20170209Promissory Note.pdf

14t/V-vt/- i 5{l
STATE OF IDAHO
DEPARTMENT OF
ENVIRONMENTAL QUALITY
1410 North Hilton. Boise, ldaho 83706. [phone]
www.doq.idaho.gov
C.L. "Bulch" Otter, Qovernor
John H. Tippets, Dir6ctor
,
Irebruary 2,2017
Certified Mail No.: 7012 3050 0001 2127 5400
Mr. Nolan Cneiting, President
Morning View Water Company
3996E.200 N.
Rigby,lD 83442
Re: Drinking Water Loan #DWl302 Promissory Note
Dear Mr. Gneiting:
This letter is to confirm your receipt of the final disbursernent payment of the company's drinking water loan
with the Department of Environmental Quality and to facilitate the repayment of the loan. Enclosed you will
find the promissory note, which includes a rcpayment schedule. The signed promissory note should be retumed
through certified mail on or before 30 days from the date of this letter and sent to:
MaryAnna Peavey
Department of Environmental Qualityl4l0 Norrh Hilton
Boise, Idaho 83706
Also enclosed with this promissory note is an amendment for the final costs.
'l'he closing date fcrr this loan has been set as February 2,2017 .lf you have any questions or concerns regarding
this Note please contact MaryAnna Peavey at [phone],
Sincerely,
8r^<4. Al.r*ill
Barry N. Burnell
Water Quality Division Admin istrator
BNB:TAW:tg
Enclosures
William "l'euscher, DEQ Idaho Falls RegionalOfficc
MaryAnna Peavey, DEQ State Office
BillHaft, DEQ State Office
Jerri Henry, DEQ State Office
Ryan Lo ft us, Aspen Engineering, [e-mail]
Rick Miller, ECIPDA, [e-mail]
Terri Carlock, PUC, [e-mail]*ho. gov
c:
DWl302
TDAHO DEPARTMENT OF ENVIRONMENTAL QUALITY DRINKING WATER
LOAN OFFER AGREEMENT AMENDMENT
Amendment No. 4 to the Loan Offer Agreement (Agreement), Project Number DWl302, between the
Idaho Department of Environmental Quality (DEQ) and Morning View Water Company.
TO BE ATTACHED AND MADE PART OF the above referenced Agreement.
THE DEQ AND THE, MORNING VMW WATER COMPANY AGREE TO AMEND THE
AGREEMENT AS FOLLOWS:
l. Section II.D.. Terms: Change $410,000 to read $541,502.83.
2, Section II.E.. E$timated Project Budget (replace the existing schejUle with the followin&):
3.Sestion VI.A.. Security Requircments: Change "$451,467 (four hundred fiffy one
thousand four hundred and sixty seven dollars)" to read *$462,969.83 (four hundred sixty two
thousand nine hundred and sixty nine dollars and eighty three cents)".
EDated this f day of February,2017.
H.
rector
Department of Environmental Quality
This Amendment shall become effective upon acceptance by the Morning View Water Company and
must be accepted, if at all, on or before 60 days from the date of this DEQ arnended loan offer. If the
Morning View Water Company finds the Amendment acceptable, it shall sign the document and return it
to DEQ.
ALL OTHER CONDTTIONS AND TERMS IN THE OzuGTNAL AGREEMENT REMAIN THE
SAME.
Morning View Water Company
Original Amend.
#l Amend. #2 Amend. #3 Amend. #4 Totals
l. Construction $275,000 $o $80,000 $ t 25,000 $0 $480,000
2. Admin/Leeal 25,000 0 0 <$5,000>0 20,000
3. Ensineering 0 0 30.000 0 0 30,000
4. Contingency 0 0 0 0 r r.502.83 I1,502.83
5. Total $300,000 $0 $l 10.000 $r20,000 $l1,502.83 $s4l,s02.83
Signature of Representative Date
Name and Title of Representative
Morning Vierv Water Company CFDA # 66-468 AmendmentNo.4
DEQ Loan #DW1302
PROMISSORY NO:rE
DRINKING I{ATER I.ACILTTY LOA}I ACCOUNT
This Promissory Note 1s executed in conformance with and pursuantto the Drinking Water Loan Contract DW1302 entered into between the
Mo::ning View Water Company (Borrower) and the State of Idaho,
Department of Environmental Quality (DEQ).
