CT2016-1007 Contract

• Contract/PO #: CT2016-1007
• Contractor Name: Las Animas Consolidated Canal Company
• Contract Type: Loan
• County: Bent
• Loan Projects - Doc Type: Contract Documents

BORROWER: THE LAS ANIMAS AGENCY NAME: COLORADO WATER
CONSOLIDATED CANAL COMPANY CONSERVATION BOARD/PDAA
REQUESTED LOAN AMOUNT: $360,180 CONTRACT TYPE: LOAN/PRIVATE
LOAN ORIGINATION FEE: $3,602 CWCB CMS: 74818/CORE: CT2016-
TOTAL LOAN AMOUNT: $363,782
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 Las Animas Consolidated Canal Company, 1800 Larimer Street, Suite
1300, Denver, CO, 80202, 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 Repair and Replacement of Canal Spillway Structure ("PROJECT"), which includes
the improved reconstruction of the Spillway Structure that was damaged by storm
surge flows. The total estimated project cost is $400,200. The total loan amount of
$363,782 which includes a one percent (1%) loan origination fee of $3,602 is payable
over 30 years at an interest rate of 5.05%; 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 or 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
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