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AGENCY NAME: Water Conservation Boarcl <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: r,~ ~ ~,"`,1 ~ <br />$230,000 <br />LOAN CONTRACT <br />THIS CONTRACT, made this ~ day 6f 1998, by and <br />between the State of Colorado for the use and benefit of the Departm t of Natural Resources, <br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and THe <br />EXCELSIOR IRRIGATING COMPANY, a Colorado mutual ditch company, 231 Nyberg Road, Pueblo, <br />CO 81006, hereinafter referred to as the BoRROwER and/or CoNTwo,cTOR. <br />FACTUAL RECITALS <br />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 in <br />Fund Number 424, Organization YYYY, Appropriation L97, GBL EXCL, Program WTRC, <br />Object Code 5120, Reporting Category 3797, Contract Encumbrance Number C153797. <br />2. Required approval, clearance, and coordination have been accomplished form and with <br />appropriate agencies. <br />3. Pursuant to the provisions of §§ 37-60-119 and 37-60-120, 15 C.R.S. (1997) the STaTE is <br />authorized to loan money for the construction of water projects for the benefit of the people of <br />the State, provided that the borrower assures repayment of that money. <br />4. The BORROWER IS a duly constituted Colorado mutual ditch company located in Pueblo <br />County, State of Colorado. <br />5. The BoRROwER has applied to the STATE for a loan to be used for financing the rehabilitation <br />of the Excelsior Ditch, hereinafter referred to as the PRO~ECT, at an estimated total cost of <br />$335,000. <br />6. The ST,aTE has reviewed a feasibility report prepared by Ralph Adkins, P.E., with assistance <br />from the U.S. Natural Resources Conservation Service, which is incorporated herein by <br />reference, and, based u~or~ this feasibility report, the STa,rE determined the PRO~ECT to be <br />technically and financially feasible. <br />7. At its November 1996 meeting, the CWCB approved a loan to the BoRROwER in an amount <br />of up to $230,000 (not to exceed 75% of the costs of the PRO~ECT) at an interest rate of <br />3.75% per annum for a term of thirty years. <br />8. Pursuant to 1997 Colo. Sess. Laws, Ch. 168, Section 1(1)(d), the General Assembly <br />authorized the CWCB to loan to the BoRROwER an amount not to exceed $230,000 to finance <br />Excelsior Irrigating Company Page 1 of 15 Loan Contract <br />