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R�G PCO U �' GO <br />,NO g�P <br />KPREC�R�O <br />! P \J <br />LOAN <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br />II PDA <br />DEPARTMENT OR AGENCY NUMBER <br />ROUTING NUMBER <br />CONTRACT <br />J <br />$ 50,000 <br />THIS CONTRACT, made this 1 ,A day of AofN el 1994, by and between the <br />State of Colorado for the use and benefit of the Departmenesources, Colorado Water Conservation <br />Board (CWCB), hereinafter referred to as the STATE, and Caryl R. Carroll, P. O. Box 219, Cocoa, Florida 32923- <br />0219, hereinafter referred to as the BORROWER and /or CONTRACTOR. <br />RECITALS <br />1. 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, ApproNict on 441, Program WTRC, Object Code 5120, Contract Encumbrance Number <br />C1- 3 and-,* <br />2. Required ,pptpv..clearance, and coordinati v een accomplished from and with appropriate <br />agencies; and ; • • • <br />3. The'BUR00ER has applied to the STS for a to he ©unt of $50,000 to be used towards <br />the cost of 4abilitatMg the DD &E Wise Dam, whic a I proximately $96,000, for the benefit <br />of irrigating lands jri Rio Blanco County, Colonaf ,,w b owER and others, hereinafter referred to as <br />the PR0.1EcT;•and <br />4. '61 e CWCB approved at their November 9, 1992, meeting, a loan to the BORROWER in an amount not <br />to exceed Pifty Thousand Dollars ($50,000), hereinafter referred to as MAXIMUM LOAN AMOUNT, at an interest <br />rate of two percent (2 %) per annum, and for a duration twenty (20) years; and <br />5. Pursuant to Section 1 of Senate Bill 93 -1273, the Colorado General Assembly specifically authorized <br />CWCB to loan to the BORROWER an amount not to exceed Fifty Thousand Dollars ($50,000) for a term of twenty <br />(20) years for the construction of the PROJECT; and <br />6. BORROWER and the Estate of Robert Cook (hereinafter referred to as COOK) each owns 50% of certain <br />water rights adjudicated to the DD &E Wise Reservoir (also known as Aldrich Lake and DD &E Reservoir), <br />hereinafter referred to as RESERVOIR, located in Sections 2 and 3, Township 2 North, Range 92 West of the 6th <br />Principal Meridian, Rio Blanco County, Colorado; and <br />7. Waters and water rights stored in the RESERVOIR are appurtenant to certain lands owned by <br />BORROWER and COOK; and <br />Caryl Carroll Page 1 of 11 Loan Contract <br />