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BORROWER:THE NORTH POUDRE IRRIGATION AGENCY NAME: COLORADO WATER <br /> COMPANY CONSERVATION BOARD <br /> BASE LOAN AMOUNT:$1,437,300.00 CONTRACT TYPE:LOAN/PRIVATE <br /> LOAN ORIGINATION FEE: $14,373.00 CWCB CMS:924o1/CORE: CT-2017*14o2 <br /> TOTAL LOAN AMOUNT: $1,451,673.00 <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 North Poudre Irrigation Company, <br /> 3729 Cleveland Ave., Wellington, Colorado, 80549, ("BORROWER"), a Colorado nonprofit <br /> 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 July 20, 2016, the CWCB approved a loan request from the BORROWER for the <br /> Rehabilitation of the Livermore Irrigation Tunnel ("PRoJECT") to restore overall delivery <br /> capacity of the Livermore tunnel system, which has been damaged by partial collapse in <br /> multiple reaches resulting in blockages and the accumulation of rock fall and debris. <br /> Repairs are to be made to six collapse zones, and proactively to an additional ten shear <br /> and void areas. The total estimated Project Cost is $1,597,000.00. The total loan amount <br /> ("TOTAL LOAN AMOUNT") of $1,451,673.00, which includes a one percent (1%) loan <br /> origination fee of$14,373.00, is payable over thirty (3o) years at an interest rate of 2.25%; <br /> 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 the BORROWER'S existing <br /> debt, contract requirements, procedures, eligible expenses, disbursement schedule and <br /> time for performance. <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 /> Page 1 of 14 <br />