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110 . 0 <br /> AGENCY NAME: Water Conservation Board <br /> AGENCY NUMBER: mN <br /> ROUTING NUMBER: 0101-7 <br /> $100,000 <br /> LOAN CONTRACT <br /> ii <br /> THIS CONTRACT, made this > dayof <br /> 1997, by and between the <br /> State of Colorado for the use and benefit of the Departi`fient of Natural Resources, Colorado Water <br /> Conservation Board (CWCB), hereinafter referred to as the STATE, and The Excelsior Irrigating <br /> Company, 231 Nyberg Road, Pueblo, CO 81006, hereinafter referred to as the BORROWER and/or <br /> CONTRACTOR. <br /> FACTUAL RECITALS <br /> A. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made <br /> available and a sufficient unencumbered balance thereof remains available for payment in Fund <br /> Number 424, Organization YYYY, Appropriation SPL, GBL E748, Program WTRC, Object Code <br /> 5110, Reporting Category 3748, Contract Encumbrance Number C153748. <br /> B. Required approval, clearance, and coordination have been accomplished from and with appropriate <br /> agencies. V, : <br /> C. Pursuant to the provisions of §§ 37-60-119 an•f,, f:• •I•.4 1' .R.S. (1990 and Supp. 1996), the <br /> STATE is authorized to loan money for the constr ,'',. 'a.• water pro ec for the benefit of the people <br /> of the STATE, provided that the borrower assures'fepayment t f on',. <br /> D. The BORROWER is a duly constituted Colors i on r o ti n"`i*ormed pursuant to § 7-42-101 et <br /> seq., C.R.S. (1986) located in Pueblo Countyt C 6Iorado. <br /> E. A Small Project Loan Account was established by § 37-60-122.7, C.R.S. (Supp. 1996), which <br /> authorizes the CWCB to make loans of up to $100,000 without prior approval from the General <br /> Assembly if the CWCB determines that delay would result in undue hardship on the borrower. <br /> F. The BORROWER has applied to the STATE for a small project loan in the amount of $100,000 to be <br /> used for rehabilitation of the BORROWER'S diversion structure, hereinafter referred to as PROJECT, at a <br /> total cost of$136,000. <br /> G. Based upon a feasibility report which was compiled by the CWCB staff and is incorporated herein by <br /> reference, the STATE determined the PROJECT to be technically and financially feasible. <br /> H. This loan qualifies as a Small Project Loan in accordance with § 37-60-122.7, C.R.S. (Supp. 1996), <br /> since the amount of the loan does not exceed $100,000, and the BORROWER will suffer undue <br /> hardship if the PROJECT is not completed as soon as possible because unless the BORROWER can <br /> complete Phase I of the rehabilitation of the ditch this winter, the BORROWER will not be able to use it <br /> The Excelsior Irrigating Company Page 1 of 12 Loan Contract <br />