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PROJ02110
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PROJ02110
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Entry Properties
Last modified
4/27/2012 9:22:15 AM
Creation date
7/17/2007 10:24:42 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150066
Contractor Name
Tilton Lateral, Inc.
Contract Type
Loan
Water District
0
County
Mesa
Loan Projects - Doc Type
Contract Documents
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<br />./ <br /> <br />BORROWER: TILTON LATERAL, INC. <br />Contract No. C150066 <br />Loan Amount $100,000 <br /> <br />Agency Name: Water Conservation Board <br />. .'~ . <br />f (': ,.' .1g1ncy Number PDA <br />\. t\:.". '; ;.t~ting Number 03 PDA (}CVb5 <br />~V <br /> <br />LOAN CONTRACT \lnfU <br /> <br />THIS CONTRACT, made this January 1, 2003, is by and between the State of c~rU ~r the use <br />and benefit of The Department of Natural Resources, Colorado Water Conservation Board <br />("CWCB" and/or the "STATE"), and Tilton Lateral, Inc., 2967 D % Road, Grand Junction, <br />Colorado 81504, a Colorado nonprofit corporation, ("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 follows: Fund Number 424, Organization YYYV, Appropriation Code MC3, GBL <br />T066, Program WTRC, Object Code 5881, Reporting Category 0066, Contract <br />Encumbrance No. C150066 <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: Small Project Loan: Pursuant to the provisions of <br />99 37-60-119 and 37-60-120, C.R.S., the CWCB is authorized to loan money from the <br />CWCB's Construction Fund Small Project Loan Account for water projects for the benefit of <br />the people of the STATE, provided that the borrower assures repayment of that money. <br /> <br />4. The Project Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1) and the PROJECT Description (Section 2). <br /> <br />5. Board approval and legislative authorization, if required, is included in Board Approval and <br />Legislative Authorization (Section 3) of the Project Summary. <br /> <br />TH~REFORE, in consideration of the mutual and dependent covena..n.....t..s cco.Q.~'\5. 'ned herein, <br />the parties agree as follows: i. .~~ \t" . <br />\ .~."~ {~~_ 'A~...~\ ." <br />A. LOAN PROVISIONS ,~ "'\ 't,.,."",>, ';' <br />'.... ~. -'~ . <br />--" '1"" <br />1. Promissory Note Provisions. The CWCB agrees to loan to the BORRl3wER an amount not <br />to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with <br />the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and <br />incorporated herein. <br /> <br />2. Interest Prior to Project Completion. As the loan funds are disbursed by the eWCB to <br />the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB <br />shall calculate the amount of the interest that accrued prior to completion of the PROJECT <br />and the BORROWER shall repay that amount to the CWCB either within ten (10) days after <br />the date the CWCB determines that the PROJECT has been substantially completed, or, at <br />the CWCB's discretion, said interest shall be deducted from the final disbursement of loan <br /> <br />Tilton Lateral, Inc. <br /> <br />Page 10f 9 <br /> <br />Loan Contract <br />
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