C153748 Contract

• Contract/PO #: C153748
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: Water Conservation Board
AGENCY NUMBER:
ROUTING NUMBER: ~ ~ ~
$100,000
LOAN CONTRACT
THIS CONTRACT, made this ~ day of 1997, by and between the
State of Colorado for the use and benefit of the Departf ent of Natural Resources, Colorado Water
Conservation Board (CWCB), hereinafter referred to as the STATE, and The Excelsior Irrigating
Company, 231 Nyberg Road, Pueblo, CO 81006, hereinafter referred to as the BORROWER and/or
CONTRACTOR.
FACTUAL RECITALS
A. Authority exists in the law, and funds have been budgeted, appropriated and othenroise made
available and a sufficient unencumbered balance thereof remains available for payment in Fund
Number 424, Organization YYYY, Appropriation SPL, GBL E748, Program WTRC, Object Code
5110, Reporting Category 3748, Contract Encumbrance Number C153748.
B. Required approval, clearance, and coordination have been accomplished from and with appropriate
agencies.
C. Pursuant to the provisions of §§ 37-60-119 and 37-60-120, 15 C.R.S. (1990 and Supp. 1996), the
STATE is authorized to ioan 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.
D. The BoRROwER is a duly constituted Colorado irrigation corporation formed pursuant to § 7-42-101 et
seQ•, C.R.S. (1986) located in Pueblo County, State of Colorado.
E. A Small Project Loan Account was established by § 37-60-122.7, C.R.S. (Supp. 1996), which
authorizes the CWCB to make loans of up to $100,000 without prior approval from the General
Assembly if the CWCB determines that delay would result in undue hardship on the borrower.
F. The BoRROwER has applied to the STATE for a small project loan in the amount of $100,000 to be
used for rehabilitation of the BoRROwER's diversion structure, hereinafter referred to as PRO~ECT, at a
total cost of $136,000.
G. Based upon a feasibility report which was compiled by the CWCB staff and is incorporated herein by
reference, the STaTE determined the PRO~ECT to be technically and financially feasible.
H. This loan qualifies as a Small Project Loan in accordance with § 37-60-122.7, C.R.S. (Supp. 1996),
since the amount of the loan does not exceed $100,000, and the BORROWER WIII suffer undue
hardship if the PRO~ECT is not compteted as soon as possible because unless the BoRROwER can
complete Phase I of the rehabilitation of the ditch this winter, the BORROWER will not be able to use it
The Excelsior Irrigating Company Page 1 of 12 Loan Contract