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BORROWER: ORCHARD MESA IRRIGATION <br />DISTRICT <br />Contract No. C150222 <br />Project Amount $540,000 <br />Loan Service Fee $5,400 <br />Loan Amount $545,400 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 07 PDA J O O ~ ~ <br />LOAN CONTRACT <br />(STANDARD CONTRACT -WAIVER #160 -APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT, made this August 22, 2006, by and between the State of Colorado <br />for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or "STATE"), and the Orchard Mesa Irrigation District, 668 38 <br />Road, Palisade, CO 81526, a district operating under the Irrigation District Law of 1921 <br />("BORROWER"). <br />FACTUAL RECITALS <br />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 />encumbering and subsequent payment of this contract under: Contract Encumbrance <br />No. C150222, Fund Number 424, Appropriation Code MS6, Organization YYW, GBL <br />0222, Program WTRC, Object Code 5560, Reporting Category 0222. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The PRO~ecT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which identifies the amount of the loan and the terms of repayment <br />(Section 4). <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable terms and conditions. <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br />A. LOAN PROVISIONS <br />Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the <br />amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2) <br />a service fee of one percent (1 %) of the PROJECT amount. In the event that the <br />BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br />contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br />1 % Of the actual LOAN AMOUNT dlSbursed t0 the BORROWER. <br />Loan Contract C150222 <br />Page 1 of 11 <br />