HomeMy WebLinkAboutELEVATIONS CREDIT UNION - CONTRACT - RFP - 8319 CAPITALIZATION & FINANCIAL SERVICES FOR HOME1
ENERGY EFFICIENCY AND RENEWABLE ENERGY
LOAN PROGRAM SERVICES AGREEMENT
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This Energy Efficiency Loan Program Agreement (the “Agreement”), dated as shown on
the signature pages to this Agreement (the “Effective Date”), is undertaken by the City of Fort
Collins, a municipal corporation and political subdivision duly organized and existing as a home
rule city under Article XX of the Constitution of the State of Colorado (“Fort Collins” or the
“City”), and Elevations Credit Union, a Credit Union chartered under the laws of the state of
Colorado, (the “Lender” or “Elevations”) (each a “Party” and collectively the “Parties”).
RECITALS:
WHEREAS, the City wishes to promote its efficiency and renewable energy loan
program (the “Program”), as described more fully in Exhibit A, attached hereto and incorporated
by reference herein; and
WHEREAS, the City intends to enter into one or more agreements with a lender to raise
private capital, originate loans and hold residential loans (“Residential Loans”) and commercial
loans (“Commercial Loans”) (collectively, the “Loans”) for the Program as more fully described
in Exhibit A; and
WHEREAS, Elevations represents that it has the liquidity, empowerment, and ability to
fund loans under the Program up to an amount of $15 million, the approximate maximum
potential of the Program; and
WHEREAS, the City intends that the issuance of all Loans under the Program shall be
limited to the measures set forth on Exhibit B, attached hereto and incorporated by reference
herein which will change from time-to-time by mutual written agreement by the parties
(collectively, the “Eligible Measures”); and
WHEREAS, the City has determined that Loans under the Program are intended for
private borrowers, rather than governmental entities, where “governmental entities” includes but
is not limited to any Federal agencies or departments, the State of Colorado or any political
subdivision thereof, any county, city, town, township, school district, special district, housing
authority, or company, partnership or other corporate entity in which any of the above own any
percentage of the membership interest (collectively, “Governmental Entities”); and
WHEREAS, the Lender intends to enter into one or more Agreements with the Green
Colorado Credit Reserve Program (collectively referred to as the “GCCR Agreement”), or
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another federally funded energy loan sponsor, to wholly or partially provide a guarantee and loan
loss reserve (the “Loan Loss Reserve”) for loans originated through the City’s Program and
funded by Lender; and
WHEREAS, the City agrees to reasonably cooperate with the Lender in its dealings with
GCCR to administer and maintain the Loan Loss Reserve; and
WHEREAS, the City and Platte River Power Authority (Platte River) jointly created the
Efficiency Works Program to among other objectives target energy and water efficiency retrofits
for commercial and residential structures (the “Efficiency Works Program”); and
WHEREAS, the City promotes renewable energy projects for commercial and
residential structures qualified under the appropriate Eligible Measures; and
WHEREAS, the Efficiency Works Program accomplishes these retrofits by providing
services to qualified participants, including energy audits, technical assistance, access to
participating contractors, and utility rebates,; and
WHEREAS, after competitive procurement, the City selected Lender as a qualified
responsible lender for the Program, and Lender agrees to be responsible for the Program
functions of raising private capital, originating Loans, holding Loans and servicing Loans for the
Program as outlined in this Agreement.
AGREEMENT
In consideration of the foregoing recitals and the mutual covenants set forth below, the Parties
agree as follows:
1. Incorporation into Agreement, Terms, Order of Precedence:
a. The following documents (the “Contract Documents”) are each expressly
incorporated into this Agreement by this reference:
i. The Scope of Work, attached hereto as Exhibit A (the “Scope of Work");
and
ii. The Schedule of Eligible Measures, attached hereto as Exhibit B (the
“Schedules of Eligible Measures”); and
iii. The BetterBuildings – Quarterly Metric Reporting Template, attached
hereto as Exhibit C; and
iv. The BetterBuildings Financial Product Monthly Reporting Requirements,
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attached hereto as Exhibit D; and
vii. Lender Certificate of Insurance, attached hereto as Exhibit E.
b. Except as otherwise provided in this Agreement, to the extent there is any direct
conflict or inconsistency between any of the Contract Documents, the following order of
precedence shall control:
i. This Agreement
ii. The Scope of Work
iii. The Schedules of Eligible Measures
iv. The BetterBuildings Financial Product Reporting Template
v. The BetterBuildings – Quarterly Metric Reporting Template
vi. The Reporting Template
vii. The Lender’s Certificate of Insurance
2. Work to be Performed:
a. The Lender shall faithfully perform the services in accordance with the standards
of care, skill, training, diligence, and judgment provided by highly competent financial
institutions performing services of a similar nature to those described in the Agreement and in
accordance with the terms of the Agreement and, at its own cost and expense, furnish all labor
and equipment and do all work necessary and incidental to performing the lending work for the
Program as specified in this Agreement and the Scope of Work (the "Lending Work" or
“Work”).
b. The Lender shall perform the Lending Work in strict accordance with the Scope
of Work and the terms of this Agreement.
c. The Lender shall perform the Agreement in a manner satisfactory and acceptable
to the City.
d. The Lender hereby warrants as follows with respect to the Work to be performed
under this Agreement:
i. Lender warrants it will close Loans in accordance with commercially
reasonable lending practices.
ii. Lender warrants it will comply with its quality control program and
comply with all requirements of the GCCR.
iii. Lender warrants it will service Loans made under the Program in a manner
commensurate with commercially reasonable banking practices and
applicable law.
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iv. All Lender’s collection practices will be conducted in compliance with the
Fair Debt Collection Act, the Fair Credit Reporting Act, and all other
applicable State and federal regulations.
v. Lender will service and collect Loans made under the Program with the
same standard of care as used for all of Lender’s other loans.
