C153726 Paid in Full Contract

• Contract/PO #: C153726
• Contractor Name: Tremont Mutual Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: Water Conservation Board
AGENCY NUMBER: PDA
17 ,o 5
ROUTING NUMBER:-66'PDA flea: ,
LOAN CONTRACT & PROMISSORY NOTE
THIS CONTRACT,made this(/? day of 1996,by and between
the State of Colorado f e use-en benefit of e De ment of Natural Resources, Colorado
Water Conservationpoc `t(GWCB), hereinafte refer d to as the STATE, and ;THE TREMONT
MUTUAL DITCH COMPANY, hereinafter referred to as the BORROWER and/or CONTFACTOR.
•
'tfA`CTUAL RECITALS
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A. Authority exists in the law, and funds have been budgeted, appropriate and otherwise
made available and a sufficient unencumbered balance thereof remains available for ayment in Fund
Number 424, Organization YYYY, ,Appropriation SPL, Program bject Code 5120, Contract
Encumbrance Number C153726.
B. Required approval, clearance, and coordinatio een accom e i from and with
appropriate agencies.
C. Pursuant to the provisions of §§ 37-60-119 and 37-60-1 , 9 0) the STATE
is authorized to loan money for the construction of water projects for the benefit o people of the
STATE, provided that the BORROWER assures repayment of that money.
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D. A Small Project Loan Account was established by § 37-60-122.7, C.R. . (Supp. 1995),
which authorizes the CWCB to make loans of up to $100,000 without prior ap roval from the
General Assembly if the CWCB determines that delay would result in undue ardship on the
borrower. I
E. The BORROWER is a duly constituted Colorado nonprofit ditch and reservoir corporation
formed pursuant to §§ 7-42-101 et sea. and 7-20-101 et sea., C.R.S., located in Morgan County,
State of Colorado.
F. The BORROWER has applied to the STATE for a loan to be used to refinance the costs of
rebuilding its west headgate, which was washed out during the 1995 spring runoff flooding,
hereinafter referred to as the PROJECT.
G. A feasibility study was prepared by the BORROWER and the STATE, whic is incorporated
herein by reference, and reviewed by the STATE and, based upon this feasibility dy, the STATE
determined the PROJECT to be technically and financially feasible.
H. This loanualifies as a Small Loan in accordance with § 37-6 -122.7 C.R. .
Q Project0
(Supp. 1995),since the amount of the loan does not exceed $100,000, and the BORROWER will suffer
undue hardship if the PROJECT is not completed prior to the 1996 runoff because the3BORROWER must
be able to divert through both its west and east headgates to prevent sand from plugging the
BORROWER'S ditch and rendering it inoperable.
Tremont Mutual Ditch Company Page 1 of 10 Loan Contract