|
BORROWER: KERN RESERVOIR& DITCH Co. Agency Name: Water Conservation Board
<br /> Contract No. C150118 Agency Number PDA
<br /> Loan Amount $3,620,000 Routing Number: 04 PDA 00001
<br /> LOAN CONTRACT
<br /> THIS CONTRACT, made this June 1, 2003, is by and between the State of Colorado for the
<br /> use and benefit of The Department of Natural Resources, Colorado Water Conservation
<br /> Board ("CWCB" and/or "STATE"), and Kern Reservoir and Ditch Company, 1011 11th
<br /> Avenue, Greeley, CO 80631, a Colorado nonprofit corporation, ("BORROWER" and/or
<br /> "CONTRACTOR").
<br /> FACTUAL RECITALS
<br /> 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
<br /> made available and a sufficient unencumbered balance thereof remains available for
<br /> encumbering and subsequent payment of this contract under: Contract Encumbrance
<br /> No. C150118, Fund Number 424, Appropriation Code L03, Organization YYYY, GBL
<br /> K118, Program WTRC, Object Code 5881, Reporting Category 0118.
<br /> 2. Required approval, clearance, and coordination have been accomplished from and with
<br /> appropriate agencies.
<br /> 3. 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 and Legislative
<br /> Authorization which defines the amount of t , itp;" dKth terms of repayment
<br /> (Section 4). tl, A. I
<br /> 4. The CWCB now desires, by this contract, to loan money to the BORROWER for this
<br /> PROJECT upon mutually agreeable terms . �9 , •riiti i 75*
<br /> THEREFORE, in consideration of the i t a . :nd •c n•e ooVertants contained
<br /> herein, the parties agree as follows:
<br /> A. LOAN PROVISIONS
<br /> 1. Contract Amendment Service Fees. Under certain circumstances, the BORROWER
<br /> shall be assessed fees for amending this contract.
<br /> a. A service fee shall be imposed on the BORROWER for amendments processed for
<br /> the benefit of the BORROWER and necessary for the BORROWER'S course of
<br /> business, including, but not limited to, a change in borrower name (novation),
<br /> assignment of contract, substitution of collateral, loan payment deferments in
<br /> excess of 3 per loan, and loan consolidation. Amendments in the course of
<br /> CWCB business, including, but not limited to, loan payment deferments (up to 3
<br /> per loan) and changes in terms of loan repayment will be processed at no
<br /> additional charge to the borrower.
<br /> b. The amount charged shall be the fee rate structure in accordance with the CWCB
<br /> Loan Service Charge Policy in effect at the time the Borrower shall request an
<br /> amendment. The current fee for an amendment is $1,000.
<br /> Page 1 of 9
<br />
|