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� x <br /> BORROWER: CHILCOTT DITCH COMPANY AGENCY NAME: COLORADO WATER <br /> BASE LOAN AMOUNT:$'75=000.00 CONSERVATION BOARD <br /> LOAN ORIGINATION FEE: 5,750.00 CONTRACT TYPE: LOAN/PRIVATE <br /> TOTAL LOAN AMOUNT:$58o,75o.00 CWCB CMS:96647/CORE: CT2o17-3188 <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 /> Chilcott Ditch Company, 1845 Woodmoor Drive, Monument, Colorado 80132, a mutual <br /> ditch company and Colorado 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 /> z. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies;and <br /> 3. On January 23, 2017 the CWCB approved a loan request from the BORROWER for the <br /> Jimmy Camp Creek Siphon Reconstruction ("PROJECT") to replace the existing siphon <br /> that has reached the end of its service life. The total estimated Project Cost is <br /> $575000.00. The total loan amount ("TOTAL LOAN AMOUNT") of $58o,75o.00, which <br /> includes a one percent (i%) loan origination fee of$5,750.00, is payable over 20 years at <br /> an interest rate of 2.20%;and <br /> 4. The PROJECT SUMMARY, attached as APPENDIX it, 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 i of 14 <br />