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AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />I' ROUTING NUMBER: 97 PDA OfOZj II <br />871,000 <br />LOAN CONTRACT & PROMISSORY NOTE <br />THIS CONTRACT, made this day of � 1996, by and between the <br />State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board (CWCB), hereinafter referred to as the STATE, the ORCHARD MESA IRRIGATION <br />DISTRICT, P.O. Box 356, Palisade, CO 81526, hereinafter referred to as the DISTRICT and the MUTUAL MESA <br />LATERAL ENTERPRISE, P.O. Box 356, Palisade, CO 81526, hereinafter referred to as the BORROWER and /or <br />CONTRACTOR. <br />FACTUAL RECITALS <br />A. 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 Fund Number 424, <br />Organization YYYY, Appropriation 538, Program WTRC, Object Code 5180, Contract Encumbrance Number <br />C153723. <br />B. Required approval, clearance, and coordination have be <br />agencies. <br />C. Pursuant to the provisions of §§ 37-60-119 and 31 <br />authorized to loan money for the construction of water projects <br />provided that the borrower assures repayment of that money. <br />D. The DISTRICT is a duly constituted Colorado irrigation di: <br />C.R.S. (1990) and governed by Articles 42 and 43 of Title 37, C.R. <br />County, State of Colorado. <br />h appropriate <br />the STATE iS <br />Of the STATE, <br />2 of Title 37, <br />sated in Mesa <br />E. The DISTRICT applied to the STATE for a loan to be used to finance the costs of rehabilitating the <br />Mutual Mesa Lateral Ditch by placing approximately 22,500 feet of open ditch into pipeline and constructing <br />the necessary turnouts, valves and measuring structures, hereinafter referred to as the PROJECT. <br />F. The BORROWER is an enterprise within the meaning of § 37- 45.1 -101 et seg., C.R.S. (Supp. 1996) <br />and was established by a resolution of the DISTRICT'S Board of Directors adopted October 3, 1996, which is <br />incorporated herein by reference, for purposes of contracting for the loan(s), materials and labor required to <br />complete the PROJECT, owning new structures and facilities associated with the PROJECT, and maintaining the <br />PROJECT. <br />G. A feasibility study conducted by WestWater Engineering, which is incorporated herein by reference, <br />was reviewed by the STATE and, based upon this feasibility study, the STATE determined the PROJECT to be <br />technically and financially feasible. <br />H. At its January 25, 1995 meeting, the CWCB approved a loan to the DISTRICT /BORROWER in the <br />amount of One Million Dollars ($1,000,000), which amount shall not exceed 75% of actual PROJECT costs, at <br />an interest rate of 4% per annum for a duration of thirty (30) years to be used to finance PROJECT costs. <br />Orchard Mesa Irrigation District & Page 1 of 12 Loan Contract <br />Mutual Mesa Lateral Enterprise <br />