,748.00
ii /03/02
11/04/02
9/25 - 11/3/2
12/05/02
12/07/02
Disb #12
49,273.00
12/05/02
12/06/02
11/4- 12/5/2
12/24/02
12/27/02
Disk, #13
316,942.00
12/25/02
12/26/02
12/6 - 25/002
01/24/03
01/28/03
Disb 014
35,741.00
01/26/03
01/27/03
12/26 -1/26
03/26/03
03/28/03
Disb #15
175,491.00
03/26/03
03/27103
11'27- 3/26/3
04/21/03
04/23/03
Disb #16
231,097.00
041'21/03
04/22/03
3/27 - 4/21/3
05/02/03
05/06103
Disb #17
46,462.00
05/04/03
05/05/03
4%22- 5/4/03
06/30/03
07/01/03
5/5- 6/30/03
09/26/03
1'0 /02/03
Disb #18
20,833.00
09/30/03
101101/03
7/1- 9/30/03
04/14/04
04/15/04
10/1- 4/14/4
04115/04
04/15/04
Final {Est)
1,823.00
Totals:
5,694,303.00
0.00
----------------- - - - - --
interest Estimated
Accrued Repayments
3 , 329.0"
695.02
25,711.1'2
3,891.41
1,763.52
1,272.5;9
7,327.88
9,279.77
8,44.62
5,332.51
9,087.75
15,871.08
7,684.73
4,006.98
17,714.19
28,591.32
61,447.59
Loan No: DW -9906
Phase: DISBURSEMENT
Principal: 7,999,528.00
Revised:
Revision Date:
interest Rate: 2.00
Minority: 0.00% 0.00
Women: 0.00% 1:.00
Actual
Repayments Principal Interest
214,452.11 0.00 0.00 0.00 0.00
Principal Balance Due. 5,694,,303.00
Total Ba lan,,.e Due: b,9(_)L, 7 55. t±
APPENDIX C
IN 6 ATE M IDAHO, IN An ?OR THE �� �' �c IF I GLEAK
DY .QlJiv
w RE; CITY OF Mo IDAHO
h+iMCIPAL CORPORA TM,
PETMONEA.
MAR �3 2C�Q1
CASENO. SP 01-19C
MSMOAAMUM OF FMI NGS OF
PACT AND C+ONaVSTONS OF LAW
The cap%lonW aw it balbre dw court on the petltlop of the City of MoC.aJl ibt jWkW
c9n&mnion of a proposed low apwDM ftAvade iateoded w be used in Oonoccdon wh6 a-►%w
tresvrwnt Sciiky.
��- e : , ►1► ��� • • dealt 1� , ,:., kep W: 19C! ► I►J. L ul-Aw %6 - ••
Rule 32(a).
2,3n o is Ca", the court dole not lave juriedlgtion umst 1hok4oial oonfunation 1ANY to
prevem or imcrfbi w ilh wdbr*ettant of orden of sane or iedlM 66tWes thM they taut Mod the
city to undauke tla proposed lvart WWW&
3. Los ww the coon dots rwt haw Jw'Mvdon wW*t the judiolal oardirnaadon fait to
determine whether the proposed purpose of the loan eSreetuW is the pmflaed cowu of M-,lust
fbr the city w trice with roepea w its water tnummt doillty.
4, F..Mber, the powor of the Mn is IbW"d uAda the JtuiWW oonfirmetion sot to deoldina ttW
&Uowirls questions:
♦. Upon afiet iejal autharity door the dty but its pe idw liar c0dMw9tion ofdw propc'wd
loan agra went?
r;N W CM 07 FACT AWD CGMM xn M OF Iww - t
ITT TIM DISTRJCT COURT OF THE FOURTH FMIML DISTRICT
OF TIM STATE (V IDAHO, IN AND POR THE COUNTY 0� �CLEAK
sY i�.QSAvhr
IN RE; CITY OF MoCALL, AN IDAHO
I, IWCIPAL CORPORA 72M,
PETITIONER.
MAR 23 2(01
CASENO. sp 01-19C
MWORANpUM OF FINDINGS OF
FACT AND CONCLUSIONS OF LAW
The captioned ow is belbre the court on the pedtloo of the City Ot M" fW jWkW
wnbrnstion of a proposed toes qrmnm fbr Amb iaMded to be and in oom lion with a'%%W
trcatmont Scilky.
