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BORROWER: TOWN OF FIRESTONE,ACTING AGENCY NAME: COLORADO WATER <br /> BY AND THROUGH THE WATER ACTIVITY CONSERVATION BOARD <br /> ENTERPRISE CONTRACT TYPE: LOAN/PUBLIC <br /> BASE LOAN AMOUNT:$9,900,990.00 CWCB CMS:9_j_j96/CORE: CT-2017-288o <br /> LOAN ORIGINATION FEE: $99,olo.00 <br /> TOTAL LOAN AMOUNT:$10,000,000.00 <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 /> Town of Firestone, a statutory town in Weld County, acting by and through the Water <br /> Activity Enterprise, 151 Grant Ave., Firestone, Colorado 80520, ("BORROWER"). <br /> FACTUAL RECITALS <br /> i. 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 November 16, 2o16 the CWCB approved a loan request from the BORROWER for the <br /> Storage Development and Water Rights Purchase ("PROJECT") to develop a non-potable <br /> water supply and associated water storage. The total estimated Project Cost is <br /> $10,043,150.00. The total loan amount ("TOTAL LOAN AMOUNT") of$1o,000,000.00 which <br /> includes a one percent (1%) loan origination fee of$99,o1o.00 is payable over 20 years at <br /> an interest rate of 2.35%;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 malting 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 1 of 14 <br />