Laserfiche WebLink
1. PARTIES <br /> This contract ("CONTRACT" or"LOAN CONTRACT") is entered into by and 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 /> Church Ditch Water Authority, an Authority pursuant to C.R.S., Section 29-1-204.2, <br /> located at 14025 West 82nd Ave.,Arvada, CO 80005, ("BoRRowER"). <br /> 2. AUTHORITY <br /> 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. <br /> Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies. <br /> 3. PURPOSE AND TERMS <br /> On July 19, 2017 the CWCB approved a loan request, from the BORROWER, for the Ditch <br /> System Improvements ("PROJECT")to make needed repairs to the Church Ditch system in order <br /> to improve operational efficiency and reduce maintenance requirements. The total estimated <br /> Project Cost is $3,580,000.00. The total loan amount ("TOTAL LOAN AMOUNT") of <br /> $3,615,800.00, which includes a one percent (1%) loan origination fee of$35,800.00, is <br /> payable over thirty (30) years at an interest rate of 3.o%. The CWCB now desires, by this <br /> CONTRACT, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms <br /> and conditions. <br /> 4. APPENDICES <br /> The following appendices are attached and incorporated herein: Appendix 1 (Project <br /> Summary), Appendix 2 (Option Letter), Appendix 3 (Promissory Note), Appendix 5 <br /> (Security Agreement),and Appendix 6 (Deed of Trust). <br /> The Borrower's Authorizing Resolution will be delivered to CWCB, in the form of Appendix <br /> 4, along with the loan contract signed by the Borrower. <br /> The PROJECT SUMMARY (attached as Appendix 1) and incorporated herein, contains the <br /> following sections: BORROWER INFORMATION (Section 1), PROJECT DESCRIPTION (Section 2), <br /> CWCB's AUTHORITY (Section 3), BOARD APPROVAL (Section 4), SCHEDULE OF EXISTING DEBT <br /> (Section 5), LOAN SECURITY (Section 6), ADDITIONAL CONDITIONS AND REQUIREMENTS (Section <br /> 7), CONSTRUCTION FUND PROGRAM PROCEDURES FOR PROJECTS (Section 8), ELIGIBLE EXPENSES <br /> (Section 9), DISBURSEMENT SCHEDULE(Section io), and TIME FOR PERFORMANCE(Section 11). <br /> A. DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> Page 3 of i6 <br />