Rub S2(e).
2. In thin ew, the tour doss roc lacy$ )MrieWOon un" the jvoiil oonSM11 i 0 hNr to
prevent or itrtertt with erdbt+opram of order of Bate ortedWd geedes that may have C&UW the
city to undertake rho proposed loin W+eecttent.
3. Ukonwlnn the cart doe' not hew JwMcdon tutdet the judioW oomfirmadon lave to
detenMra whether the preposod purpose of the Iota aoreeroert is the pretkr cow°ae of Miluct
1br the city to lake with respect to Its water treatment boil W.
4. Rather, the power of the coon it Ibalted wind the judk W wd mation act to decldinp the
fdowinp questions,
a. Upori Wbat legal authority door the city base its petidao fbr codmnadon of dm proposed
ban agrarment?
r;N W$oe of FACT 4WD COMOLLMOM UP LAW - !
n� mr•i a i �� ��ixr` `UJtS MHK 'eO'U'1 1L �'L'1 Nt, 1��i13 r.U3
L 1 t 28 01 09 = 21AM SEAT CL " "' "'- %' „ovo YA�tY CTf IIdu
d�i3t!01 E"Rt 66 t 91 FAi 50.44 20 COUtsT ADK1�lIt'IitAT10>: •
%%..
b. I. the proposed loan ssraemeat pmrJ..Nibte either uadW the 8ansni lbws of tine stet" Or,
shwntively, is the proposed lo►n aerwnm% psnrdssbla as an ordimry and nommy expanse Oftifs
city wthodxod by the dwn11►ws of 0m stOO
c. in 'th0;ity aditisd 50 On MW 00464?
hC, � 7-13060),
5. Ths om wm proMo►tad to the event In a, WOW bswiw IU dtyi mftced teethmaid
and dowr.. edery evidence. WWI* oo person or antlfy filed it fbnum wtbtan appeaaae " cc Res sn
answer or motiop to dismiss, a munbar of intorcead peopbe adended the hearing and made
commits bs ad�dltbn, N theioviudan oftbsoouR4n=berofpeop4 abrrdtW Wcitten WMMOW
after the bearir4l.
6. nw Idsta Supromo Corot Ana awed the purpose and torn of liedinss of &C Od
conclusioAt of law rwpM by ZLCP Russ 52(s) in Go lbtbwifM 1at19usee.
In ONIft* the dstalt vW& IM hams and 000eluokwo "uld ooau
h is belpaal to rwiew 40*4 Of Fed" Courts re""W RWv 51), of tie F*dl
Ruler of CW Prosed o 2j U.S:C.A, whiol►;a aMtrost idea" Iv RubU SZ f a)1,R.0
In the Can"* in" Note of 1%6 to bub"on (c) it It rated that "Thee+e fladi
should rema the Ju e's own det&mdWdof VA not the long ohm
statem OrK1 SO for and .0
o
OU
ver- lsbvmdvA of dead at of hen.' trirdings shoWd rwt
dhainlvo; esy should w mw Oa wideme of OW at t1M rw60ft NpOs►
evidence.
A seined& distiootlon betwaea Act and taw is not wo*0140.
Nor would stioha &dnodonNrvothe patpwsbaidnd RUh 32, wlhWh
is to aid cite trial court is me)* a t DOW OPPA&W of dW erideoW
and the 14a to dw and do • aorod dwbivae i1 ImWIS, to Abow who fion pm
p6m hr
b�MWnm, amend m s� avpatlat CGUfft w6s+a i�pesl1s u>n� "
Avksom v. Ap{ km, 84 IN%* 164,191, 570 F.1d 788 (1962). Other sown Uve beld OW a UW
ooun 6W awke ondiags oaly os those ementW Om chat lay a boas 8u iu decides. ON
Jna6sMvA lie, v, COmwAlrmVI Co., $45 7.2d 1497 (8th Clr. 19811 wrt. dgL 499 V.S. 856; in
rc .imperial jw, Dig, )8 F,Sgp. 770 (SM. Col. 1941). %Vbst Ante 92(6) does SM "QW114 t
pV=Wos or PACs AWbOONCL,vaM& CW AW -4
Cit r 28 ' i
n • •�nvs <n <US� MHK lb' U1 11 =11 Nn 'P.4 /1� t' ' U4
�, ..MAC 28 01 09 21 AM SEATTLE —NW BOISE COURT ADNINISTRATION ,,y,, YAI.LFT C7Y ML" uaa
oaissrol FRI 05:39 FAA Yoe • soot •
pArtiwlarlsod Snding on each plere of eviftm prowmed by she partiaa' ,f,reiketrie� 1115, v
Cram Al►wafi Co., at 1.499.
