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<br />~ ,~ <br /> <br />" <br /> <br />BORROWER: Town of Akron, Colorado, <br />acting by and through its Water Enterprise <br />Contract No. C150111 <br />Loan Amount $349,799 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 03 PDA c!Ki)65 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this February 1, 2003, by and between the State of Colorado <br />for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" and/or the "STATE"), and the Town of Akron, Colorado, <br />acting by and through its Water Enterprise, P.O. Box P, Akron, Colorado 80720 <br />("BORROWER" and/or "CONTRACTOR"). <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 />payment as follow: Contract Encumbrance No. C150111, Fund Number 424, Organization <br />YVYY, Appropriation Code MC3, GBl A 111, Program WTRC, Object Code 5560, <br />Reporting Category 0111. <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 Approvat and Legislative <br />Authorization which defines 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. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br />accordance with the terms as set forth in the Promissory Note, in the form attached <br />hereto as Appendix 2 and incorporated herein. The Promissory Note shall identify the <br />LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER <br />differs from the LOAN AMOUNT, the Parties agree to amend this contract to revise the <br />LOAN AMOUNT. <br /> <br />2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br />to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The <br />CWCB shall calculate the amount of the interest that accrued prior to substantial <br />completion of the PROJECT and notify 'BORRowER of such amount. The BORROWER <br /> <br />Town of Akron <br /> <br />Page 1 of 10 <br /> <br />Loan Contract <br />