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BORROWER: LOWER ARKANSAS VALLEY AGENCY NAME: COLORADO WATER <br /> WATER CONSERVANCY DISTRICT ACTING BY CONSERVATION BOARD/PDAA <br /> AND THROUGH ITS WATER ACTIVITY CONTRACT TYPE: LOAN/PUBLIC <br /> ENTERPRISE CWCB CMS: 79886/CORE: CT2015-175 <br /> REQUESTED LOAN AMOUNT: $2,535,000 <br /> LOAN ORIGINATION FEE: $25,350 <br /> TOTAL LOAN AMOUNT: $2,560,350 <br /> LOAN CONTRACT <br /> (STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003) <br /> This contract ("CONTRACT" or "LOAN CONTRACT")) is made between the State of <br /> Colorado for the use and benefit of The Department of Natural Resources, Colorado <br /> Water Conservation Board ("CWCB" or "State"), and the Lower Arkansas Valley Water <br /> Conservancy District, acting by and through its Water Activity Enterprise, 801 <br /> Swink Avenue, Rocky Ford, Colorado, 81067 ("BORROWER"), a Colorado Title 37 Water <br /> Conservancy District. <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 May 21, 2015 CWCB ("Board") approved a loan request from the BORROWER for <br /> the Water Rights Purchase ("PROJECT") to increase the reliability of District water to <br /> satisfy existing needs including compact compliance, augmentation water <br /> replacement for Rule 10 and Rule 14 plans, lease and fallowing replacement water, <br /> and provide additional assurance against current shortages due to drought conditions <br /> and growing municipal demand. The total estimated project cost is $4,077,000. The <br /> total loan amount of $2,560,350 which includes a one percent (1%) loan origination <br /> fee of$25,350 is payable over 20 years at an interest rate of 1.45%; 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 /> Page 1 of 13 <br />