3. Duration and Withdrawal: The duration of this Agreement and procedures for
withdrawal by the Parties shall be as follows:
a. The initial term of this Agreement shall be from the Effective Date through
December 31, 2017. This Agreement shall automatically renew on January 1, each year, for four
(4) consecutive annual renewal periods, subject to annual appropriations of the City and the right
of each Party to withdraw as provided in this section.
b. Except as otherwise set forth below in this paragraph, any Party may withdraw
from this Agreement without cause or penalty, in whole or in part, which withdrawal shall be
effective ninety (90) days after the withdrawing Party mails by certified mail, return receipt
requested, a written notice to the other Parties of the Party’s intent to withdraw. The withdrawing
Party will be discharged from its obligations hereunder, provided that it has paid all outstanding
financial obligations for which it is liable under this Agreement. The terms and obligations of
this Agreement shall continue as to the remaining Parties. Notwithstanding the foregoing, either
party may shorten the notice period set forth above to no less than thirty (30) days, in the event
that there are compelling legal or regulatory reasons that require a party to withdraw from the
Agreement in order to remain compliant with applicable law.
c. In the event that the Loan Loss Reserve is at any time no longer available through
the GCCR, or in the event that Lender’s loan loss experience or other relevant monitoring
metrics pertaining to Loans underwritten through the Efficiency Works program, Lender reserves
the right to change the offered rates and terms for loans underwritten through the City’s Program
subject to mutual written agreement by the parties; and
d. Nothing herein shall constitute a multiple fiscal year obligation pursuant to
Colorado Constitution Article X, Section 20. Notwithstanding any other provision of this
Agreement, the obligations of each Party under this Agreement are subject to annual
appropriation by the governing body of such Party.
4. Consideration for Work Performed:
In consideration of the Lending Work to be performed by the Lender and the benefits to
be realized by the City’s Utility with the resulting efficiency upgrades, the City shall provide the
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Lender with access to and the opportunity to undertake the Lending Work for the Program.
5. Registration and Reporting of Loans. At the end of each calendar quarter, or
upon special request, the Lender shall submit a report to the City related to the Loans, in the form
and substance substantially similar to that contemplated by the Reporting Template, attached
hereto as Exhibit E (the “Quarterly Report”). The Quarterly Report shall include the Original
Principal, Outstanding Principal, Original Reserve Amount, Available Reserve Amount,
Defaulted Loans, and Excess Reserve for each Loan Pool. The Lender’s inclusion of a Loan on
the Quarterly Report shall be deemed a registration of all Loans that were originated for Eligible
Measures under the Program.
6. Loan Loss Reserve.
. Lender shall be entitled to fully cover its losses on all Defaulted Loans that are loans
originated for Eligible Measures under the Program out of the funds in the applicable Reserve
Account contracted for through the GCCR, or another federal funded energy loan sponsor. In no
event shall the City be liable for Defaulted Loans, unfunded Loan Loss Reserves, or the Reserve
Account.
7. Special Terms and Conditions.
a. Marketing: The City agrees to provide the following marketing support to
Lender to facilitate and promote the Program:
i. The City will investigate options to promote the Program within the
City’s online utility bill data presentment and bill paying systems; and
ii. The City will promote the Program within the City’s website with
language describing and promoting the loan product including a link
which directs the meter owner to Lender’s website page for energy loans,
which will provide information and a link to apply for a loan; and
iii. The City shall include a bill stuffer paper advertisement to be included in
all utility bills on a frequency to be determined by the City; and
iv. Such additional promotional activities that the parties may mutually agree
upon in writing from time to time in order to promote the Program; and
v. The City shall permit the marketing materials to include Lender’s logo,
subject to the City’s Charter, municipal code, and administrative policies.
b. Audit. That Lender hereby agrees to provide the City with commercially
reasonable access to any and all information or records the City may need to comply with any
applicable audit requirements, in accordance with the limitations contained herein.
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c. Violation of Federal Law. No Loans under the Program shall be issued to
businesses that are openly operating in violation of Federal law. Nothing in this subsection shall
be construed to require the Lender to investigate suspected violations of Federal law, or to
otherwise assume a Federal law enforcement role.
d. Existing Buildings. Loans under the Program shall only be issued for retrofits,
renovations, modifications, or alterations within the existing footprint of existing buildings, and
shall under no circumstances be issued for new construction.
e. Reporting. The Lender shall, within five (5) days of the end of each Calendar
quarter, submit reports to the City of form and substance substantially similar to that
contemplated by the BetterBuildings – Quarterly Metric Reporting Template, attached hereto as
Exhibit C, provided that the Lender shall have an allowance of ten (10) additional days to submit
revisions to the City. The Lender shall, within fifteen (15) days of the end of each month, submit
a report to the City containing the information required by the BetterBuildings Financial Product
Monthly Reporting Requirements, attached hereto as Exhibit D. All data produced through
reporting as required by this Agreement shall be the jointly owned property of Lender and the
City. The City reserves the right to require additional information in the future and the Lender
shall use reasonable efforts to comply with all requested reporting requirements.
f. Exclusion of Governmental Entities. No Loans under the Program shall be issued
to Governmental Entities, or for projects affecting the property of Governmental Entities. Any
question by the Lender about whether an entity is a Governmental Entity shall be referred to the
City for approval as provided in this Section 7.
g. Mandatory Program Participation. No Loans under the Program shall be issued to
individuals or entities that are not determined by the City to be an eligible and qualified
participant in the Efficiency Works Program or City’s requirements for solar rebates.
h. Qualified Borrowers. No Loans under the Program shall be issued to borrowers
that do not meet the qualifications specifically detailed by the underwriting criteria and income
verification requirements set forth in the Scope of Work.
i. Right to Monitor. The City shall have the right to review and monitor the Loans
under the Program to ensure that the Loans are being made to support eligible activities under
Federal law and regulations.
j. Eligible Measures. No Loans shall be issued under the Program for projects
that are not specifically provided for as Eligible Measures on Exhibit B, attached hereto unless
such otherwise eligible measures for such projects are specifically approved in writing by the
City. Eligible Measures shall be determined by City staff coordinating or managing the
Efficiency Works Homes program. The project eligibility process shall be as set forth in the
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HELP loan qualification and project eligibility processes and procedures document developed by
the City and Elevations Credit Union.
k. Notice of Non-Compliance and Cure Period. Lender shall use best efforts to
comply with the terms of this Agreement and specifically the requirements of this Section 7 in
the performance of its obligations under this Agreement. In the event of any material non-
compliance by Lender in the performance of its obligations hereunder, Lender shall be provided
written notice of the manner and occasion of non-compliance and a period of at least thirty (30)
days to cure such non-compliance. In the event that Lender fails to cure such non-compliance
within such thirty (30) day cure period, or take measures reasonably designed to result in a cure,
this Agreement may be terminated by the City or by the Lender. Nothing in the foregoing shall
be construed to limit the City’s remedies under this Agreement to termination of the Agreement.
l. Equal Employment Opportunity —Lender shall comply with E.O. 11246 (3 CFR,
1964–1965 Comp., p. 339), “Equal Employment Opportunity,” as amended by E.O. 11375 (3
CFR, 1966–1970 Comp., p. 684), “Amending Executive Order 11246 Relating to Equal
Employment Opportunity,” and as supplemented by regulations at 41 CFR chapter 60, “Office of
Federal Contract Compliance Programs, Equal Employment Opportunity, Department of Labor.”
m. Retention and access requirements for records: Lender shall retain financial
records, supporting documents, statistical records, and all other records pertinent to this
Agreement for a period of at least three (3) years after final payment under the Loans. The only
exceptions are the following:
i. If any litigation, claim, or audit is started before the expiration of the 3-year
period, the records shall be retained until all litigation, claims or audit findings
involving the records have been resolved and final action taken.
ii. When records are transferred to or maintained by the City, the 3-year retention
requirement is not applicable to the Lender.
