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BORROWER:TOWN OF BENNETT ACTING BY AGENCY NAME: COLORADO WATER <br /> AND THROUGH ITS WATER ACTIVITY CONSERVATION BOARD/PDA <br /> ENTERPRISE CONTRACT TYPE: LOAN/PUBLIC <br /> REQUESTED LOAN AMOUNT: $1,440,000 CWCB CMS: 74816/CORE: CT2015-161 <br /> LOAN ORIGINATION FEE: $14,400 <br /> TOTAL LOAN AMOUNT: $1,454,400 <br /> LOAN CONTRACT <br /> (STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003) <br /> THIS CONTRACT is 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 the Town of Bennett, a statutory town, acting by and through its Water <br /> Activity Enterprise, 355 4th Street, Bennett, Colorado, 80102, ("BORROWER"). <br /> FACTUAL RECITALS <br /> 1. CWCB authority exists in the law, and funds have been budgeted, appropriated and <br /> otherwise made available and a sufficient unencumbered balance thereof remains <br /> available for encumbering and subsequent payment of this CONTRACT; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and <br /> with appropriate agencies; and <br /> 3. On November 20, 2014 the CWCB approved a loan request from the BORROWER for <br /> the Well #3 and #6 Replacement Project ("PROJECT")to replace both wells to continue <br /> to provide reliable water to the town's residents. The total estimated project cost is <br /> $1,600,000. The total loan amount of $1,454,400 which includes a one percent (1%) <br /> loan origination fee of $14,400 is payable over 30 years at an interest rate of 3.25%; <br /> 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 (Section 4), identifying the amount of the loan and the terms of <br /> repayment. The PROJECT SUMMARY also contains sections on BORROWER'S debt, <br /> collateral, procedures and eligible expenses. <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 /> Page 1 of 13 <br />