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BORROWER: GRAND VALLEY WATER USERS AGENCY NAME: COLORADO WATER <br /> ASSOCIATION CONSERVATION BOARD <br /> BASE LOAN AMOUNT:$150,000.00 CONTRACT TYPE:LOAN/PRIVATE <br /> LOAN ORIGINATION FEE:$1,500.00 CWCB CMS:93956/CORE: CT2017-2258 <br /> TOTAL LOAN AMOUNT:$151,500.00 <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, 1313 Sherman Street, Denver, CO, 80203, ("CWCB" or "State"), and <br /> Grand Valley Water Users Association, 1147 24 Road, Grand Junction, Colorado 81505, a <br /> nonprofit corporation("BORROWER"). <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 September 21, 2016, the CWCB approved a loan request from the BORROWER for the <br /> Government Highline Canal Lining ("PROJECT"). As part of the Roller Dam <br /> Rehabilitation, this PROJECT will line the first 500 feet of canal immediately below the <br /> Roller Dam. The total estimated Project Cost is $800,000.00. The total loan amount <br /> ("TOTAL LOAN AMOUNT") of 151,5oo.00 which includes a one percent(i%)loan origination <br /> fee of 1,5oo.00 is payable over 3o years at an interest rate of 1.55%;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 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 /> A. DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> Page iof14 <br />