7. nw BndtnW of fist will not innlude findings on MUM Oyer which the 00411 hill no
jurisdiction to act, nm WM OM i=L& mom that hmro W been exabbshod by the VC40 o'''dre
credible evid=We. In keepin4
With the spirit of Awle SZ(a), tM ooW'e Oed1np will nos 109418 suety
item of dowrnentary cAde= and every itfm pf*adrrV"-
TDe 8ndinBt win not oonadn a r,�te:►lan
of cotmicte in the evidswc or the wurt'e rsuoning in res01vlP4 ewh of the cc"lcu- Rat4ra• e�
Andinps WHI eossaiet of a redutin of only those VWWW ihcte that have barn eetabllo Wd b)' ft
ovidenoe to be more probably true *0 not true and lhat Dear cm the "M I" legdly Mg? be
7- 1308(2)- $Pe�aAY� 1119 coact wW not mike findings on whether the
sddroeaed under LC. � -
proposed use of the loan prooeede L t'!ne but or prod
mdhod of water uvalumat for the city
to use.
a. The city is a PoWcA eubdiviaioa. I.C. 17- 1303(b),
9. 'i'!ra oltY seeks ju&e ial eord5ratstiort of a loan agtearnart, prondsoory not% and other
wideAcet of bWebtednera lavohdag the city, the 8toW Of Idaho DWW= ofBtvk w nrnW QW'ty'
end U.S. Bards National Anodadon (soft u ttustw). The amount of 1h* prOPON d 10" b
epproaomatdy 58.000.000,00,
10_ The city cwMW 001160tild a public head&* on Amp* 240 2000, to decide WW&w It
should authorize a petition for Jtldddal oorkwtica of the proposed indebeedaM, Notice of the
booing wne poblirad in aacorda we with M if 7.1304(3). 7- 1306(;), TtW-- a tk &Y council
edopted Rewtudon No. 00.11 aahotizft a ptddw twr judidd coulkW A,
11. The oily published nodoe of the pedtion in aeoordarlCe alto l,C, 71306(2). The eravurt
hu to ►ere Jurtealaion to ercVAw end deteemiaa t10 oone*ut►oW ad namtory validity of tha
proposed indebtaLwaa.I.C. J§ 7- 1305.7- 1306(2).
12, The dry owes, nulrrt im, and opsralaa a dal"01e water supply, :<MM". and
distribution system that servos the emir OKY sad provldw domMzic Water and tmatmept !br c,vw
rtxrrwae or rwcr 06%M ooveCUvu" Of rww . t
MAR 28� 01� 09 :22RM SEATTLE —NW BOISEUS� �1HK "Lb'U'1 11 �'LS NCP5i13i , u�
`9 5/14/07. FBI oa:41 FAA P 4 2004 COURT ADMINISMT10 , +�• :'ALLEY CTY C11;
004
•
2,000 householda and bualreaer wlthin'the city UwA R. The water dlttnUtsd by the oystem is obw nW
A= Payette Lake. Tbb H Mined as a wrbae wattr sysm,
13. Murd6pal aorpmsdous wall w MaCan nmy exavlae a* those powam granted to tl'iem
by state conai ution or by elate faw. A#wH x BOld1 WaW Corpwrlan 119 Id" 136, 79S 1�2d
2915 (1990), by etas low the aty Is autburhW to proMe domeNk weer fAdHfts within Its olty
irons, as we9 as to acquire, to conlVM, to rwoaruot, to bgxvve, to beast, or to extend ftle
Wilitles. 1. C. ; f 30.323; 34.1029, 50.1030 ;Alpsrty. Balm WatwCorpw7adon. Wcewiee, by mate
low, the city is autbodzed to oW24 has to water users for Weter aervica and fldliltin and to Pty
for acqul,ition, waimcdorh rewmWuction, kAprovarnent, bottermeot, or wasa Wm of the Whim
dvoggh tU use of reve w bands nr reveme oew66ca es. Y.C. §150-1030, 50 -1031, SO-1633.
