CT2016-2795 Contract

• Contract/PO #: CT2016-2795
• Contractor Name: Orchard Ranch Ditch Company
• Contract Type: Loan
• County: Delta
• Loan Projects - Doc Type: Contract Documents

BORROWER: ORCHARD RANCH DITCH AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD
REQUESTED LOAN AMOUNT: $150,000 CONTRACT TYPE: LOAN/PRIVATE
LOAN ORIGINATION FEE: $1,500 CWCB CMS: 86942
TOTAL LOAN AMOUNT: $151,500 CORE: CT2016-2795
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 Orchard Ranch Ditch Company,
20490 North Road, Eckert, Colorado, 81418, ("BORROWER"), a Colorado 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 January 26, 2016 the CWCB approved a loan request from the BORROWER for the
Orchard Ranch Ditch Piping ("PROJECT"), to replace the existing conveyance system
with an in-place piped system to meet the standards of the US Bureau of Reclamation
Colorado River Basin Salinity Control Program. The total estimated Project Cost is
$1,430,720. The Total Loan Amount ("Loan Amount") of 151,500 which includes a
one percent (1%) loan origination fee of$1,500 is payable over 30 years at an interest
rate of 1.95%; 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
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