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<br />~ <br /> <br />.it <br /> <br />BORROWER: THE NORTH POUDRE IRRIGATION <br />COMPANY <br />Contract No. C150013 <br />Loan Amount $1,107,000 <br /> <br />Agency: Water Conservation Board <br />Agency Number PDA <br /> <br />Routing Number tJ'Z p,j)/J tJOO27 <br /> <br />LOAN CONTRACT <br /> <br />THIS eONTRACT, made this 1st day of October 2001 by and between the State of Colorado for <br />the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board <br />("CWCB" and/or "STATE"), and The North Poudre Irrigation Company, a Colorado nonprofit <br />corporation, 3729 Cleveland Avenue, P. O. Box 100, Wellington, CO 80549, ("BORROWER" and/or <br />"CONTRACTOR"). <br /> <br />FACTUAL RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made <br />available and a sufficient unencumbered balance thereof remains available for payment as <br />follows: Fund Number 424, Organization VYYY, Appropriation Code L98, GBL NPI2, Program <br />WTRC, Object Code 5881, Reporting Category 0013, Contract Encumbrance No. C150013. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. CWCB's authority for making this loan: Pursuant to the provisions of 99 37-60-119 and <br />37-60-120, C.RS. the CWCB is authorized to loan money for the construction of water projects <br />for the benefit of the people of the State, provided that the borrower assures repayment of that <br />money. <br /> <br />4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER <br />Information (Section 1) and the PROJECT Description (Section 2). <br /> <br />5. Board approval and legislative authorization, if required <br /> <br />a. At its January 1999, meeting, the CWGB approved a loan to the BORROWER in an amount up <br />to $1,107,000, ("LOAN AMOUNT") not to exceed 90% of the cost of the PROJECT, at an interest <br />rate of 4.04% per annum for a repayment term of 20 years. <br /> <br />b. Pursuant to Bill SB99-173, the Colorado General Assembly authorized CWCB to loan to the <br />BORROWER an amount up to $1,107,000 for the PROJECT. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to <br />exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the <br />terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated <br />herein. <br /> <br /> <br />North.Poudre Irrigation Company <br /> <br />Page 1 of 11 <br /> <br />Loan Contract <br />