For value received, Borrower promises to pay to DEQ the principa).
amount of four hundred si-xty two thousand nine hundred and sixtynine dollars and eighty-t.hree cenLs ($462,969.83), plus interest onthe unpai"d balance at the rate of one and one quarter percent
i'7,252) per annum. The p::incipal and j-nterest of this note shall be
repaid in accordance with the Loan Repayment Schedule, whicli isattached as Appendix A and hereby incorpo::ated by reference. Inaddit-ion, the Borrower pledges revenue and j-ncome of the Borrower'sdrinking water treatment facil.ity, whether collected oruncollected, 1n an amount sufficient to repay all principal andj.nterest. The Borrower pledges to establ-j.sh and maintain a reserve
accounl- equal to eighteen thousand five hundred and fifty fivedollar:s and fifty*four cents ($18,555.54). The reserve account will-
be ful-l-y funded withj.n ten years from the date this note is signed
with at.l.east ten percent of the reserve account funded each year.
Every payment made on any indebtedness evidenced by this note shallbe applied first to j.nterest computed to the effective date of the
payment and then to principal. Refunds and extra payments, after
payment of interest, wi-Il be applied to the install-ments last t<>
become due under this note and shall not affect the obllgation of
the Borrower to pay the remaining instal-lments as scheduled herej-n.
If DIIQ at any time assigns this note and insures the payment
thereof, t-he Borrower shall continue to make payments to DEQ as
colLection agent for the holder. No assignment of this note shall
be effective unless the Borrower is notified 1n writing of the name
and address of the assignee. The Borrower shall note in its records
the occurrence of such assignment, together with the name and
address of the assi-gnee.
Any amount advanced oI: expended by DLIQ for the co]lection hereof or
to preserve or protect any security hereto, or otherwise under the
terms of any security or other inst::ument executed in
Page TwoPromissory Note.
connection with the loan evidenced hereby, at the option of DEQshall become a part of and bear interest at the same rate as theprincipal- of the debt evidenced hereby and be immediately due andpayable by Borrower to DEQ without demand.
This note is given as evidence of a loan to Borrower made orinsured by DEQ pursuant to fDAPA 58 Tit1e L, Chapter 20. This notesha1l be subject to the present regulations of DEQ and to itsfuture regulations consistent with the express provisions hereof.
Presentment, protest and notice are hereby waived.
Loan payments shalI be sent to:
Idaho Department of Environmental Quality1410 North HiltonBoise, Idaho 83706-1253
Dated this day of Eebruary, 20t.7 .
Morninq View(SEAL)Water Companv
Borrower)
Signature of Borrower's Of f icia.l-
ATTEST:Title of Borrower's Official
Signature of Attesting Official P.O. Box or Street Address
Title of Attesting Official City, State, Ztp Code
NEXT-PMT-DATE:
PMT-TYPE: B
CUR_BAIANCE:
INTR RATE:
NO OF' PMTS:
PMT AMOUNT:
462 t969 .83
1.2500
60
9 t 277 .17
DATE 01_24*17 DEPT OT ENVIRONMENTAL QUALITY
AMORTIZATION SCHEDULE
LOAN NUMBER:
PMT EREQ: 2
MORNTNGV NAME: MORNING VIEW TOAN #DW].302
ORIG_IOAN-DATE:
YEAR: Y
02-a7 *l',?
08-07 -17
RUN 1.24-L7 AT 14: ].0 PAGE 1
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041 08-07-37
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1 ,813.07
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727 .7 4
662.88
1,390 .62
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441.44
957.45
399.17
339.49
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MM DD yyyy l-oanNo:
lDWI302
Current Balance
Accrued lnt + Fees
Unapplied Funds
Net Fayoff Balance
re
$462,969.83
$451,467.00
LOAN PAY-OFF AMOUNTS
s{1,502.83
lnterest Per Day
5.46120
MORNING VIEUI' WATER COMPANY
$0.00
Date Payment Due
$r1,502.83
02,300.57rc
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