PROJC02150

• Contract/PO #: C153825
• Contractor Name: Farmers Pawnee Canal Company, The
• Contract Type: Loan
• Water District: 64
• County: Logan
• Loan Projects - Doc Type: Contract Documents

1~
~A.
AGENCY NAME: Water Conservation Board
AGENCY NUMBER: PDA
ROUTING NUMBER:
$22,250
LOAN CONTRACT
THIS CONTRACT, made this ~ day of ~ ll ~ti F 1998, by and
between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board (CWCB), hereinafter referred to as the STATE, and The Farmers Pawnee
Canal Company, 16177 CR 24, Sterling, Colorado 80751, hereinafter referred to as the BORROWER
and/or CONTRACTOR.
FACTUAL RECITALS
1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
available and a sufficient unencumbered balance thereof remains available for payment in Fund
Number 424, Organization n SPL, GBL F825, Program WTRC, Object Code
5120, Reporting Category: 3825, brance Number C153825.
2. Required approval, clearance, and c h~e been accomplished from and with appropriate
agencies. j,J
3. Pursuant to the provisions o 37-60-119 and 37-60-120, C.R.S. (1997) the STATE is authorized to
loan money for the construction of water projects for the benefit of the people of the STATE, provided
that the borrower assures repayment of that money.
4. Section 37-60-122.7, C.R.S. (1997) authorizes the STATE to make loans of up to 5100,000
from the Small Project Loan Account of the Construction Fund without prior approval from the
General Assembly if the STATE determines that delay would result in undue hardship on the
borrower.
5. The BORROWER is a duly constituted Colorado ditch and reservoir company governed by §§ 7-42-
101 et sea. and 7-40-101 et seo., C.R.S., located in Logan County, State of Colorado.
6. The BORROWER has applied to the STATE for a loan in the amount of $29,000 to be used for
rehabilitating its diversion dam and headgate on the South Platte River, hereinafter referred to as
PROJECT, at a cost of $110,000.
7. The STATE has reviewed a feasibility report, prepared by Farnsworth & Polk of Aurora, Colorado,
dated May 7, 1998, which is incorporated herein by reference, and, based upon this feasibility report,
the STATE determined the PROJECT to be technically and financially feasible.
8. This loan qualifies as a Small Project Loan under § 37-60-122.7, C.R.S. (1997), because the
amount of the loan does not exceed 5100,000 and the BORROWER will suffer undue hardship if
the PROJECT is not completed prior to the 1998 spring runoff because, without completion of
the PROJECT, high water may cause the diversion dam and headgate to fail completely.
Farmers Pawnee Canal Company Page 1 of 13 Loan Contract