RWynwrt of rwenue bonds orrerenuo opu6ce4s oomes from ttr fbe@ ohsrded to wow us n.'rhe
revenue bonds ur Porditates may not be • dige on the olty haelf, and the ck may not be required
to repay revewe bonds or Qp*ww thro* the exercise of In taxing wthorlty.. T.C. $ 50.1c.41.
14. Tho city is mWe a sea baste ofldaho Dcpartmant oflnvkwx=td QwHty consent o -der
maered In 1993 and upended wvarel years later, requift the city to meet the requl!vmente of the
9urtlsto Water Treatment Rule and lire consent order, OWMc t ifmprovenunts in treetwas and
disiaht-don hcUlAw as required to mw state and lbderai water qualhy repulatiam and awndords,
lgshe city. We to meat the standards it may be is vlbladon of the consent order, which In turn may
result in imposition of drawalan olvtl penahlek disansgvel of site dowstto water syntam, and a civil
action to aotrtpel compHlu".
1S. The city hu dewcabW Hatt it vn mw ft mqudW atarrdarda by sopplomeaft the
existing eyaz.m with an ID-11M Brevity Akmim ayma, M asemaled cost ft the iarrprovemente it
38,000,000.00. The improrerntrdo are iatetded to stmt both torrent coeds rnd saWpoted Mure
Awda for a a* 40mo tie wow supply.
16. Same of the comnwq medved by the wort aasart than the p vpoaed i nprovemeete go
beyond the city'* cum#w need lbr a ack domestic water sya wL Malty other cowanntl assert OW
n11 N. M Or FACT AND00)(Q XRO (*7I W.d
C i.t 4or. „i AuA J �J Ma Hc +K w � Lb'U+ 1 � 1 "' / r - U
n
` n,u►.�nV S P . 6/ 13� "'u a AM SEATTLE —NW BOISE wums rg 2
er.4 �4r.
the city wllI bo better swed by oreetin4 a ",,wall water system rstber than by roly* on the
existing surfkee waxer Vatem. As iwted obvve, the court hoe oo jue+led WOW 14 this pr0000di A to
consider whether one ureter system to better than another.
17. The dty does not have su>Seient MOW Millble in CurVW f6r4l or in art dpXW V'OW
revel uts for the ounwt End year to pay fbr tU itmprovemanb in Sit, COAHROttsrtly, 14 .s to
oonetturt the innprovementa„ it no obldn a ION to be paid beck ova' a number' ofysm.
It, nw DoWmcnt arEw ronm mad Quality hoe a drinidtfE water loan account bom which
it may make loans at or below marl K WOW etas to eligible public tmm systmo to assist public
water systatts, to t wISCAU oompnance with tatiorul prim" dt 9w" weer r"ab oafs, wl to
air►i9,cantly iyrthor health prwootbn objectives reload to ddnkM& eooW4 and barhiag walor.
I. C, j 39.7601.
19. The city bee applied Ibr a loan t(Skoo0.000.00 Som the drbk6g water Aver, recount to
pay lbr the proposed imp mma , and the WpMMom of FmirarttnWW QuaU =y has approver. the,
ahplicat op, with payments of prkwipel and interact to be made biannually aver a period of tw4csy
yeas. In addition some of the Rnanain4 of the proposed improvements wan eame arorn a proprised
ION s4tewww and trust lndoun with U.S. Hank, which will result In ism moo of mver,Wme
certificates ofparticipation to be repold over the A aftbe Iva fam rrmwes ftm the weter eysbun,
Z0. The proposed agrsmote win coon kde, ae in4ebto4m le emsWina beyond &a oky's
reverwee fly the euttnyaar. TAe dry hu tout amp or Iobedtaed a ttwe W ebction tbrthe pw ,*w
of aaklnt the ceders to &pprov the proposed debt.
