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BORROWER: DIXON CANON DITCH AND AGENCY NAME: COLORADO WATER <br /> RESERVOIR COMPANY CONSERVATION BOARD <br /> BASE LOAN AMOUNT:$278,100 CONTRACT TYPE:LOAN/PRIVATE <br /> LOAN ORIGINATION FEE:$2,781 CWCB CMS:90658/CORE: CT2017-914 <br /> TOTAL LOAN AMOUNT:$280,881 <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 Water <br /> Conservation Board ("CWCB" or "State"), and The Dixon Canon Ditch and Reservoir <br /> Company, 413 South Bryan, Fort Collins, Colorado, 80521 (`BORRowER"), a Colorado <br /> nonprofit corporation. <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 with <br /> appropriate agencies;and <br /> 3. On May 18, 2016, the CWCB approved a loan request from the BORROWER for the Dixon <br /> Reservoir Dam Improvements ("PROJECT")to address dam seepage issues and dam outlet <br /> repair improvements to avoid a storage restriction from the Dam Safely Branch of the <br /> State Engineer's Office (SEO). The total estimated Project Cost is $309,000. The total <br /> loan amount ("TOTAL LOAN AMOUNT") of$280,881 which includes a one percent (i%) loan <br /> origination fee of$21781, is payable over thirty (3o) years at an interest rate of 2.55%;and <br /> 4. The PROJECT SUMMARY, attached as APPENDIX 1, and incorporated herein contains <br /> BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's <br /> authority for making this loan (Section 3), and CWCB Approval or Legislative <br /> Authorization (Section 4), identifying the amount of the loan and the terms of <br /> repayment. The PROJECT SUMMARY also contains sections on BORROWER'S debt, pledged <br /> revenues and property, 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 /> THEREFORE, in consideration of the mutual and dependent covenants contained <br /> herein, the parties agree as follows: <br /> A. DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> Page i of 14 <br />