CT2016-2794 Contract - Laserfiche WebLink

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BORROWER: LAKE MCINTOSH AGENCY NAME: COLORADO WATER RESERVOIR COMPANY CONSERVATION BOARD REQUESTED LOAN AMOUNT: $1,710,000 CONTRACT TYPE: LOAN/PRIVATE LOAN ORIGINATION FEE: $17,100 CWCB CMS: 86938 TOTAL LOAN AMOUNT: $1,727,100 CORE: CT2016-2794 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 Lake McIntosh Reservoir Company, 4309 State Highway 66, Longmont, Colorado, 80504 ("BORROWER"), a Colorado 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 January 26, 2016 the CWCB approved a loan request from the BORROWER for the Lake McIntosh Outlet Works Repair ("PROJECT"), to restore Lake McIntosh's functionality by repairing the collapsed outlet pipe and sinkhole. The total estimated Project Cost is $1,900,000. The Total Loan Amount ("Loan Amount") of 1,727,100 which includes a one percent (1%) loan origination fee of $17,100 is payable over 30 years at an interest rate of 2.70%; 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, pledged revenues and property, 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 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 requested loan 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.2. and Page 1 of 13