8. Indemnity:
a. The Lender agrees to protect, defend, release, indemnify and save harmless the
City against any and all claims, damages, suits, or procedures of any kind or nature, including
worker’s compensation claims in any way resulting from or arising out of, directly or indirectly,
the Lender’s Services hereunder and all operations in connection herewith, or its use or
occupation of any public or private property, and including acts or omissions of the Lender or its
officers, employees, representatives, suppliers, invitees, contractors, and agents; provided,
however, that the Lender need not indemnify and save harmless the City, its officers, agents and
employees from damages resulting from the negligence of the City’s officers, agents, and
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employees. Insurance coverage specified herein constitutes the minimum requirements, and said
requirements shall in no way lessen or limit the indemnification or other liability of the Lender
under the terms of this Agreement. The Lender shall procure and maintain, at its own expense
and cost, any additional kinds and amounts of insurance that, in its judgment, may be necessary
for its proper protection in the prosecution of the services hereunder. Lender shall be liable for
direct damages if it fails to exercise ordinary care. Lender shall be deemed to have exercised
ordinary care if its actions, or failure to act, is in conformity with a commercially reasonable
practice of the banking industry. Lender shall not be liable for any special, consequential or
incidental damages, even if it has been advised of the possibility of the same.
b. This defense and indemnification obligation shall survive the expiration or
termination of this Agreement.
9. Insurance Requirements:
a. General Conditions: Lender agrees to secure, at or before the time of execution
of this Agreement, the following insurance covering all operations, goods or services provided
pursuant to this Agreement. Lender shall keep the required insurance coverage in force at all
times during the term of the Agreement, or any extension thereof, during any warranty period,
and for three (3) years after termination or expiration without renewal of the Agreement. The
required insurance shall be underwritten by an insurer licensed or authorized to do business in
Colorado and rated by A.M. Best Company as “A-”VIII or better. Each policy shall contain a
valid provision or endorsement stating “Should any of the above-described policies be canceled
or non-renewed before the expiration date thereof, the issuing company shall send written notice
to City of Fort Collins, Director of Purchasing, 215 N. Mason Street, Fort Collins, CO 80522.
Such written notice shall be sent thirty (30) days prior to such cancellation or non-renewal unless
due to non-payment of premiums for which notice shall be sent ten (10) days prior.”
Additionally, the Lender shall provide written notice of cancellation, non-renewal and any
reduction in coverage to the address above by certified mail, return receipt requested. If any
policy is in excess of a deductible or self-insured retention, the City must be notified by the
Lender. Lender shall be responsible for the payment of any deductible or self-insured retention.
The insurance coverage specified in this Agreement are the minimum requirements, and these
requirements do not lessen or limit the liability of the Lender. The Lender shall maintain, at its
own expense, any additional kinds or amounts of insurance that it may deem necessary to cover
its obligations and liabilities under this Agreement.
b. Proof of Insurance: Lender shall provide a copy of this Agreement to its
insurance agent or broker. Lender may not commence services or work relating to the Agreement
prior to placement of coverage. Lender certifies that the certificate of insurance attached as
Exhibit E, complies with all insurance requirements of this Agreement. The City’s acceptance of
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a certificate of insurance or other proof of insurance that does not comply with all insurance
requirements set forth in this Agreement shall not act as a waiver of Lender’s breach of this
Agreement or of any of the City’s rights or remedies under this Agreement. The Risk
Management Office of the City may require additional proof of insurance, including but not
limited to policies and endorsements.
c. Additional Insureds: For Commercial General Liability, Auto Liability, and
Excess Liability, Lender and subcontractor’s insurer(s) shall name the City of Fort Collins, its
elected and appointed officials, employees and volunteers, as additional insured.
d. Waiver of Subrogation: For all coverage, Lender’s insurer shall waive
subrogation rights against the City.
e. Subcontractors and Sub-consultants: All of Lender’s subcontractors and sub-
consultants, if any, (including independent contractors, suppliers or other entities providing
goods or services required by this Agreement) shall be subject to all of the requirements herein
and shall procure and maintain the same insurance coverage required of the Lender. Lender shall
include all such subcontractors as additional insured under its policies (with the exception of
Workers’ Compensation) or shall ensure that all such subcontractors and sub-consultants provide
verification of such insurance coverage upon request by the City.
f. Workers’ Compensation/Employer’s Liability Insurance: Lender shall maintain
the coverage as required by statute for each work location and shall maintain Employer’s
Liability insurance with limits of $100,000 per occurrence for each bodily injury claim, $100,000
per occurrence for each bodily injury caused by disease claim, and $500,000 aggregate for all
bodily injuries caused by disease claims. Lender expressly represents to the City, as a material
representation upon which the City is relying in entering into this Agreement, that none of the
Lender’s officers or employees who may be eligible under any statute or law to reject Workers’
Compensation Insurance shall effect such rejection during any part of the term of this
Agreement, and that any such rejections previously effected, have been revoked as of the date
Lender executes this Agreement.
g. Commercial General Liability: Lender shall maintain a Commercial General
Liability insurance policy with limits of $1,000,000 in aggregate.
h. Professional Liability: Lender shall maintain limits of $1,000,000 for each claim,
and $1,000,000 aggregate limit for all claims
i. Business Automobile Liability: Lender shall maintain Business Automobile
Liability with limits of $1,000,000 combined single limit applicable to all owned, hired and non-
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owned vehicles used in performing services under this Agreement. Any combination of primary
and excess coverage may be used to achieve required limits.
j. Commercial Crime: Lender shall maintain $1,000,000 in commercial crime
insurance coverage. Coverage shall include theft of the City’s property by Lender's employees,
including any extended definition of employee.
k. Excess/Umbrella Liability: Contractor shall maintain excess liability limits of
$5,000,000.00. Coverage must be written on a “follow form” or broader basis. Any
combination of primary and excess coverage may be used to achieve required limits.
l. Additional Provisions:
i. For Commercial General Liability and Excess Liability, the policies must
provide the following:
(A) That this Agreement is an Insured Contract under the policy;
(B) Defense costs in excess of policy limits;
(C) A severability of interests, separation of insureds or cross liability provision; and
(D) A provision that coverage is primary and non-contributory with other coverage or
self-insurance maintained by the City of Fort Collins.
ii. For claims-made coverage, the retroactive date must be on or before the
Agreement date or the first date when any goods or services were provided to the City,
whichever is earlier.
iii. Lender shall advise the City in the event any general aggregate or other
aggregate limits are reduced below the required per occurrence limits. At their own expense, and
where such general aggregate or other aggregate limits have been reduced below the required per
occurrence limit, the Lender will procure such per occurrence limits and furnish a new certificate
of insurance showing such coverage is in force.