al. vnder Art. YID, 13 of the giro C*nW# tlon a dty 500ra11Y :nay not in=- en
indebtedness or liability tacceed4 In that year its WOW and revenue fbr ft year Unhu two - thirds
of the qualified alwon votfrtg to an alecdori !br that purpose taut to the propwed debt. Under
the came section of the Cortsdtutbn a city may bwe revenue bonds, to be repaid over a period of
mark for the cost of owWn4, pumhadn& counrud4 txtemdtng, or equippia water systems 40d
rLVOr" or PAcr AND 00IaCLU69M 01 LAW - i
y r0- rHri ei FIMK dO'VI lz -z4 NLI
TMOR 28 '01 09 :22AM SEATTLE —NW BOISE .,-► Y11LL81 C1S: Ga.tP,7 /13vvo
0� /at8�h1 FBI 00146 PAZ 209 �t064
COURT ADYINISI'�T10N •
water troatm�m+t plaaw if approved by a sirnpN m>�jm* of the aincwre votltt� at an alectlon fbr thtt
purpose,
22. Arc. Val, 13. however, atlgo prvvialoe that;
.._ this aeration [Art. Vlil, 4 3j slum ■et be eomoved to opply to the ordWmy and
roan my"m m suocifhW by the general lei of the &We,...
23.Orditte*. 004, the Who Colstwoon rogWmo appttW ofs 140fity ofVgWm before
a city may Imue revenue bonds, ndt payable In fa i}otn income and mminve tbs thm year. tO be treed
labs the mot of owrdtt . P=hu4i e0111mm lao, wteatdh► °T W woear syateeta or watery
treatment p> Lawv�er. the rem se bands or giro bola iswod to Dover the seat of
ordinary and neceatNY txxponND Wtltorlased by the gonerd laws of the slate, " legally toi be
issued without voter approval. Thus, the quesdonto be twolved in WWkerthe vast ofirttptvv W- ft
water treatment fdcilitim aaorao" in "efdWy and WAINCY.'WPIM suthwized by ties Pr,-sral
laws of the state
24. " C3anorai laws" are defined as "prorid"I of tha [Idaho) Comtitutlan, sell of Ilse 01;1AS
leglAmmum, and dro Corm itution gins laws ofths Va9dted $rates." Stars v CW% 86 Idaho 365.
399 P.24 95 5 (1963), it if passe that the 119 1 r 1 C of operiht a Pubic water Wetetn and provvklb*
fbr treatment of waster dlssribazed by the e0MR ie a AMMOD o[tmueaapal gove"'m suthoriaa! by
"goa+eral laws of the on", See, jho Caotstitvtlotr, Art. )ice, ! 12; l.C, �4 SO -poi, 50-302, 50-
304, 50 -333, SO.M. $0.2029, 501030.
25, Wlavtl�er 04 PMPCIW expanse ' "ordbWY VA ItKAMiff dw; ii tb0 ultimate'"C.
If the debt la for in ordinary 04 RIC P I NZY UP21m, it JOS* may be Inwrred wltbvut in slew-ML
If it is not, the debt must be mbmlt%d to a vow of the olty's 4100ton.
26. The Gael most =fly on polut is Hickey v, Crary cf Nm ", 22 Idaho 41, 124 P. 2.90
(1912). The City of Nampa operated at water IYOM WW"ing of a we11, s puetsping ats'dO , a A
wooden distribution pipes, In 1909 the city gu&red a eadstropW &e. Dub* the lire a number of
pipes burst rendefitag the WSW synerts inoperable. TkC adtY decided to rep0k "iftt fOve rho watt"
YWP1Nas Or Moo AMCCWUM 7 d di LAW • 0
r M. -r-.I i i n •--, nvc. <n < S8
C y MAR 28 '01 09 : 23AM SEATTLE -NW BOI SEU
MHK Zb'U1
I:e :14 NO 'Si13 t' .U6
VALLEY CU c&A aD 0 u t
Wtb(oi.
gftt 0e;46 rani 20e0 20e4 ct►UR;
AsitlNISrsAT1M�
sysrtem, Under the city pion the water eystam was not simply to be remed to it condition bolbre
the &e, but it wu t*lacawy to be improved. The chy did not barn a,folent lands and rev we
to pay the entire expewe oftt►c rtpalt W, -11 1- W into Lumen ye+v, so It decided to fin me
the cost of the repairs and improvemenu partially through bevar►oe and 6110 of bonds to be ream&
over a period of years. The city did sot an sa election to obtain approval. An interested duty
brought an action to Skoin du City ftm bKft and to&a the bonds, Tk Supreme.Court held that
empamex ft the repair and "mwsmad of* Property were slocevwy sodtbst tht =Wmm vmm
"or4iwf even though they did TO 9 mt 8equWW COUNNently the indebteda l eviderwal by
the bonds did not violate Art V!il. 13 of the Conatitutiott, even dwuO there wsw no voter spptuval .
