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BORROWER: CITY OF GRAND JUNCTION, AGENCY NAME: COLORADO WATER <br /> ACTING BY AND THOUGH ITS WATER ACTIVITY CONSERVATION BOARD <br /> ENTERPRISE CONTRACT TYPE: LOAN/PUBLIC <br /> REQUESTED LOAN AMOUNT: $1,000,000 CWCB CMS: 88615 CORE: CT-2017-916 <br /> LOAN ORIGINATION FEE: $10,000 <br /> APPROVED LOAN AMOUNT: $1,010,000 <br /> LOAN CONTRACT <br /> This contract ("CONTRACT" or "LOAN CONTRACT") is made between the State of <br /> Colorado for the use and benefit of The Department of Natural Resources, Colorado <br /> Water Conservation Board ("CWCB" or "State"), and City of Grand Junction, actinby <br /> and through its Water Activity Enterprise, 333 West Ave., Building E, Grand Jun tion, <br /> Colorado, 81501 ("BORROWER"), a Colorado home rule municipality, acting by and <br /> through its Water Activity Enterprise. <br /> FACTUAL RECITALS <br /> 1. CWCB 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 March 16, 2016, the CWCB approved a loan request from the BORROWER fo the <br /> Hallenbeck Reservoir No. 1 Dam Rehabilitation ("PROJECT") to repair the dam and <br /> restore the full storage capacity of the reservoir. The total estimated Project C st is <br /> $1,153,800.00.The Total Loan Amount ("LOAN AMOUNT") of $1,010,000.00 hich <br /> includes a one percent (1%) loan origination fee of $10,000.00 is payable ov r 20 <br /> years at an interest rate of 2.65%; and <br /> 4. The PROJECT SUMMARY, attached as APPENDIX 1 and incorporated herein, con ains <br /> BORROWER Information (Section 1), the PROJECT Description (Section 2), CW B's <br /> authority for making this loan (Section 3), and CWCB Approval or Legisl tive <br /> Authorization (Section 4), identifying the amount of the loan and the ter s of <br /> repayment. The PROJECT SUMMARY also contains sections on the BORROWER'S ebt, <br /> collateral, procedures and eligible expenses. <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 /> 6. The execution, delivery, and performance of this LOAN CONTRACT has been <br /> approved by the Borrower pursuant to Ordinance No. 4707 (the "Loan Ordinance") <br /> adopted by the City Council of the Borrower on June 15, 2016. Capitalized t rms <br /> used in this LOAN CONTRACT that are not defined have the meanings giv n to <br /> such terms by the Loan Ordinance. <br /> Page 1 of 13 <br />