The Additional Insured wording should be as follows:
City of Fort Collins, State of Colorado, its elected and appointed officials, employees and
volunteers are named as Additional Insured.
For the City, the certificate holder is: The City of Fort Collins
Purchasing
Attn: Gerry Paul, Purchasing Director
215 N. Mason Street
Fort Collins, CO 80524
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10. Nondiscrimination: The Lender agrees to comply with the letter and spirit of the
Colorado Anti-Discrimination Act, C.R.S. § 24-34-401, et seq., as amended, and all applicable
local, state and federal laws respecting discrimination and unfair employment practices.
In connection with the performance of work under the Agreement, the Lender may not
refuse to hire, discharge, promote or demote, or discriminate in matters of compensation against
any person otherwise qualified, solely because of race, color, religion, national origin, gender,
age, military status, sexual orientation, gender variance, marital status, or physical or mental
disability. The Lender shall insert the foregoing provision in all subcontracts.
11. Nondiscrimination Provisions Binding on Subcontractors: In all solicitations
by the Lender for any Work related to this Agreement to be performed under a subcontract,
either by competitive bidding or negotiation, the Lender shall notify each potential subcontractor
of the Lender's obligations under this Agreement, and of all pertinent regulations relative to
nondiscrimination and unfair employment practices.
12. Information and Reports: The Lender will provide to authorized governmental
representatives, including those of the City, State and Federal Government, all information and
reports which they may reasonably require for any purpose authorized by law. The Lender will
permit such authorized governmental representatives access to the Lender's facilities, books,
records, accounts, and any other relevant sources of information. Where any information
required by any such authorized government representative is in the exclusive possession of a
person other than the Lender, then such Lender shall so certify to the City, and shall explain what
efforts it has made to obtain the information.
13. Independent Contractor/No Joint Venture: The Parties recognize and agree
that the Lender is an independent contractor for all purposes, both legal and practical, in
performing services under this Agreement, and that the Lender and its agents and employees are
not agents or employees of the City for any purpose. As an independent contractor, the Lender
shall be responsible for employing and directing such personnel and agents as it requires to
perform the services purchased under this Agreement, shall exercise complete authority over its
personnel and agents, and shall be fully responsible for their actions. The Parties recognize and
agree that this Agreement does not constitute a joint venture as prohibited by Article XI § 2 of
the Colorado Constitution.
Lender acknowledges that it is not entitled to unemployment insurance benefits or
workers’ compensation benefits from the City, its elected officials, agents, or any program
administered or funded by the City. Lender is obligated to pay federal and state income
tax on any monies earned pursuant to this Agreement.
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14. Information Sharing:
a. Upon request of the City, and contingent upon written consent of the Loan
customer, the Lender hereby agrees to share with the City the following information for each
customer that originates or holds a Loan through the Program:
i. Name;
ii. Phone Number;
iii. Email Address;
iv. Loan Amount;
v. Property Location;
vi. Eligible Measure(s);
vii. Loan Type (Residential or Commercial);
viii. Building Type;
ix. Utility Account Number.
b. The Lender shall use commercially reasonable efforts to secure each customer’s
permission to share the information provided in Section 14(a) above with the City and to secure
each customer’s permission to be contacted by the City.
15. Notices: Except as otherwise provided in this Agreement, for purposes of
the notices required to be provided under this Agreement all such notices shall be in writing, and
shall be either sent by Certified U.S. Mail - Return Receipt Requested, or hand-delivered to the
following representatives of the parties at the following addresses:
For the City: Purchasing Director
City of Fort Collins
215 N. Mason Street
Fort Collins, Colorado 80524
And to: Fort Collins City Attorney’s Office
City Hall West, 300 LaPorte Avenue
Fort Collins, Colorado 80521
For the Lender: Elevations Credit Union
ATTN: Chief Operating Officer
2960 Diagonal Highway
P.O. Box 9004
Boulder, Colorado 80301-9004
In the event a notice is mailed pursuant to the provisions of this paragraph, the time periods
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specified in paragraph 15 shall commence to run on the day after the postmarked date of mailing.
16. Statutory and Ordinance Requirements: This Agreement is subject to all
statutory requirements that are or may become applicable to counties or political subdivisions of
the State of Colorado generally, or to the Lender. Without limiting the scope of this provision,
the Agreement is specifically subject to the following statutory and ordinance requirements:
a. Agreement payments may be withheld pursuant to C.R.S. § 38-26-107 if the City
receives a verified statement that the Lender has not paid amounts due to any person who
has supplied labor or materials for the project.
b. The Lender shall not engage in any transaction, activity or conduct that would
result in a conflict of interest under the Agreement. The Lender represents that it has
disclosed any and all current or potential conflicts of interest, including transactions,
activities or conduct that would affect the judgment, actions or work of the Lender by
placing the Lender’s own interests, or the interests of any party with whom the Lender
has a contractual arrangement, in conflict with those of the City. The City, in its sole
discretion, will determine the existence of a conflict of interest and may terminate the
Agreement in the event it determines a conflict exists, after it has given the Lender
written notice describing the conflict.
c. In performing the services required of the Lender under this Agreement, the
Lender shall comply with all applicable laws, rules, and regulations, including, but not
limited to, the Colorado Workers’ Compensation Act and all federal and state banking
and tax laws applicable to this Agreement or the activities of Lender. In addition, the
Lender shall, from time to time, not less than annually in connection with any Renewal
Term or more often as may be requested by the City, certify in writing as to its
compliance with all such matters and covenants. All certifications made in the Recitals
to this Agreement are incorporated herein. The Lender shall have the duty to promptly
notify the City if any certification made by the Lender hereunder becomes untrue.