27. In a slWervein is the oast ofCiyofPwuttllo v Perornn, 93 Idaho 774,473 P.2d 644
1970). Pocatello and conmuc'Oad an *port 1A the IPWa and had operated it for a number ofyc4m.
Vy the i960'9 it was outmoded and needed to be re4mfft grid aqm Mod to mesa cuffmt grid ibIUM
umft. The city entered into an sgnee ma wbrmbp It OW land adjwAm w the sod oft$ airport •IO a
private party who was to build a new airport building on 0* land and leas it beats to the chi,, for
twway yap, at 56,0WOO pet month. A dedustory jw*m% action was brought to datenuine
whether the vidated Alt, Vitt, 13 of the Cametltudon. The Doan. Katrod the dispos -five
issue to be O%vhoha the repah w d imprcveemm of the tow=Wpal sdiport by the City of Pmtdlo is
m ordlnory and cseaeuaty v"rue ... ` Croy of ftwW10 v Polerim, 931daho at 776, The omirt
reiterated the holding in Hfaley that vi mtperm may be oral my end rammmy, ewer thovO h is not
of a ftQuerrtiy resurritrg nature. it 4110 NOW dttt repair and Wycovo nt of t1w airport IV"
"esuntial Par the proper growtb 4nd dsvW9pmont of the wvO Cyp' ofFocade& V. Pererm, 93
Idebc at 779. It conducted that tin proposed 46mm um k11 wlsffin dw tern► "ordinary sod rreftwa y
expenses" wo consequently 4id wt violate Art VM, 4 3, wen though dm was no voter approval.
31. The Supreme Court hu letl Wod that dw expense of oori8tm*% of* wholly newWIity
for a $melon tfiet a murrioipalltY btu not undertaken in the pstt i1 not sat "ordinary and mceunty"
mNbiw 10 wrAcr AMD DOi1mmAx Q * ar LAw.7
^ +, 'Uf�l e l l I ii --.,I sn c J�, MHK Lb'Ul• I �LJ rveP X9/1 oiil y
L 1A, �yMAR 28 ' 01 09: 23AM SEATTLE -NW BOISEU COURT Aux i x r e77 math WA Ir",
expeate under the Idaho Cor►uitt►tion. In the currant case, hrswever, whit the cky pnepms III thw
lmp mvement arm eohdq doramWo water Ullty tbat hu vdsted slut o ombw QfYa s,
29. The 8upremns Covet alm has Indicated in its "0100 " expaNS may be "ordimry and
nwessary," even though dxy we for impmvtmera to existing brades that aw intended to -rmebc
fttwo andclpeted reeds and not just current needs, CV& O Poaalsllo v, PararsoM
30. MindU unu Vdted jvri cUon is ft math, the court concludes thes under the den and
lavers of tht state the city Is authorized to own, mtdtttain, and operate a domostio water fieluty.
