Laserfiche WebLink
<br />BORROWER RIVERSIDE IRRIGATION DISTRICT <br />Contract No. C150228 <br />Project Amount $1,450,000 <br />Loan Service Fee $14,500 <br />Loan Amount $1,464,500 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 07 PDA 0000/ <br /> <br />LOAN CONTRACT <br /> <br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) <br /> <br />THIS CONTRACT, made this July 21, 2006, by and between the State of Colorado for <br />the use and benefit of the Department of Natural Resources, Colorado Water Conservation <br />Board ("CWCB" or "STATE"), and Riverside Irrigation District, 221 E. Kiowa, Fort Morgan, <br />CO 80701, a Colorado irrigation district formed pursuant to the Irrigation District Law of <br />1905 (C.R.S. S 37-41-101 to -160) ("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. C1500228, Fund Number 424, Appropriation Code MS6, Organization YVYY, GBL <br />R228, Program WTRC, Object Code 5560, Reporting Category 0228. <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 />Loan Contract C150228 <br />Page 1 of 12 <br />