Because the Lender will be acting as an independent contractor, the City assumes no
responsibility for the Lender’s acts or failure to act.
d. The City recognizes that Lender complies with the USA Patriot Act and laws
administered by OFAC (The Office of Foreign Assets Control). These laws mandate that
Lender verify certain information about customers. Lender reserves the right, at any time,
to request information that may assist Lender in compliance with these laws. The City
agrees to provide such information as requested by Lender, including, without limitation,
information about Account Holders, to the extent permitted or required by law.
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17. Prohibitions on Public Agreement for Services:
Pursuant to Colorado Revised Statute (C.R.S.), § 8-17.5-101, et seq., as amended
5/13/08, the Lender shall meet the following requirements prior to signing this
Agreement (public contract for service) and for the duration thereof:
a. The Lender shall certify participation in the E-Verify Program (the electronic
employment verification program that is authorized in 8 U.S.C. § 1324a and jointly
administered by the United States Department of Homeland Security and the Social
Security Administration, or its successor program) or the Department Program (the
employment verification program established by the Colorado Department of Labor and
Employment pursuant to C.R.S. § 8-17.5-102(5)) on the attached certification.
b. The Lender shall not knowingly employ or contract with an illegal alien to
perform work under this public contract for services.
c. The Lender shall not enter into a contract with a subcontractor that fails to certify
to the Lender that the subcontractor shall not knowingly employ or contract with an
illegal alien to perform work under this public contract for services.
d. At the time of signing this public contract for services, the Lender has confirmed
the employment eligibility of all employees who are newly hired for employment to
perform work under this public contract for services through participation in either the E-
Verify Program or the Department Program.
e. The Lender shall not use either the E-Verify Program or the Department Program
procedures to undertake pre-employment screening of job applicants while this public
contract for services is being performed.
f. If Lender obtains actual knowledge that a subcontractor performing work under
this public contract for services knowingly employs or contracts with an illegal alien, the
Lender shall: notify the subcontractor and the City within three days that the Lender has
actual knowledge that the subcontractor is employing or contracting with an illegal alien;
and terminate the subcontract with the subcontractor if within three days of receiving the
notice required pursuant to the previous paragraph, the subcontractor does not stop
employing or contracting with the illegal alien; except that the contractor shall not
terminate the contract with the subcontractor if during such three days the subcontractor
provides information to establish that the subcontractor has not knowingly employed or
contracted with an illegal alien.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
g. Lender shall comply with any reasonable requests by the Department of Labor
and Employment (the Department) made in the course of an investigation that the
Department is undertaking pursuant to the authority established in C.R.S. § 8-17.5-
102(5).
h. If Lender violates any provisions of this Section of this Agreement, the City may
terminate this Agreement for breach of contract.
18. Amendments: This Agreement may be altered, amended or repealed only on the
mutual agreement of each the Parties by a duly executed written instrument.
19. Assignment: This Agreement shall not be assigned or subcontracted by the
Lender.
20. Benefit to Successors and Assigns: This Agreement shall be binding upon the
successors and assigns of the parties.
21. Governing Law: The Agreement will be construed and enforced in accordance
with applicable federal law, the laws of the State of Colorado. Unless otherwise specified, any
reference to statutes, laws, regulations, charter or code provisions, ordinances, executive orders,
or related memoranda, includes amendments or supplements to same. Any litigation that may
arise between the parties involving the interpretation or enforcement of the terms of this
Agreement shall be initiated and pursued by the parties in the District Court of the County of
Larimer, State of Colorado.
22. Breach: Any waiver of a breach of this Agreement shall not be held to be a
waiver of any other or subsequent breach of this Agreement. All remedies afforded in this
Agreement shall be taken and construed as cumulative, that is, in addition to every other remedy
provided herein or by law.
23. Termination of Prior Agreements: This Agreement cancels and terminates, as
of its effective date, all prior agreements between the parties relating to the services covered by
this Agreement, whether written or oral or partly written and partly oral.
24. Severability: If any provision of this Agreement is found to be invalid, illegal or
unenforceable, the validity and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.
25. Third Party Beneficiary: The enforcement of the terms and conditions of this
Agreement and all rights of action relating to such enforcement shall be strictly reserved to the
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Parties hereto, and nothing contained in this Agreement shall give or allow any claim or right of
action whatsoever by any other or third person. It is the express intent of the parties to this
Agreement that any person receiving services or benefits under this Agreement shall be deemed
an incidental beneficiary only.
26. Headings: Headings in this Agreement are for convenience or reference only
and shall not be used in the interpretation or construction of this Agreement.
27. Counterparts: This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which together shall be deemed to be a
single agreement.
28. No Waiver; Remedies: No failure on the part of any of the Parties to exercise,
and no delay in exercising, and no course of dealing with respect to, any right, power, or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power, or remedy under this Agreement preclude any other or further
exercise thereof or the exercise of any other right, power, or remedy. The remedies provided
herein are cumulative and not exclusive of any remedies provided by law.
30. Examination of Records: Any authorized agent of the City shall have the right to
access and the right to examine any pertinent books, documents, papers and records of the
Lender, involving transactions related to the Agreement until the latter of three (3) years after the
final payment under a loan funded by Lender pursuant to the Agreement or expiration of the
applicable statute of limitations.
31. Electronic Signatures and Electronic Records: Each of the Parties consents to
the use of electronic signatures by the each of the other Parties. The Agreement, and any other
documents requiring a signature hereunder, may be signed electronically by the any of Parties in
the manner specified by such signing Party. The Parties agree not to deny the legal effect or
enforceability of the Agreement solely because it is in electronic form or because an electronic
record was used in its formation. The Parties agree not to object to the admissibility of the
Agreement in the form of an electronic record, or a paper copy of an electronic document, or a
paper copy of a document bearing an electronic signature, on the ground that it is an electronic
record or electronic signature or that it is not in its original form or is not an original.
32. Reasonable Notice and Privacy Procedures: Notwithstanding anything in this
Agreement to the contrary, any access or right granted the City to examine the books,
documents, paper or records of the Lender shall be upon reasonable prior notice and within
compliance with the Lender’s Privacy and Security procedures.
[Signature Page to Follow]
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IN WITNESS WHEREOF, the Parties to this Agreement have caused this Agreement to be
duly executed as of _________________________.
