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BORROWER: MISSOURI HEIGHTS—MOUNTAIN AGENCY NAME: Water Conservation Board <br /> MEADOW IRRIGATION COMPANY AGENCY NUMBER: PDA <br /> CONTRACT No. C150351 CWCB CMS#62265 <br /> PROJECT AMOUNT$450,000 <br /> LOAN SERVICE FEE $4,500 <br /> LOAN AMOUNT $454,500 <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 Missouri Heights — Mountain Meadow Irrigation Company, P.O. Box 548 <br /> Carbondale, Colorado 81623, a mutual ditch company and a Colorado nonprofit <br /> corporation ("BORROWER"). <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. C150351 Fund Number 424, Appropriation Code M13, Organization YYYY, GBL <br /> M351, Program WTRC, Object Code 5882, Reporting Category 0351; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On May 14, 2013, the CWCB approved a loan request from the BORROWER for the <br /> Irrigation Ditch Lining Project ("PROJECT"), to be constructed and installed on the <br /> Mountain Meadow Ditch. The purpose of the PROJECT is to install a 3,500 ditch lining or <br /> piping, concrete water control structures and related rock protection to prevent canal <br /> seepage; 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 total cost of the project is estimated to be $550,000 and the BORROWER was <br /> approved for a cost share grant, not to exceed $268,000 (REIMBURSEMENT), by the <br /> United States Department of Agriculture (USDA), Natural Resources Conservation <br /> Service (NRCS); and <br /> 6. 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 /> Loan Contract C150351 <br /> Page 1 of 12 <br />