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HomeMy WebLinkAbout953617AMENDMENT ONE TO PROJECT AGREEMENT STAR VALLEY RANCH WATER SUPPLY PROJECT 4. pecific Changes. RJ040910 /F 000649 1. Parties. This Amendment One to Project Agreement is made and entered into by and between the State of Wyoming, acting by and through the WYOMING WATER DEVELOPMENT COMMISSION [COMMISSION] and TOWN OF STAR VALLEY RANCH, Lincoln County, Wyoming, a duly organized municipality existing under the laws of that state [SPONSOR]. 2. Purpose of Amendment. This Amendment shall constitute the first amendment to the Project Agreement between the COMMISSION and the SPONSOR which was duly executed on July 8, 2009 and which became effective July 8,2009. The purpose of this Amendment is to effectuate 2010 Wyo. Sess. Laws, Ch. 38, modifying the PROJECT description, increasing the appropriation, specifying terms and conditions of funding for the PROJECT. 3. Term of the Amendment. This Amendment shall commence immediately upon the last required signature being affixed hereto, and shall remain in full force and effect through the term of this Project Agreement. A. PROJECT Description. The PROJECT description as set forth in Section 2 of the Project Agreement is amended as follows: The PROJECT consists of the following components: (a) Construction of storage tank, well, well connections, pipelines, pump stations, spring development, purchase of a storage tank; and (b) Appurtenances necessary to make the PROJECT function in the manner intended. The final plans and specifications when prepared by an engineering or consulting firm selected by the SPONSOR [SPONSOR'S ENGINEER] will further define the PROJECT components. B. PROJECT Loan and Grant. The PROJECT funding as set forth in Section 4.A. of the Project Agreement is amended as follows: 4.A. The STATE OF WYOMING has appropriated from the Water Development Account created by Wyo. Stat. 41 -2 -124 (a)(i), to the COMMISSION, a sum not to exceed FOUR MILLION NINE HUNDRED NINETY -FIVE THOUSAND DOLLARS ($4,995,000.00) which shall be disbursed to the SPONSOR for the exclusive purpose of completing the aforementioned PROJECT. The funds are divided as follows: (1) A grant to the SPONSOR of not more than THREE MILLION THREE HUNDRED FORTY-SIX Y -SIX T HOUSAND SIX HUNDRED FIFTY DOLLARS ($3,346.650.00) or sixty -seven percent (67 of the actual development costs, whichever is less. W W riE Z CO 0 (9 (2) A loan to the SPONSOR of not more than ONE MILLION SIX c n a w HUNDRED FORTY- EIGHT THOUSAND THREE HUNDRED FIFTY z 0 DOLLARS ($1,64£3,350.00) or thirty -three percent (33 of the actual funds z needed to complete the PROJECT whichever is less, for a term of thirty (30) h years at. the rate of four percent (4 per annum. O 0 O Z O CO 0 O STAR VALLEY RANCH WATER SUPPLY PROJECT AGMT. J BETWEEN WWDC TOWN OF STAR VALLEY RANCH Page 1 of 3 RJ040910/F e650 C. Maintenance /Sinking Fund Account. Section 4.F. of the Project Agreement is amended as follows: 4.F. Prior to the release of any funds under this Agreement, the SPONSOR agrees to increase the existing maintenance /sinking fund accounts by depositing not less than Fifty Thousand Dollars ($50,000.00) per year into the accounts until a FIVE HUNDRED THOUSAND ($500,000.00)balance is reached, for repair and maintenance of the water system. If requested by the COMMISSION, the SPONSOR will submit a copy of its annual budget to the COMMISSION for verification of the existence and amount of the required separate fund. 5. Same Terms and Conditions. With the exception of items explicitly delineated in this Amendment, all terms and conditions of the Project Agreement between the COMMISSION and the SPONSOR, including but not limited to sovereign immunity, shall remain unchanged and in full force and effect. THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK STAR VALLEY RANCH WATER SUPPLY PROJECT AGMT. BETWEEN VVWDC TOWN OF STAR VALLEY RANCH Page 2 of 3 00065. 6. Signatures. IN WITNESS THEREOF, the parties to this Amendment through their duly authorized representatives have executed this Amendment, known as Amendment One [or two, or three, as appropriate] to the Project Agreement between the COMMISSION and the SPONSOR, on the days and dates set out below, and certify that they have read, understood, and agreed to the terms and conditions of this Amendment as set forth herein. WYOMING WATER DEVELOPMENT COMMISSION Mitchel T. Cottenoir, Chairman Date Boy tddoway, Mayor ATTEST: Kent r Shurtleff, Secretary ATTEST: TOWN OF STAR VALLEY RANCH T i,, Brenda Bauer, Town Clerk ATTORNEY GENERAL'S OFFICEWIT OW AS TO FORM S. Jane Caton, Senior Assistant Attorney General Date The Amendment date is the date of the last signature affixed to this page. STAR VALLEY RANCH WATER SUPPLY PROJECT AGMT. BETWEEN WWDC TOWN OF STAR VALLEY RANCH Page 3 of 3 RJ040910 /F Dat Date