CT2016-1597 Contract

• Contract/PO #: CT2016-1597
• Contractor Name: Oligarchy Irrigation Company
• Contract Type: Loan
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

BORROWER: OLIGARCHY IRRIGATION AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD
REQUESTED LOAN AMOUNT: $774,000 CONTRACT TYPE: PRIVATE
LOAN SERVICE FEE $7,740 CWCB CMS #82003/CORE: CT2016-1597
LOAN AMOUNT $781,740
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 Oligarchy Irrigation Company, 157 Baylor Way, Longmont, Colorado, 80503,
("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 July 15, 2015 the CWCB approved a loan request from the BORROWER for the Dam
Outlet Works Rehabilitation to rehabilitate the Oligarchy Reservoir No. 1 dam outlet
works by constructing a new outlet works gate vault, outlet works piping, intake
structure, and discharge structure. The total estimated project cost is $860,000. The
total loan amount of $781,740 which includes a one percent (1%) loan origination fee
of$7,740 is payable over 30 years at an interest rate of 2.40%; 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 (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
BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this
CONTRACT to revise the LOAN AMOUNT including adjustment of the service fee to reflect
1% of the actual LOAN AMOUNT disbursed to the BORROWER.
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