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<br />/ <br /> <br />,......'....i..... <br /> <br />~ <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation'Board <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br />ROUTING NUMBER 9kolo/1 <br /> <br /> <br />LOAN CONTRACT <br /> <br />RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and <br />a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization YYYY, <br />Appropriation 535, Program WTRC, Object Code 5120, Contract Encumbrance Number C153702; and <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies; <br /> <br />and <br /> <br />3. Pursuant to the provisions of ~37-60-119 ant1i-,lO-"ft1'iCRS (1990), the STATE is authorized to loan <br />money for the construction of water projects for the ber~~leof the STATE provided that the BORROWER <br />assures repayment of that money; and '. <br /> <br />4.The BORROWER is a statutory town, pursuIN3p'l:Ji~I~~ County in the State of Colorado; and <br /> <br />5. The BORROWER held an election on November 8, 1994, and voters approved increasing debt up to $400,000 <br />for installation of a low-pressure underground water system as shown on attached election results, referred to herein <br />as Appendix A; and <br /> <br />6. Pursuantto ~31-15-302 et seq., CRS, the BORROWER has authority to contract to borrow money provided <br />that an ordinance has been duly adopted by its Board of Trustees authorizing repayment of the loan to the STATE <br />according to the terms of this contract; and <br /> <br />7. The BORROWER applied to the STATE for a loan to be used for construction of a new irrigation system, <br />hereinafter referred to as the PROJECT; and <br /> <br />8. The BORROWER has obtained a grant in the amount of $175,000 from the Colorado Department of Local <br />Affairs for this project; and <br />'. <br /> <br />9. The CWeB approved at their November 4, 1994, meeting, a loan to the BORROWER in an amount not to <br />exceed Four Hundred Thousand Dollars ($400,000), which amount shall not exceed 75% of actual out of pocket <br />expenses, hereinafter referred to as MAXIMUM LOAN AMOUNT, at an interest rate of four percent (4%) per annum, and <br />for a duration of thirty (30) years; and <br /> <br />TOWN OF SILT <br /> <br />Page 1 of 9 <br /> <br />LOAN CONTRACT <br />