CT2015-139 Contract

• Contract/PO #: CT2015-139
• Contractor Name: Platte Valley Irrigation Company
• Contract Type: Loan
• Water District: 2
• County: Weld
• Loan Projects - Doc Type: Contract Documents

BORROWER: PLATTE VALLEY IRRIGATION AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD/PDA
REQUESTED LOAN AMOUNT: $738, 000 CONTRACT TYPE: LOAN/PRIVATE
LOAN ORIGINATION FEE: $7,380 CWCB CMS: 74842/CORE: CT2015-139
TOTAL LOAN AMOUNT: $745,380
LOAN CONTRACT
(STANDARD CONTRACT—WAIVER#160—APPROVED NOVEMBER 10,2003)
This contract ("CONTRACT" or "LOAN 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 Platte Valley Irrigation Company,
3005 W. 29th Street, Suite G1, Greeley, Colorado 80631, a Colorado nonprofit
corporation ("BORROWER").
FACTUAL RECITALS
1. CWCB 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 November 20, 2014, the CWCB approved a loan request from the BORROWER for
the Sand Hill Lake Outlet Works Rehabilitation Project ("PROJECT") to rehabilitate the
Sand Hill Lake Outlet and to repair the dam section damaged from a sink hole that
has developed. The total estimated project cost is $820,000. The total loan amount of
$745,380 which includes a one percent (1%) loan origination fee of$7,380 is payable
over 30 years at an interest rate of 2.0%;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 Origination 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 loan origination fee of one percent (1%) of the PROJECT amount. In the event that
the BORROWER does not use the full LOAN AMOUNT authorized, the parties shall
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