CT2016-2040 Contract

• Contract/PO #: CT2016-2040
• Contractor Name: Brighton Ditch Company
• Contract Type: Loan
• County: Adams
• Loan Projects - Doc Type: Contract Documents

BORROWER: THE BRIGHTON DITCH AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD
REQUESTED LOAN AMOUNT:$222,772 CONTRACT TYPE: LOAN/PRIVATE
LOAN ORIGINATION FEE:$2,228 CWCB CMS:83638
TOTAL LOAN AMOUNT:$225,000 CWCB CORE: CT2016-2040
LOAN CONTRACT
This contract ("CONTRACT" or "LOAN 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 Brighton Ditch Company, 3350 Weld
Co. Rd. 23, Fort Lupton, CO 80621 ("BORROWER"), a 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 September 17, 2015 the CWCB approved a loan request from the BORROWER for
the River Breach Repair Project ("PROJECT") to repair a breach in the South Platte
River to restore flows to the Company's headgate to allow for continued irrigation and
augmentation water to shareholders. The total estimated project cost is $530,000. The
total loan amount of $225,000 which includes a one percent (1%) loan origination fee
of$2,228 is payable over 30 years at an interest rate of 2.55%;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
the BORROWER does not use the full LOAN AMOUNT authorized, the parties shall
amend this CONTRACT or exercise an OPTION LETTER (as outlined in section A.3b.
and attached as APPENDIX 2) to revise the LOAN AMOUNT including adjustment of the
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