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BORROWER: UPPER PLATTE AND BEAVER CANAL CO. Contract No. C150096 Loan Amount $ 83,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 02 PDA Q 00'? LOAN CONTRACT THIS CONTRACT, made this June 1, 2002, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ( "CWCB" and /or "STATE "), and Upper Platte and Beaver Canal Company, P.O. Box 581, Brush, CO 80723, a Colorado nonprofit corporation, ( "BORROWER" and /or "CONTRACTOR "). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 485, Organization YYYY, Appropriation Code 010, GBL U096, Program WTRC, Object Code 5881, Reporting Category 0096, Contract Encumbrance No. C150096 2. Required approval, clearance, and coordi ave en accomplished from and with appropriate agencies. 3. This loan is made pursuant to the i ' ns -60 -119 and 37 -60 -120, C.R.S., pursuant to which the CWCB is authori d t ney from the CWCB's Construction Fund Emergency Infrastructure Accou*tn projects for the benefit of the people of the State, provided that the borrower repayment of that money. Section 37 -60- 122.6, C.R.S., authorizes the CWCB money fr om the Emergency Infrastructure Account for projects that it determines are necessary to avoid unreasonable risk of injury or damage to human health or well -being or to property or crops when the CWCB also determines that the emergency condition is not the result of negligence in the operation or maintenance of the infrastructure and that the viability or success of the emergency project is not dependent upon further appropriations or loans. The CWCB, at its March 21, 2002 meeting, did make such determination with regard to the Project proposed by the BORROWER. 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) and the PROJECT Description (Section 2). 5. Board approval and legislative authorization, if required, is included in Board Approval and Legislative Authorization (Section 3) of the Project Summary. 6. The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in Page 1 of 9 Upper Platte and Beaver Creek Canal Co. Loan Contract