CT2015-090 Contract

• Contract/PO #: CT2015-090
• Contract/PO #: C150402
• Contractor Name: Ephraim Ditch Company
• Contract Type: Loan
• Water District: 22
• County: Rio Grande
• Loan Projects - Doc Type: Default Information

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BORROWER: EPHRAIM DITCH COMPANY AGENCY NAME: COLORADO WATER
APPROVED LOAN AMOUNT: $100,000 CONSERVATION BOARD/PDA
LOAN SERVICE FEE: $1,000 CONTRACT TYPE: LOAN/PRIVATE
LOAN AMOUNT: $101,000 CWCB CMS: 72269/CORE: CT2015-090
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 Ephraim Ditch Company, 18353 State Hwy 136, Sanford, CO, 81151, a
Colorado nonprofit Corporation, ("BORROWER"),
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
Ephraim Diversion and Headgate Rehabilitation Project ("PROJECT"). This PROJECT is
one of three projects collectively known as the Conejos River System Confluence
Management Project (CMP). This PROJECT will replace the existing diversion
structures and headgates and add measurement structures to the Ephraim Ditch. The
total estimated project cost is $201,500. The total loan amount is $101,000 which
includes a one percent (1%) loan origination fee of$1,000 at an interest rate of 1.75%
for 30 years; and
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
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