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BORROWER: EAST MESA WATER COMPANY AGENCY NAME: COLORADO WATER <br /> CONTRACT No. C150360 CONSERVATION BOARD <br /> PROJECT AMOUNT$550,000 AGENCY NUMBER: PDA <br /> LOAN SERVICE FEE $5,500 CONTRACT TYPE: LOAN/PRIVATE <br /> LOAN AMOUNT$555,500 CWCB CMS#62296/CORE: CT2015-141 <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 East Mesa Water Company, 1644 Prince Creek Road, Carbondale, CO <br /> 81623, a Colorado nonprofit corporation ("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; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On July 17, 2013 the CWCB approved a loan request from the BORROWER for the Ditch <br /> Piping Project to install a high density polyethylene pipe in the existing ditch and <br /> rehabilitate the existing tunnel ("PROJECT"), to remove the threat of tunnel collapse and <br /> insure the delivery of irrigation water to its ranching shareholders. The total cost of the <br /> project is estimated to be $550,000. The BORROWER was approved for a loan not to <br /> exceed $555,500 at an interest rate of 1.75% for 30 years. The BORROWER will remit to <br /> CWCB a reimbursement, not to exceed $300,000, from the United States Department <br /> of Agriculture (USDA), Natural Resources Conservation Service (NRCS); 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. <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 C150360 <br /> Page 1 of 12 <br />