THE CITY OF FORT COLLINS
ATTEST: _______________________ __________________________
Gerry Paul, Purchasing Director
Date: _________________________
APPROVED AS TO FORM:
By: _______________________________
LENDER:
ELEVATIONS CREDIT UNION
__________________________
Printed: ______________________
Title: __________________________
Date: _________________________
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
11/2/2016
Chief Operating Officer
James Champion
Senior Assistant City Attorney
11/3/2016
City Clerk
CONTRACTOR’S CERTIFICATION OF COMPLIANCE
Pursuant to Colorado Revised Statute, § 8-17.5-101,et seq., as amended 5/13/08, as a prerequisite
to entering into a contract for services with the City of Fort Collins, Colorado, the undersigned
Lender hereby certifies that at the time of this certification, Lender does not knowingly employ
or contract with an illegal alien who will perform work under the attached contract for services
and that the Lender will participate in the E-Verify Program or Department program, as those
terms are defined in C.R.S. § 8-17.5-101,et seq., in order to confirm the employment eligibility
of all employees who are newly hired for employment after the date of this Agreement to
perform work under the attached contract for services.
CONTRACTOR:
___________________________ __________________
Company Name Date
___________________________
Name (Print or Type)
___________________________
Signature
___________________________
Title
Note: Registration for the E-Verify Program can be completed at: https://e-verify.uscis.gov/enroll/.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
Exhibit A
General Scope of Lending Work:
The Lender shall maintain a Fort Collins based office located at 1526 E Harmony Road, Unit
130, Fort Collins, Colorado 80525 during the terms of the Agreement.
Lender shall assist with final structuring of the loan program in collaboration with the City of
Fort Collins.
Lender shall originate energy or water efficiency (EE), and renewable energy loans including
solar photovoltaic systems, for Eligible Measures [defined term] to qualified homeowners,
commercial properties and non-profit facilities that are eligible Fort Collins Utilities customers.
Lender shall provide to both consumers and businesses an on-line process to apply for a loan
under the program. Provide multiple options to borrowers to accomplish the closing of the loan,
including closing on paper documents; providing electronic copies of documents that may be
printed by the borrower, executed, and returned to Lender; by fax; by mail; and via the usage of
an e-signature provider (currently DocuSign).
Lender shall take loan applications by phone, in person, or via the online application.
Lender shall provide information by phone and the ability to speak to a representative between
the hours of 7:30 a.m. to 6:00 p.m. Monday through Friday and 8:30 a.m. to 12:30 p.m. on
Saturday. In the rare event that Lender’s call center is unable to assist an applicant immediately,
Lender’s representative will use best efforts to return the call by the end of the following
business day.
Lender shall facilitate loan closings using best efforts to meet the borrower’s preference for
closing.
Lender shall provide loan closing services to borrowers on an as-needed and appointment-setting
basis.
Lender shall provide ongoing loan servicing, including but not limited, to billing and collections.
Lender shall collaborate with the City to develop a process to train contractors on participating in
and promoting the program.
Lender shall develop the loan program’s strategic marketing plan and branding in collaboration
with the City.
All borrowers that are not already members of Elevations Credit Union shall be required to
become a member of the credit union either prior to or contemporaneously with closing any loan,
and make a $25 deposit to a share account to initiate their membership.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
All loans will be assessed a $25 processing fee, and any applicable UCC financing statement
fees, both of which may be paid from loan proceeds. Any other potential fees shall be subject to
mutual written agreement by the parties and will be evaluated on a programmatic level and not
on a case by case basis.
Representations:
Consumer Loan Underwriting, Product Rates and Terms to be offered
Residential loans to individuals and businesses will be made with a minimum loan amount of
$500 and a maximum loan amount of $25,000. Terms to be offered are 36, 60, 84, 120, and 180
month fixed rate loans with no prepayment penalties. Up to 100% of the project cost may be
financed. The personal loan underwriting guidelines to be used are outlined below. Loans may
be assigned to a different approval tier, be declined, or be subject to further review if underwriter
determines that FICO score or other factors are inconsistent with actual credit and employment
profile.
Credit Metrics Tier 1 (B+ or Better) Tier 2 (B- to B+) Tier 3 (C+ or Below)
Minimum FICO (Credit
Score)
Each borrower must
have a minimum FICO
If there are multiple
borrowers, the lower
the score (regardless of
income) must be used
for qualification
680 if salaried (or fixed
income)
720 if self-employed
less than 2 years
640 if salaried (or fixed
income)
680 if self-employed
more than 2 years
720 if self-employed
less than 2 years
580 if salaried, no self
employment
Bankruptcy, Foreclosure,
Repossession
None in the last 7 years None in the last 5 years None in the last 2 years
Unpaid Collection
Accounts, Judgments,
Tax Liens
No more than $2,500 total No more than $2,500 total No more than $2,500 total
Loan Amounts Up to $25,000 Up to $25,000 Up to $25,000
Reduced interest rates may be made available with a credit enhancement provided by the City for
lower and moderate-income households on a case by case or aggregate basis as may be mutually
agreed by the parties by amendment to this Scope in writing. The initial consumer loan-pricing
table based on credit ratings follows. Upon 30 business days’ notice to the City, rates for new
loans may be adjusted in the future at Elevations’ sole discretion if market interest rates rise or
fall, or if actual or projected losses are (a) reasonably expected to exceed the amount of the loan
loss reserve, or (b) are in excess of the amount of losses anticipated by Elevations. The
following rates assume automatic drafting of payments from the Borrower’s checking account at
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Elevations or another financial institution and electronic statements (no paper statements mailed)
consistent with the environmental goals of the loan program. If both conditions are not present,
the rate will be 0.50% higher than shown.
FICO > 36 60 84 120 180
A+ 740 2.750% 3.500% 4.500% 6.000% 6.500%
A 720 2.875% 3.625% 4.625% 6.125% 6.625%
A- 700 3.000% 3.750% 4.750% 6.250% 6.750%
B+ 680 3.125% 3.875% 4.875% 6.375% 6.875%
B 660 3.500% 4.250% 5.250% 6.750% 7.250%
B- 640 3.875% 4.625% 5.625% 7.125% 7.625%
C+ 620 4.375% 5.125% 6.125% 7.625% 8.125%
C 600 4.875% 5.625% 6.625% 8.125% 8.625%
C- 580 5.375% 6.125% 7.125% 8.625% 9.125%
NOTE: On loans to natural persons we will use the higher of two credit scores when there is a
co-borrower. No loans shall be issued if neither the borrower or the co-borrower has a FICO
score of at least 580.
Income Verification Requirements
While most loan requests will be processed using the following guidelines, verification of
income may be requested on any loan at the Lender’s discretion:
Salaried Employees, Pension, SSI Income, etc. Self Employed
Stated Income (No Verification Required)
When the loan amount is less than $4,000
And when the FICO is greater than 740
Income Verification Required
When the loan amount is greater than $4,000
Stated Income (No Verification Required)
When the loan amount is less than $4,000
And when the FICO is greater than 740
Income Verification Required
When the loan amount is greater than $4,000
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
And the FICO is less than 740
One pay stub with YTD earnings dated within 30
days of the application or award/benefit letter for SSI
or pension showing income amount, payment
frequency and start and end dates. Rental income
verified by lease or Schedule E from tax return.
