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BORROWER: SHEEK DITCH COMPANY Agency Name: Water Conservation Board <br />Contract No. C150200 Agency Number PDA <br />Project Amount $427,200 Routing Number QI$ PDA oOo <br />Loan Service Fee $4,272 <br />Loan Amount $427,200 <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT, made this August 8, 2005, is by and between the State of Colorado <br />for the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ( "CWCB" or "STATE "), and Sheek Ditch Company, P.O. Box 308, <br />Mancos, CO 81328, a Colorado nonprofit corporation ( "BORROWER "). <br />FACTUAL RECITALS <br />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. C150200, Fund Number 424, Appropriation Code MS5, Organization YYYY, GBL <br />S200, Program WTRC, Object Code 5882, Reporting Category 0200. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), the 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 />PROJECT 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 />Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include the amount <br />of the funds loaned by the CWCB to the BORROWER for the PROJECT. The service fee <br />of one percent (1%) of the PROJECT amount will be added to the loan amount after <br />the project is substantially completed. In the event that the BORROWER does not use <br />the LOAN AMOUNT authorized, the parties shall amend this contract to revise the LOAN <br />AMOUNT including adjustment of the service fee to reflect 1% of the actual LOAN <br />AMOUNT disbursed to the BORROWER. <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br />shall be assessed a fee for amending the contract. <br />a. A service fee shall be imposed on the BORROWER for amendments processed for <br />Loan Contract C150200 <br />Page 1 of 11 <br />