Likewise under NN general Uwe of the state. the city is wthotke4 to pay for morn mc-loup
imp vvement, betterment, end extension of Its ads 4 doMWC water fedtity. Paymeant for the
proposed improves its, as am tbrth in the peddm is on ordiwry end neomsary expenss, as 'hat
phraw has been lmterp W bythe 144o 8uprerueCmut. Sinop the eatpe M le ordinary and ueoosSsry,
the city is not rwWred to obtain the approval of In elemors under Alt.. Viii. g 3 of the Id aho
Constitution. in ovnclusior4 then, the prepond indebtedness is parmi 010 166 an ordinary And
r ecesaary experts, ofthe airy wthorizadby d►e geSMW 1moftlte sate without the recaslityofv'*W
approval, and the city is enrdd d to a )udpwM so bolding,
c - P_w
"NOMM OF rAcr AX0 C0WM saxes Of LAW . o
Cit _, Tn. ^ ^�� = "z038 MHK 2b U1 11 :15 Nc w lu
MAR 28 01 09 : 23AM SEATTLE-NW B0I SE P . 16 / 1 g
03%23/01. FRI OZ:61 FAX $0* 2060 COURI ADRI\Ib7`RA'XID� .+ry v�[,Y•$p C'fY CI,ER]C 181000
CXRTIFICP*Tg CW XMIMG
r`./'
I Mareby Certify that on thle 23rd day of March, 20011 I
mailed (served) a true and correct copy of the witkin
inatrwnent to:
Michael C, H**re
Attorney at Laws
Fax (209) 3g2 -1202
xim Trout
Attorney at LOW
Fax (20) 424 -3200
Valley County Clerk
Attn Deb
Faxed
Leland G. Heimich�
Clark of the Di�i ct Court
sy
CZRTSriCLTS of MUM
City AMA 28r' 01 09 23AM SEATTLE' j I I BOI SEU M H K L b' U i 1 G G n N UP., 11 i 1 ' 11
IN THE DISTRICT COURT OF THE FOURTH JUDICIA L E ICH, CLEN
OF Tiff STAIS OF IDAHOo IN AND FORA TM COUNTY -0
IN RE; CITY OF McCAL L. AN MAHO CASE NO. Sp o1-19C
MUNICIPAL COR)PAAATIOK 1UDG1N8NT
PRMT101ML
Rased on the Memamndum vfFbadiAp ofBaot and Comb* Ohl oflAw entvmd in this tmre,
it i m*y a crdand, a4udaed, and decreed fiat:
1. The C ty ofMstCall it astborisod undo the gmeml lava of Tbt 84" to provi& dm x*Uo
waa $clUtlee within its airy liWts, at well as to acquire, to o0WVuA to recaaetruct. to *Provq
to beotar, •nd to oetese those Mlideu,
2. The ch► of MoW is mdooducl tmde the go" tswe of the rata to chase lip to wa:w
um -i for water aervim and ScMas and to psy ftr wquldoa, coamvodoe, raconrtrut tion�
laV=vwwv4 bamwmwa or axtuueioo of the bdlitiee t mgb true rue ofsevanue bmde or mvenm
cert.iocata, wi* "gaMWA of revame bonds or revamte artifinw w come gkvm ibaa ci g" to
watiw uOrs.
3. The eventiftwe proposed by the City ofhWA In Its Pa Wan for Judicial CaeBrnt o•r
aomiciam an ordinary and a ammwy aepanoa wrier the CoNdtutloa and lawn of ttha Stars of Idaho,
as the term "ordimy 0ed rtoeoaw'y aoWwW has bea it mecpr oW by the tdobo Supmrs Court.
4. Execution by the City of McCall of this 40M MU entitled "STATE OF IDAHO
IMPARTMENT of EN uaRME TTAL QUALITY LOAN OFFFM ACCEPTANCE AND
CMIXACT FOR DUNMING WATER 7MAT�'T AND CONSTRUCTION' a A "LOAN
etmrc;;A,ca 4 M L l " l 1 - 1 • 1
TOAMN WNM'T^l 1.1:1 Z%f"VA f4-4- \(�1.I.rpSS7A9�Qy amoo V909 tot tea XVAI WIN M TO /t1cfee
C 1 t y MAR 2-e � 01 09: 23AM SEATTLE NNW BOISEA H K o' u 1 1 n rv1p;12i13r ' 1
Tit
A('iAEEMENT AND TRUST WENTUSB"► attWW to do PmWon for Judicial Contirnrn &n as
Tul'.t -bits "A" sad "B ". wiD not violate AR VA 13 of the Idaho C r**ud0n of say of ft ban Of
the State of Idaho dbcuaaed is the Mwwrad= ofykWJ W off= and Conalualona of 1^ oven
though the indebtredneae to be created byexeoudon ofthote dowmenu hat not besn 4Vroved by the
elanore of the City arm"
$. The downwasookied" STAYSOFIDAHODEPARTbMTOFSNVOt ,ONMTAL
Ql:'AL=O> k"M ACCEPTANCE AND CONTRACT F WAT- MTRBATb NT
AND CONSTRUCTION" and "LOAN AGREE 1 W AND IMY INDErP LAB".lfmomted
by the City of McCall witboA &%QW approvA WM be VOW 660M any dalm that the W
dweby crated is void under Art. VIII, 13 of the ldalro Coaltitutiott.
