CT2015-142 Contract

• Contract/PO #: CT2015-142
• Contractor Name: Supply Irrigation Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER: THE SUPPLY IRRIGATING DITCH AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD/PDA
REQUESTED LOAN AMOUNT$321,000 CONTRACT TYPE: LOAN/PRIVATE
LOAN SERVICE FEE $3,210 CWCB CMS:74820/CORE:CT2015-142
LOAN AMOUNT $324,210
LOAN CONTRACT
(STANDARD CONTRACT—WAIVER#160—APPROVED NOVEMBER 10,2003)
THIS CONTRACT, 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 Supply Irrigating Ditch Company, Guaranty Bank and Trust Building,
Second Floor, 401 Main Street, Longmont, Colorado, 80501, ("BORROWER"), a Colorado
nonprofit corporation.
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 Emergency Supply Ditch Rehabilitation Project to repair the damage caused by the
2013 flood event. The BORROWER completed temporary repairs to allow for water
diversions during irrigation season. The purpose of this loan is to the fund the
permanent repairs ("PROJECT"). This loan was approved as a 30 year loan with no
payments and zero interest for the first three years followed by 27 years of amortized
payments at the interest rate of 2.25%.
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 which identifies the amount of the loan and the terms of repayment
(Section 4). The PROJECT SUMMARY also contains sections on BORROWER'S debt,
collateral, procedures and eligible expenses; and
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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