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<br />I <br /> <br />WOr k;J r. ~ ~f7 <br /> <br />BORROWER: LOWER ARKANSAS WATER <br />MGMT ASSN. <br />Contract No. C150150 <br />Project Amount $2,250,000 <br />Loan Service Fee $22,500 <br />Loan Amount $2,272,500 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA , <br />Routing Number 04 PDA 00051 <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />(STANDARD CONTRACT- WAIVER #160 -APPROVED NOVEMBER 10,2003) <br /> <br />THIS CONTRACT, made this January 1, 2004, is by and between the State of Colorado for <br />the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or "STATE"), and the Lower Arkansas Water Management <br />Association, a Colorado nonprofit corporation, P. O. Box 1161, Lamar, Colorado 81052 <br />("BORROWER"). <br /> <br />FACTUAL RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise <br />made available and a sufficient unencumbered balance thereof remains available for <br />encumbering and subsequent payment of this contract under: Contract Encumbrance <br />No. C150150, Fund Number 490, Appropriation Code 010, Organization YYVY, GBL <br />L 150, Program WTRC, Object Code 5882, Reporting Category 0150. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which identifies the amount of the loan and the terms of repayment <br />(Section 4). <br /> <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the <br />amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2) <br />a service fee of one percent (1 %) of the PROJECT amount. In the event that the <br />BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br />contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br />1 % of the actual LOAN AMOUNT disbursed to the BORROWER. <br /> <br />Page 1 of 10 <br />