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BORROWER: UPPER SURFACE CREEK WUA Agency Name: Water Conservation Board <br />Contract No. C150173 Agency Num6er PDA <br />Project Amount $162,180 Routing Number 04 PDA '�'�'` .�'�' � <br />Loan Service Fee $1,622 <br />Loan Amount $163,802 <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003� <br />THIS CONTRACT made this May 1, 2004, is by and between the State of Colorado for <br />the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or " STATE "), and Upper Surface Creek Domestic Water <br />Users Association, P. O. Box 70, Cedaredge, CO 81413, a Colorado nonprofit corporation, <br />("BORROW ER"�. <br />FACTUAL RECITALS <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. C150173, Fund Number 424, Appropriation Code MS4, Organization YYYY, GBL <br />U173, Program WTRC, Object Code 5882, Reporting Category 0173. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The PROJECT Summary attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1) th@ PROJECT Description (Sectian 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 />4. The CWCB now desires, by this contract, to loan money to the BoRROwER for this <br />PRO�ECT upon mutually agreeable terms and conditions. <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br />A. LOAN PROVISIONS <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 PRO�ECT and (2) <br />a service fee of one percent (1 %) of the PRO�ECT amount. In the event that the <br />BoRROwER does not use the Loatv AMOUrvr authorized, the parties shall amend this <br />contract to revise the LoaN AMOUrvT including adjustment of the service fee to reflect <br />1% of the actual LoaN AnnourvT disbursed to the BoRROwER. <br />2. Contract Amendment Service Fees. Under certain circumstances the BORROWER <br />shall be assessed a fee for amending the contract. <br />Page 1 of 10 <br />