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<br />IN <br /> <br />IT <br />~~~k :" <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br />ROUTING NUMBER 9- <br />'SoD7:S <br /> <br />P~;\ <']f) <br /> <br />. ru"",,~ <br /> <br />$ 80,000 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this A~ J day of 1994, by and between <br />the State of Colorado for the use and benefit of the Departm t of Natural Resources, Colorado Water <br />Conservation Board (CWCB), hereinafter referred to as the STATE, and ELMWOOD LATERAL DITCH <br />CO., INC., 1179 17 Road, Fruita, Colorado 81521, hereinafter referred to as the BORROWER and/or <br />CONTRACTOR. <br /> <br /> <br />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 payment in Fund <br />Number 424, Organization YYYY, Appropriation 508, Program WTRC, Object Code 5120, Contract <br />Encumbrance Number c../ S3 " g'J ; and <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies; and <br /> <br />3. Pursuant to the provisions of Sections 37-60-119 and 37-60-120 15 CRS (1990) the <br />STATE is authorized to loan money for the construction of water projects for the benefit of the people <br />of the STATE provided that the BORROWER assures repayment of that money; and <br /> <br />4. The BORROWER is a duly constituted Colorado non-profit ditch corporation formed In <br />accordance with Section 7-42-101 et. seq. CRS, located in the State of Colorado; and <br /> <br />5. The BORROWER has applied to the STATE for a loan to be used for financing approximately <br />30% of the actual construction costs of replacing their ditch with a pipeline as a part of the salinity <br />control program, a program sponsored and partially funded by the Department of Agriculture, Soil <br />Conservation Service, hereinafter referred to as the PROJECT; and <br /> <br />6. At the November 9, 1993, meeting, the CWCB approved a loan to the BORROWER in an <br />amount not to exceed Eighty Thousand Dollars ($80,000), hereinafter referred to as MAXIMUM LOAN <br />AMOUNT, at an interest rate of three percent (3%) per annum, and for a duration twenty (20) years; <br />and <br /> <br />ELMWOOD LATERAL DITCH COMPANY <br /> <br />Page 1 of 11 <br /> <br />LOAN CONTRACT <br />