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<br />BORROWER: The Dolores Water Conservancy
<br />District, acting by and through The Dolores Water
<br />Conservancy District Water Activity Enterprise
<br />Contract No. C15005a11
<br />Loan Amount $5,461,200
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA
<br />Routing Number 03 PDA (JODi I
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this December 10, 2002, by and between the State of Colorado for
<br />the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board
<br />("CWCB" and/or the "STATE"), and the Dolores Water Conservancy District, acting by and through
<br />the Dolores Water Conservancy District Water Activity Enterprise, P.O. Box 1150, Cortez, CO
<br />81321 ("BORROWER" and/or "CONTRACTOR").
<br />
<br />FACTUAL RECITALS
<br />
<br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
<br />available and a sufficient unencumbered balance thereof remains available for payment as
<br />follows: Fund Number 424, Organization YYVY, Appropriation Code L01, GBL 0058, Program
<br />WTRC, Object Code 5180, Reporting Category 0058, Contract Encumbrance No. C1500581l,
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
<br />
<br />3. State's authority for making this loan: Pursuant to the provisions of sections 37-60-119 and 37-
<br />60-120, C.R.S., the CWCB is authorized to Joan money for the construction of water projects for
<br />the benefit of the people of the State, provided that the borrower assures repayment of that
<br />money.
<br />
<br />4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER
<br />Information (Section 1) and the PROJECT Description (Section 2).
<br />
<br />5. Board approval and legislative authorization, if required
<br />
<br />a. At its November 20-21, 2000 meeting, the CWCB approved a loan to the BORROWER in an
<br />amount up to $7,260,000, not to exceed 90% of PROJECT costs, at an interest rate of 3.5% per
<br />annum for a repayment term of thirty (30) years.
<br />
<br />b. Pursuant to S.B. 01-157, Section 1(1)(a), the Colorado General Assembly authorized CWCB
<br />to loan to the BORROWER an amount up to $7,260,000 ("AUTHORIZED LOAN AMOUNT") for the
<br />PROJECT.
<br />
<br />6. The CWCB now desires; by this contract, to Joan money to the BORROWER for this PROJECT upon
<br />mutually agreeable terms and conditions.
<br />
<br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties
<br />agree as follows:
<br />
<br />A. LOAN PROVISIONS
<br />
<br />1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to
<br />exceed the AUTHORIZED LOAN AMOUNT with terms of repayment as set forth in the Promissory
<br />Note, attached hereto as Appendix 2 and incorporated herein. The BORROWER has elected to
<br />initially borrow $5,461,200 (LOAN AMOUNT), with the remainder of the AUTHORIZED LOAN AMOUNT
<br />available for the PROJECT upon amendment of this contract. The initial Promissory Note shall
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