NOTE: Any “other” income (not primary income), which
is being used to qualify the loan, must be verified.
And the FICO is less than 740
Most recent federal income tax return (first 2 pages of
1040) plus Schedule C if applicable. Rental income
verified by lease or Schedule E from tax return.
NOTE: Any “other” income (not primary income), which
is being used to qualify the loan, must be verified.
Debt to Income (“DTI”) Ratio Requirements
Debt to Income Ratio Tier 1 Tier 2 Tier 3
Total Monthly Obligations
Any loan which has a remaining term of less than 6
months may be excluded from the calculation
When revolving accounts do not show a minimum
payment use the greater of 1% per month or $10
Real Estate taxes and homeowners insurance (if not
included in the mortgage payment) must be included in
ratio
Additions to the Borrower’s cash flow from energy
improvements may be considered at the underwriter’s
discretion
Total monthly
obligations to
total monthly
income.
All qualifying
FICO scores
– 50%
Total monthly
obligations to
total monthly
income.
All qualifying
FICO scores –
45%
Total monthly
obligations to
total monthly
income.
All qualifying
FICO scores –
36%
Business Loan Underwriting, Rates and Terms
All loans to borrowers that are not natural persons, or otherwise qualify as business loans as
determined by Elevations in its sole discretion, will be underwritten using these guidelines. All
loans to non-natural persons must be personally guaranteed by the requisite percentage of
individual equity owners in accordance with credit union regulations, unless the non-natural
person borrower qualifies for an exception to such requirement. All loans to borrowers that are
natural persons for projects on non-owner occupied one-to-four family dwellings will be
underwritten using these guidelines.
Commercial loans will be made with a minimum loan amount of $1,000 and a maximum loan
amount of $150,000. Loans over the maximum amount will be considered on a case-by-case
basis with prior consent of the Municipality as provided in the Agreement.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
Lender will leverage Experian’s Business Intelliscore or Experian’s FICO score to underwrite
low complexity business credits and to create an efficient process for small dollar business loans
for this program. Small business loans under $40,000 will be underwritten in accordance with
the following guidelines, although loans may be declined or subject to further review if the
Lender determines that FICO score or other factors are inconsistent with actual credit profile and
repayment ability.
Program Financing
FICO Score Above
740 720-739 700-719 680-699 660-679 640-659 600-639
599 and
below
Intelliscore TBD TBD TBD TBD TBD TBD TBD
Sponsor/
Owner max
DTI
45% 45% 45% 45% 45% 45% 40% 40%
DSC 1.20 1.20 1.25 1.25 1.50 1.50 2.00 3.00
Terms
36, 60, 84, 120, or 180 month terms
Loan Amount
Maximum $40,000 for these guidelines – refer to loan presentation form for larger credits
Valuation
Any improvements contemplated under the Borrower’s energy audit are eligible
Purpose
EfficiencyWorks Program and/or City of Fort Collins Solar Program Financing
Credit
Parameters
Business in existence at least two years with profitable operations, positive Net Cash Flow, and acceptable
DSC defined as EBIDA / all debt service requirements
Maximum 1 x 30 in last 24 months on existing personal or commercial mortgage
No previous foreclosures
Refer if cumulative collections total over $500 (up to $250 medical collections are allowed and do not count
towards this limit)
Refer if personal or business bankruptcy in the last 10 years.
Personal monthly disposable income after all expenses must be $1,000+
Unsecured debt ratio cannot exceed 35%
Personal monthly disposable income after all expenses must be $1,000+
Verification
of Income
(VOI)
Two years personal and business tax returns required when total exposure <$5,000. Complete tax returns
defined as 1040 + all schedules, all K-1’s, 1120 + all schedules, with all W2’s where applicable
When a spouse or other guarantor is present, same VOI requirements apply for any supplemental income
to be considered
Rental income – copy of signed leases required
When child support and alimony required - contact senior underwriting
Other
Approval of project expenses required
Proof of Business Insurance required – general liability and workers compensation
Membership must be established for the business entity – not all signers
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
For business loans over $40,000:
The information in the table above will generally apply along with a more detailed and
commercially comparable credit write up. Information obtained by Elevations will be analyzed
by our underwriters, and potentially referred to our partner agency, Funding Partners for further
review and a decision recommendation. For each commercial loan approved, a two percent
underwriting fee will be due. This fee shall be clearly stated at the time of application to be
passed along to the borrower and may be financed in the loan amount.
Terms to be offered are 36, 60, 84, 120, and 180 month fixed rate loans with no prepayment
penalties. Rates begin at one percent above the comparable residential loan rate table on a risk-
adjusted basis, and may be increased based upon the individual risk level of the loan request.
Rates for new loans may be adjusted in the future at Elevations’ sole discretion if market interest
rates rise or fall, or if actual or projected losses are reasonably expected to exceed the amount of
the loan loss reserve. The following rates assume automatic drafting of payments from the
Borrower’s checking account at Elevations or another financial institution and electronic
statements (no paper statements mailed) consistent with the environmental goals of the loan
program. If both conditions are not present, the rate will be 0.50% higher than shown.
Larger loans will offer fully amortizing payment terms of 84, 120, and 180 months with no
prepayment penalties. Interest rates will be fixed through the initial 60-month period, adjusted
annually thereafter according to the Prime rate, as published in the Wall Street Journal as of the
anniversary date of loan funding. The initial rate will be established at one percent above the
comparable residential loan rate table on a risk-adjusted basis. Subsequent adjustments will be
based upon Prime plus a margin of 3.50 percent. The minimum interest rate will be no less than
the initial rate with a maximum rate of 10.50 percent.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
EXHIBIT B
Eligible Measures Lists:
EfficiencyWorks Loan Product Eligible Measures Lists:
SEE ATTACH AND BELOW WEBLINKS
1. Lighting Retrofit
2. Cooling
3. Building Envelope
4. Food Service
5. Grocery
6. IT & Office
7. Variable Frequency Drive (VFD)
8. Water
Residential:
http://www.efficiencyworks.co/files/pdf/Rebate%20Summary.pdf
Commercial:
http://efficiencyworks.prpa.org/for-business/
Solar:
http://www.fcgov.com/utilities/residential/renewables/solar-rebates
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Exhibit C
[See attached]
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DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
Exhibit D
BetterBuildings Financial Product Monthly Reporting Requirements
The list below indicates the required data fields associated with the loan product. Elevations will
be required to collect and submit such data to the City (or its designees).