Marsh 23, 2001
GwMe JDQp%W,
xaoM vW a Aap �, nVA «r•- v014YU11KIxar MOO feet tot for ltvd 01110 INS toitaiao
" L y MP 26 " ' 01 ' 09 0 24AM SEATiI NW' I Sk U 0 Z6
MHK 1b'U1 11 1. 1 ( N 31, . 13
•
ClRT2BxG42 Or 14i1 UM
I hereby certify thet on this 23rd day of March, 2001, i
mailed (served) a true and correct cony of the within
instrument to:
Michael C. Moore
Attorney at Lear
Fj,x (200) 331 -1202
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At.toxney at Law
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Leland G. Heiurich
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APPENDIX D
04/01/04
IDAHO
DEPARTMENT OF HEALTH AND WELFARE
REPAYMENT SCHEDULE
CITY OF MCCALL LOAN NO. DW -9906
Loan Amt.:
5,908,755.11
Term: 20 years
Repayment Frequency:
Semi - annual
Int. Rate:
2.00%
Repayments to begin:
10/15/2004
DATE
AMOUNT
INTEREST
PRINCIPAL
BALANCE
10/15/2004
179,954.67
59,087.55
120,867.12
5,787,887.99
04/15/2005
179,954.67
57,878.88
122,075.79
5,665,812.20
10/15/2005
179,954.67
56,658.12
123,296.55
5,542,515.65
04/15/2006
179,954.67
55,425.16
124,529.51
5,417,986.14
10/15/2006
179,954.67
54,179.86
125,774.81
5,292,211.33
04/15/2007
179,954.67
52,922.11
127,032.56
5,165,178.77
10/15/2007
179,954.67
51,651.79
128,302.88
5,036,875.89
04/15/2008
.179,954.67
50,368.76
129,585.91
4,907,289.98
10/15/2008
179,954.67
49,072.90
130,881.77
4,776,408.21
04/15/2009
179,954.67
47,764.08
132,190.59
4,644,217.62
10/15/2009
179,954.67
46,442.18
133,512.49
4,510,705.13
04/15/2010
179,954.67
45,107.05
134,847.62
4,37 5,857.51
10/15/2010
179,954.67
43,758.58
136,196.09
4,239,661.42
04/15/2011
179,954.67
42,396.61
137,558.06
4,102,103.36
10/15/2011
179,954.67
41,021.03
138,933.64
3,963,169.72
04/15/2012
179,954.67
39,631.70
140,322.97
3,822,846.75
10/15/2012
179,954.67
38,228.47
141,726.20
3,681,120.55
04/15/2013
179,954.67
36,811.21
143,143.46
3,537,977.09
10/15/2013
179,954.67
35,379.77
144,574.90
3,393,402.19
04/15/2014
179,954.67
33,934.02
146,020.65
3,247,381.54
10/15/2014
179,954.67
32,473.82
147,480.85
3,099,900.69
04/15/2015
179,954.67
30,999.01
148,955.66
2,950,945.03
10/15/2015
179,954.67
29,509.45
150,44.5.22
2,800,499.81
04/15/2016
179,954.67
28,005.00
151,949.67
2 648, 550.14
10/15/2016
179,954.67
26,485.50
153,469.17
2,495,080.97
04/15/2017
179,954.67
24,950.81
155,003.86
2,340,077.11
10/15/2017
179,954.67
23,400.77
156,553.90
2 183, 523.21
04/15/2018
179,954.67
21,835.23
158,119.44
2,025,403.77
10/15/2018
179,954.67
20,254.04
159,700.63
1,865,703.13
04/15/2019
179,954.67
18,657.03
161,297.64
1,704,405.49
10/15/2019
179,954.67
17,044.05
162,910.62
1,541,494.87
04/15/2020
179,954.67
15,414.95
164,539.72
1,376,955.15
10/15/2020
179,954.67
13,769.55
166,185.12
1,210,770.03
04/15/2021
179,954.67
12,107.70
167,846.97
1,042,923.06
10/15/2021
179,954.67
10,429.23
169,525.44
873,397.62
04/15/2022
179,954.67
8,733.98
171,220.69
702,176.93
10/15/2022
179,954.67
7,021.77
172,932.90
529,244.03
04/15/2023
179,954.67
5,292.44
174,662.23
354,581.80
10/15/2023
179,954.67
3,545.82
176,408.85
178,172.95
04/15/2024
179,954.67
1,781.72
178,172.95
0.00