C153769 Paid in Full Contract

• Contract/PO #: C153769
• Contractor Name: Agricultural Ditch and Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: Water Conservation Board
AGENCY NUMBER: PDA
ROUTING NUMBER: CJ J
$300,000
• : N CONTRACT
T TC , .�'
ade this N day of� �t c O_ eci�3 13T, by
and be the State of Colorado for the use and benefit of thejDepartment of Natural
Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE,
and The Agricultural Ditch and Reservoir Company, a Colorado nonprofit ctrporation, 12860
W. Cedar Drive, Suite 102, Lakewood, CO 80228, hereinafter referred to a the BORROWER
and/or CONTRACTOR.
FACTUAL RECITALS
1. Authority exists in the law, and funds have been budgeted, appropriated an otherwise made
available and a sufficient unencumbered balance thereof remains availabfor payment in
Fund Number 424, Organization YYYY, Appropriation L97, GBL AGRI, Program WTRC,
Object Code 5120, Reporting Category: 3769, Contract Encumbrance Number C153769.
2. Required approval, clearance, and coordination have been accomplishes from and with
appropriate agencies.
3. Pursuant to the provisions of §§ 37-60-119 and 37-60-120, 15 C.R.S. (1997) the STATE is
authorized to loan money for the construction of water projects for the benefit of the people of
the STATE, provided that the borrower assures repayment of that money.
4. The BORROWER is a duly constituted Colorado nonprofit corporation formed under and
governed by Articles 20 through 29 and Article 42 of Title 7, C.R.S. (1997), located in
Jefferson County, State of Colorado.
5. The BORROWER has applied to the STATE for a loan to be used for financing and/or
refinancing the rehabilitation of portions of the BORROWER'S Welch Ditch and Agricultural
Ditch Systems, including the construction of three pump stations, hereinafter referred to as
PROJECT, at an estimated total cost of$600,000.
6. The STATE has reviewed a feasibility report prepared by Bishop.Brogden Associates
Engineers, which is incorporated herein by reference, and, based upon this feasibility report,
the STATE determined the PROJECT to be technically and financially feasible.
7. At its November 25, 1996 meeting, the CWCB approved a loan to theORROWER in an
amount not to exceed $300,000 (up to 75% of the cost of the PROJECT) at An interest rate of
5.25% per annum for a term of thirty years.
8. Pursuant to 1997 Colo. Sess. Laws, Ch. 168, Section 1(1)(f), the G neral Assembly
authorized the CWCB to loan to the BORROWER an amount not to exceed $3 0,000 to finance
and/or refinance the costs of the PROJECT.
The Agricultural Ditch and Reservoir Company Page 1 of 14 Loan Contract