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'! LOA N CANCEllfEU CONNIE A,II'J'.iILO SAGUACHE COUNTY DATE PU~~l05~EE 15. RECEPTION #Ei?~J~ CONTRACT & PROMISSORY AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA ROUTING NUMBER: 97 PDA $632,000 NOTE THIS CONTRACT, made this I day of Oflo'::)l~j 1996, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and VOUGA RESERVOIR ASSOCIATION, hereinafter referred to as the BORROWER and/or CONTRACTOR. FACTUAL RECITALS - A. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization YYYY, Appropriation Code 514, Program WTRC, Object Code 5120, Contract Encumbrance Number C 153741. B. Required approval, clearance, and coordination have been accomplished from and with ~~~:~~~~~~:~~~~C~~;~~::~~;~~~~~!~9~ndr~~~;~}~e1te~~~;S~f ~~~9po;~tphl:~;~~: STATE, provided that the BORROWE~ e tat money." . D. The BORROWER is a duly )Js1\uted not-for-p'rofit corporation for~ed under ~ 7-42-101 et seq., C.R.S., located in Saguache County, State of Colorado. E. The BORROWER has applied to the STATE for a loan to be used for rehabilitation of the Vouga Reservoir including replacing the outlet pipe and adding a drop inlet spillway capable of passing the 1 OO-year flood, hereinafter referred to as PROJECT, at a cost of approximately $834,400. F. A feasibility report conducted by Woodward Clyde Consultants, and incorporated herein by reference, was reviewed by the STATE and, based upon this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. G. At its November 9-10, 1993, meeting, the CWCB approved a loan to the BORROWER in the amount of $300,000, not to exceed 75 % of the cost of the PROJECT, at an interest rate of 4% per annum, and for a duration of 30 years. At its November 3-4, 1994, meeting, the CWCB approved an increase of $400,000 for a total loan amount of $700,000 at the same terms. At its September 9-10, 1996, meeting, the CWCB approved revising the terms to an interest rate of 3 % % for a term of 20 years, and increasing the loan amount by $32,000 to refinance the BORROWER'S loan from the National Bank for Cooperatives ("CoBank") for purposes of extinguishing CoBank's lien on certain property owned by the BORROWER that will serve as part of the collateral for this loan. Vouga Reservoir Association Page 1 of 1 2 Loan Contract