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BORROWER: SANCHEz DITCH <br />AND RESERVOIR COMPANY <br />CONTRACT No. C150342 <br />PROJECT AMOUNT $1,117,600 <br />LOAN SERVICE FEE $11,176 <br />LOAN AMOUNT $1,128,776 <br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />CWCB CMS # 53629 <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT, made between the State of Colorado for the use and benefit of The <br />Department of Natural Resources, Colorado Water Conservation Board ( "CWCB" or <br />"STATE "), and Sanchez Ditch and Reservoir Company ( "BORROWER "), P.O. Box 215, San <br />Acacia, CO 80115, Colorado nonprofit corporation. <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. C150341, Fund Number 424, Appropriation Code M13, Organization YYYY, GBL <br />S342, Program WTRC, Object Code 5882, Reporting Category 0342; and <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies; and <br />3. On September 28, 2012 CWCB approved a loan request from the BORROWER for the <br />Sanchez Reservoir Outlet Rehabilitation Project ( "PROJECT ") to make safety and <br />operational improvements to the outlet works at Sanchez Reservoir. The total cost of <br />the PROJECT is estimated to be $2,032,000 and the BORROWER was approved for a <br />$914,400 grant (C150510), by the Rio Grande Basin Round table, from the Water <br />Supply Reserve Account (WSRA) and requested a CWCB loan to assist with PROJECT <br />costs; and <br />4. 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); and <br />5. 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 />1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the <br />amount of the funds loaned by CWCB to the BORROWER for the PROJECT and (2) a <br />Loan Contract C150342 <br />Page 1 of 11 <br />