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BORROWER: GREELEY AND LOVELAND AGENCY NAME: COLORADO WATER <br /> IRRIGATION COMPANY CONSERVATION BOARD <br /> CONTRACT NO. C150362 AGENCY NUMBER: PDA <br /> PROJECT AMOUNT $3,123,000 CONTRACT TYPE: LOAN/PRIVATE <br /> LOAN SERVICE FEE $31,230 CWCB CMS #62215 <br /> LOAN AMOUNT $3,154,230 <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 Greeley and Loveland Irrigation Company, 808 23rd Ave., Greeley, Colorado, <br /> 80634, ("BORROWER"), a 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. C150357, Fund Number 424, Appropriation Code M14, Organization YYYY, GBL <br /> G362, Program WTRC, Object Code 5882, Reporting Category 0362; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On September 25, 2013 the CWCB approved a loan request from the BORROWER for <br /> the Irrigation System Improvements Project to improve water management <br /> inefficiencies, reduce high maintenance costs, prevent continued outlet deterioration <br /> and meet the Colorado Office of the State Engineer, Safety Branch's requirements at <br /> Horseshoe and Boyd Lake ("PROJECT") The BORROWER has been approved for a <br /> CWCB 30 year loan to assist with the PROJECT costs at an interest rate of 2.15%; and <br /> 4. The PROJECT SUMMARY attached as APPENDIX I 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 the CWCB to the BORROWER for the PROJECT and (2) <br /> a service fee of one percent (1%) of the PROJECT amount. In the event that the <br /> Loan Contract C150362 <br /> Page 1 of 11 <br />