CT2017-2253 Contract

• Contract/PO #: CT2017-2253
• Contractor Name: Larimer and Weld Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER: LARIMER AND WELD AGENCY NAME: COLORADO WATER
IRRIGATION COMPANY CONSERVATION BOARD
BASE LOAN AMOUNT:$675,000.00 CONTRACT TYPE:LOAN/PRIVATE
LOAN ORIGINATION FEE:$6,750.00 CWCB CMS:93929/CORE: CT2o17-2253
TOTAL LOAN AMOUNT:$681,750.00
LOAN CONTRACT
This contract ("CONTRACT" or "LOAN CONTRACT") is made between the State of
Colorado for the use and benefit of The Department of Natural Resources, Colorado Water
Conservation Board, 1313 Sherman Street, Denver, CO, 80203, ("CWCB" or "State"), and
Larimer and Weld Irrigation Company, 1o6 Elm Avenue, Eaton, Colorado 80615, a
Colorado nonprofit corporation, (`BoRRowER").
FACTUAL RECITALS
1. CWCB authority exists in the law, and funds have been budgeted, appropriated and
otherwise made available and a sufficient unencumbered balance thereof remains
available for encumbering and subsequent payment of this CONTRACT;and
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies;and
3. On September 21, 2016, the CWCB approved a loan request from the BORROWER for the
Headgate Structure Replacement ("PRoJECT").The Company's diversion structure off the
Cache la Poudre River is aging and in need of repair. The PROJECT will replace the
headgate structure, including the concrete structure, gates, gate operators, and a new
control building.The total estimated Project Cost is $750,000.00. The total loan amount
("TOTAL LOAN AMOUNT") of $681,750.00 which includes a one percent (1%) loan
origination fee of 6,75o.00 is payable over 3o years at an interest rate of 1.50%;and
4. The PROJECT SUMMARY, attached as APPENDIX 1, and incorporated herein contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval or Legislative
Authorization (Section 4), identifying the amount of the loan and the terms of
repayment. The PROJECT SUMMARY also contains sections on the BORROWER'S existing
debt, contract requirements, procedures, eligible expenses, disbursement schedule and
time for performance.
5. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual and dependent covenants contained
herein, the parties agree as follows:
Page 1 of 14