Laserfiche WebLink
<br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 97 PDA <br /> <br />()to33 <br /> <br />$300,000 <br /> <br />LOAN CONTRACT & PROMISSORY NOTE <br /> <br />THIS CONTRACT, made this ~ ~ day on A1l Ll ;(}/(1l: 1997, by and between <br />the State of Colorado for the use and benefit of the 'O;S=rtment of Natlfal Resources, Colorado Water <br />Conservation Board (CWCB), hereinafter referred to as the STATE, and the CONSOLIDATED EXTENSION <br />CANAL COMPANY, hereinafter referred to as the BORROWER and/or CONTRACTOR. <br /> <br />FACT U A L R E C I TAL S <br /> <br />A. 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, <br />Organization YVYY, Appropriation EIA, GBL C747, Program WTRC, Object Code 5110, Reporting <br />Category 3747, Contract Encumbrance Numb,erC153747. <br /> <br />B. Required approval, clearance, and coordination have been accomplishe from and with appropriate <br />agencies. <br /> <br /> <br />p. 1996), the STATE is <br />e people of the STATE, <br /> <br />C. Pursuant to the provisions of 9937-60-119 and 37-60-1~0, 15 C <br />authorized to loan money for the construction of water proje <br />provided that the borrower assures repayment of that money. <br /> <br />D. In accordance with 9 37-60-122.6, C.R.S. (Supp. 199 <br />Emergency Infrastructure Account for projects 'ch it <br />risk of injury or damage to human health ein <br />determines that the emergency conditio suit <br />the infrastructure and that the viability or s f the e <br />appropriations or loans. <br /> <br /> <br />orized to loan money from the <br />a necessary to avoid unreasonable <br />erty or crops when the CWCB also <br />neg Igence in the operation or maintenance of <br />rgency project is not dependent upon further <br /> <br />E. The BORROWER is a duly constituted Colorado h and reservoir company governed by 997-42-101, et <br />sea., C.R.S. (1990 and Supp. 1996), located in Bent County, State of Colorado. <br /> <br />F. Part of the BORROWER'S water delivery system consists of a 1,000 foot siphon constructed of wood stave ,,' <br />pipe and located on the Purgatoire River. In August 1996 a major portion of the siphon failed, resulting in <br />approximately 70% of the BORROWER'S irrigation water escaping to the river. By October 1996 the hole in <br />the siphon had enlarged to the point where no water can be delivered through the siphon. The BORROWER <br />must complete needed repairs to the siphon by March 15, 1997, to allow full irrigation diversions in 1997. <br /> <br />G. The BORROWER applied to the STATE for an emergency loan to be used to finance the costs of replacing at <br />least 600 feet of the siphon's wood stave pipe with concrete pipe, hereinafter referred to as the PROJECT. <br /> <br />H. A feasibility study conducted by the U.S. Natural Resources Conservation Service ("NRCS") and by the <br />Public Service Company of Colorado (owner of 53% of the Company's stock), which is incorporated herein <br />by reference, was reviewed by the STATE and, based upon this feasibility study, the STATE determined the <br />PROJECT to be technically and financially feasible. <br /> <br />The Consolidated Extension Canal Company <br /> <br />Page 1 of 11 <br /> <br />Loan Contract <br />