Required Data Fields
For each loan customer who participates in EfficiencyWorks, the following are the required data
fields:
Customer Name
Address (street, unit, city, state, zip)
Phone Number
Fort Collins Utilities account number
Measure(s) Installed & Quantity (according to loan eligible measures list)
o Completed with affidavit of completion & final lien waiver
Loan Amount
Date Loan Approved
Loan Term
Interest Rate
Frequency
Data will be submitted monthly.
Format and Submission
Please distribute the address nomenclature guidance (provided by the City) to the loan
officers and staff that will enter customer data. This will help the City avoid duplicate
account creations.
The exact Data Field names will be discussed between Elevations IT and the City (or its
partners) to ensure ease of data transfer between the two parties.
The anticipated format of data transfer is CSV.
Other Data - voluntary
At this time, underwriting criteria and performance/default data are voluntary data. Elevations
shall make commercially reasonable efforts could provide aggregated information on these
metrics to support the case that energy efficiency loans are low risk to the public and finance
community.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
Customer Referral to Energy Advisor
In order for the City to meet its goals and reporting requirements for non-loan data, it is expected
that each Elevations loan officer will ensure a loan customer has contact with an energy advisor
from the EfficiencyWorks program. It is recommended that Elevations collect an agreement
from the customer to ensure communication with energy advisor occurs, or develops some other
process to ensure customers participate in the municipal energy programs.
Quality Assurance
Lender shall establish internal automated and manual processes to ensure data sent to the City is
accurate and consistent.
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
Exhibit E
[Elevations Certificate of Insurance]
DocuSign Envelope ID: F77837C0-69C1-41FF-A446-3E2AF237B114
CGA 200 A27 08 10 CUMIS Insurance Society, Inc. Page 1 of 2
Contract Number: 10501861
COI Number: 110478-000
CUMIS INSURANCE SOCIETY, INC.
CERTIFICATE OF INSURANCE
This is to certify that such insurance policies as indicated below by policy number have been issued on forms in current use by the
Society. Hazards covered are indicated by (X). This CERTIFICATE OF INSURANCE neither affirmatively nor negatively amends, extends,
or alters the coverage afforded by these policies. The insurance afforded by the policies described herein is subject to all the terms,
exclusions and conditions of such policies. Aggregate limits shown may have been reduced by paid claims. This certificate is issued as
a matter of information only and confers no rights upon the certificate holder.
Name and Address of Certificate Holder
The City of Fort Collins
Purchasing
Attn: Gerry Paul, Purchasing Director
215 N. Mason Street
Fort Collins CO 80524
Type of Insurance Policy Number Expiration Date Limits of Liability
WORKERS’ COMPENSATION
EMPLOYERS’ LIABILITY
Statutory
COMPREHENSIVE
GENERAL LIABILITY
(X) OCCURRENCE
(X) Policy Aggregate Limit
045541 04/01/2017
$300,000
$900,000
Each Occurrence
Policy Aggregate
AUTOMOBILE LIABILITY Combined Single Limit
(X) Owned Automobiles
(X) Hired Automobiles
(X) Non-Owned Automobiles
( ) Repossessed Automobiles
053170 04/01/2017 $300,000 Each Occurrence
EXCESS LIABILITY
(X) OCCURRENCE
(X) Policy Aggregate Limit
045541 04/01/2017
$10,000,000
$30,000,000
Each Occurrence
Policy Aggregate
Lender Liability 295603 04/01/2017
Employee or Director Dishonesty 295604 04/01/2017 $9,000,000
Professional Services Liability 295603 04/01/2017
Should any of the described policies be cancelled before the expiration date noted, the Society will mail 45 days prior
written notice of such cancellation to the above named Certificate Holder. The mailing of the notice shall be sufficient proof
of notice.
Description and location of operations and/or automobiles and/or property covered:
Elevations Credit Union's proof of insurance, pursuant to the agreement between Elevations Credit Union and the
City of Fort Collins.
Refer to CUPOP 61 22 Additional Insured endorsement for details.
Waiver of Subrogation Rights: The Rights to Recover From Other Condition in Form CUPOP 02 00
provides that the named insured may waive its rights against another party in writing prior to a loss. Such
waiver by the named insured applies to CUMIS also.
Name and Address of insured:
ELEVATIONS CREDIT UNION
PO Box 9004
Boulder CO 80301 9004
Important Notice
This is your current Certificate of Insurance. This replaces any previously issued Certificate of Insurance that may have been
issued to you. The General Liability and Excess Liability coverages may contain both a Per Occurrence and General
Aggregate limit. Refer to the Certificate of Insurance for specific coverage, limit and deductible information.
Questions Regarding This Certificate
If you have questions regarding this Certificate, please contact our Customer Response Center at 1-800-637-2676.
045541
ADDITIONAL INSURED ENDORSEMENT
BUSINESS AGREEMENTS
PROPERTY AND BUSINESS LIABILITY POLICY
TH 11/01/16
CUPOP 61 22 04 14 CUMIS Insurance Society, Inc.
Includes copyrighted material of Insurance Services Office, Inc., with its permission.
Page 1 of 1
Various provisions in this Policy restrict Coverage. Read the entire Policy carefully to determine rights,
duties and what is and is not covered. The Common Policy Provisions apply to this endorsement. This
endorsement modifies the Business Liability Coverage.
WHO IS AN INSURED
Who Is An Insured
The following is added to the Who Is An Insured provision in the Business Liability Coverage:
City of Fort Collins, its elected and appointed officials, employees and volunteers; but only with respect
to its liability resulting directly from its activities performed under a contract or an agreement with you
relating to the conduct of your business.
However;
1. The insurance afforded to such additional insured only applies to the extent permitted by law; and
2. If coverage provided to the additional insured is required by a contract or agreement, the insurance
afforded to such additional insured will not be broader than that which you are required by the
contract or agreement to provide for such additional insured.
ADDITIONAL CONDITION
Limit Of Insurance
With respect to the insurance afforded to the additional insured, the following is added to the Limit Of
Insurance Additional Condition in the Business Liability Coverage:
If coverage provided to the additional insured is required by a contract or agreement, the most we will
pay on behalf of the additional insured is the amount of insurance:
1. Required by the contract or agreement; or
2. Available under the applicable Limits Of Insurance shown on the Declarations,
whichever is less.
This endorsement shall not increase the applicable Limits Of Insurance shown on the Declarations.
Date:
By:
11/01/2016
AUTHORIZED REPRESENTATIVE