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BORROWER: ST.VRAIN AND LEFT HAND AGENCY NAME: COLORADO WATER <br /> WATER CONSERVANCY DISTRICT ACTING BY CONSERVATION BOARD <br /> AND THROUGH ITS WATER ACTIVITY CONTRACT TYPE: LOAN/PUBLIC <br /> ENTERPRISE CMS: 71730/CORE No: CT2016-2452 <br /> PROJECT COSTS: 4,500,000 <br /> LOAN SERVICE FEE: $45,000 <br /> LOAN AMOUNT: $4,545,000 <br /> LOAN CONTRACT <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 St. Vrain and Left Hand Water Conservancy District, a Colorado Title 37 <br /> Water Conservancy District, acting by and through its Water Activity Enterprise <br /> ("BORROWER"or"DISTRICT"). <br /> FACTUAL RECITALS <br /> 1. 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 July 17, 2014 the CWCB approved a loan request form the BORROWER for the <br /> Emergency Rock'n WP Ranch Lake No. 4 Repair Project (PROJECT) to repair the lake <br /> damage due to the 2013 flood event, allowing it to resume its use as a water <br /> augmentation reservoir by the DISTRICT. The total estimated project cost is <br /> $9,000,000. The total loan amount is $4,545,000 which includes a one percent (1%) <br /> loan origination fee of $45,000. This loan was approved as a 30 year loan with no <br /> payments and zero interest for the first three years followed by 27 years of <br /> amortized payments at the interest rate of 3.20%. <br /> 4. The PROJECT SUMMARY, attached as APPENDIX I 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; and <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 />