PROJ01948 ‎(3)‎

• Contract/PO #: C153794
• Contractor Name: Colorado Water Protective and Development Association
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Contract Documents

revised loan amount of up to $60,000 at an interest rate of 4% per annum for a term
of ten years.

H. The STATE now desires, by this contract, to loan money to the BORROWER for this
STUDY upon mutually agreeable terms and conditions.

NOW THEREFORE, in consideration of the mutual and dependent covenants contained,
the parties agree as follows:

1. Preparation Of Feasibility Report. The BORROWER shall have a feasibility report
prepared on the PROJECT. The STATE has approved a scope of study for the
Feas.ibility Report preparf?d by the BORROWEF={'S consulting engineer, W. W. Wheeler
and Associates. The scope of study is attached hereto as Appendix A and
incorporated herein.

2. Final Report. The BORROWER shall provide the STATE with two (2) copies of the final
report of the feasibility study, prepared in compliance with the scope of study, within
six (6) months of the date of this contract unless the STATE agrees in writing to an
extension of such time.

,3. Disbursement Of Loan Funds. The STATE shall loan to the BORROWER the moneys
to pay for the costs associated with preparing the feasibility study up to a maximum
~mount of $60,000 in the following manner: -

a. Statement Of Costs. During the preparation of the feasibility study, the
BORROWER shall prepare statements of the costs of the feasibility study and shall
forward such statements to the STATE. Each statement shall indicate the tasks
that have been performed and the percentage completion of each task by task
number as specified in Appendix A.

b. Payment Of Statements. Upon receipt and approval by the STATE of each such
statement of costs, the STATE will, within 30 days from the approval of such
. statement, pay to the BORROWER 90% of the statement amount or such portion
thereof as has been approved by the STATE.

c. Retainage. The STATE will pay the remaining 10% to the BORROWER within 30
days following receipt and acceptance of the completed feasibility report by the
CWCB staff.

4. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory
authority, articles of incorporation, and by-laws, have its board of directors adopt a
resolution, irrepealable during the life of this loan, authorizing the President and
Secretary, on behalf of the BORROWER, to do the following:

a. To enter into and comply with the terms of this contract and the promissory note,
and to pay the indebtedness, and

b. To levy assessments in an amount sufficient to pay the annual amounts due under
this contract and to pledge revenues from membership dues and assessments to
repay this loan, and

c. To place the revenues pledged to make annual loan payments in a special
account separate and apart from other BORROWER revenues, in accordance with

Feasibility Report Loan Contract

Page 2 of 11