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BORROWER: TOWN OF RIDGWAY, A HOME AGENCY NAME: Water Conservation Board <br /> RULE MUNICIPALITY ACTING BY AND THROUGH AGENCY NUMBER: PDA <br /> ITS WATER ACTIVITY ENTERPRISE CWCB CMS #62313 <br /> CONTRACT No. C150340 <br /> PROJECT AMOUNT $600,000 <br /> LOAN SERVICE FEE $6,000 <br /> LOAN AMOUNT $606,000 <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 the Town of Ridgway, a home rule municipality, acting by and through its <br /> Water Activity Enterprise ("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 <br /> Encumbrance No. C150340, Fund Number 424, Appropriation Code M13, Organization <br /> YYYY, GBL R340, Program WTRC, Object Code 5510, Reporting Category 0340; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On September 28, 2012 the CWCB approved a project loan request, from the <br /> BORROWER, for the Lake Otonowanda Rehabilitation Project (PROJECT) to rehabilitate <br /> Lake Otonowanda and increase the Town's raw water storage capacity. On March 19, <br /> 2013 the CWCB approved a change to the scope of work for the PROJECT. The <br /> approved change included the acquisition of property for the Renovation of Lake <br /> Otonowanda. The total cost of the PROJECT is $2,136,482 and the BORROWER was <br /> approved for a $600,000 grant (C150508) by the Gunnison River Basin Roundtable <br /> from the Water Supply Reserve Account (WSRA). This loan was approved for a total <br /> amount of 606,000 as a 30 year loan with an interest rate of 3.0%; 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; and <br /> THEREFORE, in consideration of the mutual and dependent covenants contained <br /> herein, the parties agree as follows: <br /> Loan Contract C150340 <br /> Page 1 of 12 <br />