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<br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: CCO~ C) <br /> <br />$ 317,500 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this /2.r.fI day of ______V-\NUfJr<Y WCD 1999, by <br />and between the State of Colorado for the use and benefit of the Department of Natural <br />Resources, Colorado Water Conservation Board, hereinafter referred to as the CWCB and/or <br />STATE, and The Ryan Gulch Reservoir Company, a Colorado nonprofit corporation, hereinafter <br />referred to as the 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 in Fund Number 424, Organization YVYY, Appropriation L99, GBL RYAN, <br />Program WTRC, Object Code 5120, Reporting Category: 0023, Contract Encumbrance <br />Number C150023. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. Pursuant to the provisions of 99 37-60-119 and 37-60-120, C.R.S. (1998) the STATE is <br />authorized to loan money for the construction of water projects for the benefit of the people <br />of the STATE, provided that the borrower assures repayment of that money. <br /> <br />4. The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant <br />to 99 7-42-101 et sea. and 7-40-101 et sea., C.R.S., located in Larimer County, State of <br />Colorado. <br /> <br />5. The BORROWER has applied to the STATE for a loan to be used for Construction of a spillway <br />for BORROWER'S Ryan Gulch Dam, hereinafter referred to as PROJECT, at a cost of $428,500. <br /> <br />6. The STATE has reviewed a feasibility report compiled by Boyle Engineering of Lakewood, <br />which is incorporated herein by reference, and was financed in part by CWCB, and, based <br />upon this feasibility report, the STATE determined the PROJECT to be technically and <br />financially feasible. <br /> <br />7. At its January 27-28, 1999 meeting, the CWCB approved a loan to the BORROWER in an <br />amount up to $317,500, not to exceed 75% of the cost of the PROJECT, at an interest rate of <br />4.25% per annum for a term of 30 years. <br /> <br />8. Pursuant to Senate Bill 99-173, Section 1(1), the Colorado General Assembly authorized <br /> <br />Ryan Gulch Reservoir Company <br /> <br />Page 1 of 13 <br /> <br />Loan Contract <br />