C150394 Contract

• Contract/PO #: CT2015-132
• Contract/PO #: C150394
• Contractor Name: Farmers Pawnee Canal Company, The
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER: FARMERS PAWNEE CANAL AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD/PDA
CONTRACT NO. C150394 CONTRACT TYPE: LOAN/PRIVATE
PROJECT AMOUNT: 2,047,000 CWCB CMS#69516
LOAN SERVICE FEE: 20,470
LOAN AMOUNT: 2,067,470
LOAN CONTRACT
(STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003)
THIS CONTRACT is made between the State of Colorado for the use and benefit of
The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or
"State"), and the Farmers Pawnee Canal Company, 18123 County Road 34, Sterling,
Colorado 88751, ("BORROWER"), a Colorado nonprofit corporation.
FACTUAL RECITALS
1. Authority exists in the law, and funds have been budgeted, appropriated and
otherwise made available and a sufficient unencumbered balance thereof remains
available for encumbering and subsequent payment of this CONTRACT; and
2. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies; and
3. On May 22, 2014 the CWCB approved a loan request from the BORROWER for the
Diversion Structure Replacement Project to repair flood damage and address ongoing
maintenance issues ("PROJECT"). The total estimated project cost is $2,047,000. The
total loan amount is $2,067,470 which includes a one percent (1%) loan service fee of
$20,470. This loan was approved as a 30 year loan at the interest rate of 1.75%.
4. The PROJECT SUMMARY, attached as APPENDIX 1 and incorporated herein, contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval and Legislative
Authorization (Section 4), identifying the amount of the loan and the terms of
repayment. The PROJECT SUMMARY also contains sections on BORROWER'S debt,
collateral, procedures and eligible expenses.
5. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual and dependent covenants contained
herein, the parties agree as follows:
A. LOAN PROVISIONS
1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the
amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2)
a service fee of one percent (1%) of the PROJECT amount. In the event that the
Loan Contract C150394
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