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BORROWER:PAGOSA AREA WATER& AGENCY NAME: COLORADO WATER <br /> SANITATION DISTRICT,ACTING BY AND CONSERVATION BOARD <br /> THROUGH ITS WATER ACTIVITY ENTERPRISE CONTRACT TYPE:LOAN/PUBLIC <br /> TOTAL LOAN AMOUNT:$4,565,000 CWCB CMS:83535/CORE: CT2o17-loo8 <br /> LOAN CONTRACT <br /> This contract ("CONTRACT"or"LOAN CONTRACT") is made between the State of Colorado for <br /> the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board <br /> ("CWCB" or "State"), and Pagosa Area Water & Sanitation District, a Title 32 Special District, <br /> Acting By And Through Its Water Activity Enterprise, ioo Lyn Avenue, Pagosa Springs, CO 81157, <br /> (hereinafter called"PAWSD"or"BORROWER"). <br /> FACTUAL RECITALS <br /> 1. CWCB authority exists in the law, and funds have been budgeted, appropriated and otherwise <br /> made available and a sufficient unencumbered balance thereof remains available for <br /> 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. PAWSD and CWCB have agreed to restructure an existing original loan, CWCB Contract No. <br /> CT2o16-1696 (c15o261), based on terms and conditions which will allow the Dry Gulch Reservoir <br /> ("PROJECT") to move forward, provide debt relief to PAWSD and protect CWCB's financial <br /> commitment to the PROJECT. The original loan contract will be amended to reduce the loan <br /> balance by $4,565,000. This Loan Contract (CT2o17-loo8) is part of the restructure and will be <br /> for a total loan amount not to exceed $4,565,000, for a term of forty (40)years. The first twenty <br /> (2o) years will incur no interest and no payment, the following twenty (2o) years will be at an <br /> interest rate of 3.50%with an annual payment of$321,198.32. <br /> 4. CWCB and Attorney General's Office have negotiated the restructure of the CWCB Loan <br /> (CT2o16-1696) and revised the terms and conditions in the executed agreement entitled: <br /> AGREEMENT TO RESTRUCTURE COLORADO WATER CONSERVATION BOARD DRY GULCH <br /> RESERVOIR LOAN CONTRACT NUMBER C15o261,and the AMENDMENT TO AGREEMENT TO <br /> RESTRUCTURE COLORADO WATER CONSERVATION BOARD DRY GULCH RESERVOIR LOAN <br /> CONTRACT NUMBER C15o261, (combined, hereinafter called "RESTRUCTURE AGREEMENT") and <br /> attached hereto as ATTACHMENT A. This contract is referred to as Loan B in the RESTRUCTURE <br /> AGREEMENT. <br /> 5. The PROJECT SUMMARY, attached as APPENDIX 1, and incorporated herein contains BORROWER <br /> Information (Section 1), the PROJECT Description (Section 2), CWCB's authority for making this <br /> loan (Section 3), and CWCB Approval or Legislative Authorization (Section 4), identifying the <br /> amount of the loan and the terms of repayment. The PROJECT SUMMARY also contains sections <br /> on BORROWER'S debt, pledged revenues and property, procedures and eligible expenses. <br /> 6. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this PROJECT <br /> upon mutually agreeable terms and conditions. <br /> Page 1 of 14 <br />