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BORROWER: TOWN OF WIGGINS,ACTING BY AGENCY NAME: COLORADO WATER <br /> AND THROUGH THE WATER ACTIVITY CONSERVATION BOARD <br /> ENTERPRISE CONTRACT TYPE:LOAN/PUBLIC <br /> BASE LOAN AMOUNT:$2,385,000.00 CMS:08377/CORE Number: CT2o18-892 <br /> LOAN ORIGINATION FEE:$23,850.00 <br /> TOTAL LOAN AMOUNT: $2,408,850.00 <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 the <br /> Town of Wiggins, a Statutory Town, 304 Central Ave., Wiggins, CO 8o654, Morgan <br /> County, acting by and through the water activity enterprise, ("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 /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On March 23, 2017 the CWCB approved a loan request from the BORROWER for the <br /> Wiggins Recharge Facility at Glassey Farms (`PROJECT") to reduce the town's reliance on <br /> leased water and shore up its water supply for current and future demands through the <br /> purchase of the Glassey farm and associated water rights and developing recharge ponds <br /> at the Glassey Farm. The total estimated Project Cost is $2,385,000.00. The total loan <br /> amount ("TOTAL LOAN AMOUNT") of 2,408,850.00 which includes a one percent (1%) loan <br /> origination fee of$23,850.00 is payable over 3o years at an interest rate of 2.40%;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 /> Page i of i4 <br />