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BORROWER PENROSE WATER DISTRICT, <br />ACTING BY AND THROUGH ITS WATER ACTIVITY <br />ENTERPRISE <br />Contract No. C150237 <br />Project Amount $8,757,000 <br />Loan Service Fee $87,570 <br />Loan Amount $8,844,570 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />CMS# o7'p 3l � <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT made this December 13, 2010, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or " STATE "), and Penrose Water District, 340 Grant Street, <br />Penrose, Colorado 81240, acting by and through its Water Activity Enterprise <br />("BORROW ER"). <br />FACTUAL RECITALS <br />1. 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. C150237, Fund Number 424, Appropriation Code S07, Organization YYYY, GBL <br />P237, Program WTRC, Object Code 5560, Reporting Category 0237. <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) th2 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 />PRO�ECT 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 />1. 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 PRO�ECr and (2) <br />a service fee of one percent (1 %) of the PRO�ECT 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 Loatv AnnouNT including adjustment of the service fee to reflect <br />Loan Contract C150237 <br />Page 1 of 11 <br />