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BORROWER: ORCHARD MESA IRRIGATION AGENCY NAME: COLORADO WATER <br /> DISTRICT CONSERVATION BOARD <br /> BASE LOAN AMOUNT:$1,683,168.32 CONTRACT TYPE: LOAN/PUBLIC <br /> LOAN ORIGINATION FEE:s16,8.31.68 CWCB CMS:95587/CORE: CT2017-2878 <br /> TOTAL LOAN AMOUNT: $1,700,000.00 <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 /> Orchard Mesa Irrigation District, 668 38 Road, Palisade, Colorado 81526, a district <br /> operating under the Irrigation District Law of 1921, ("BORROWER"OR"DISTRICT"). <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, 2oi6, the CWCB approved a loan request from the BORROWER for the <br /> Grand Valley Power Plant Rehabilitation ("PROJECT").The goal of this PROJECT is to bring <br /> GRAND VALLEY POWER PLANT (GVPP) up to a sustainable operating condition and meet <br /> current electric and safety standards. The total estimated Project Cost is $5,200,000.00. <br /> The total loan amount ("TOTAL LOAN AMOUNT") of$1,700,000.00 which includes a one <br /> percent (i%) loan origination fee of$16,831.68.00 is payable over 30 years at an interest <br /> rate of 2.o%;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 i of 14 <br />