C150398 Contract

• Contract/PO #: CT2015-151
• Contract/PO #: C150398
• Contractor Name: Louden Irrigating Canal & Reservoir Company
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

BORROWER: LOUDEN IRRIGATING CANAL& AGENCY NAME: COLORADO WATER
RESERVOIR COMPANY CONSERVATION BOARD/PDA
CONTRACT No. C150398 CONTRACT TYPE: LOAN/PRIVATE
PROJECT AMOUNT: 160,000 CWCB CMS#69494/CORE: CT2015-151
LOAN SERVICE FEE: 1,600
LOAN AMOUNT: 161,600
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 the Louden Irrigating Canal & Reservoir Company, 8109 South County
Road 9, Fort Collins, Colorado 80528, ("BORROWER"), a Colorado nonprofit corporation.
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
Emergency Diversion Structure and Ditch Project to repair damages caused by the
2013 flood event ("PROJECT"). The total estimated project cost is $215,000. The total
loan amount is $161,600 which includes a one percent (1%) loan service fee of
$1,600. This loan was approved as a 30 year loan at the interest rate of 2.70%.
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
Loan Contract C150398
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