CT2015-134 Contract

• Contract/PO #: CT2015-134
• Contract/PO #: C150400
• Contractor Name: Prairie Ditch Company
• Contract Type: Loan
• Water District: 20
• County: Rio Grande
• Loan Projects - Doc Type: Contract Documents

BORROWER: PRAIRIE DITCH COMPANY AGENCY NAME: COLORADO WATER
APPROVED LOAN AMOUNT: $130,000 CONSERVATION BOARD/PDA
LOAN SERVICE FEE: $1,300 CONTRACT TYPE: LOAN/PRIVATE
LOAN AMOUNT: $131,300 CWCB CMS: 71949/CORE: CT2015-/34
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 Prairie Ditch Company, 5250 N. Hwy 17, Mosca, CO, 81146 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
Plaza Project Phase 3: Prairie Ditch Implementation Project ("PROJECT") to improve
the existing Prairie Ditch diversion structure and headgate on the Rio Grande River.
The total estimated project cost is $975,000. The total loan amount is $131,300 which
includes a one percent (1%) loan origination fee of$1,300 at an interest rate of 1.25%
for 10 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
BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this
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