C150098 Paid in Full Documents

• Contract/PO #: C150098
• Contractor Name: The Lake Henry Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER: THE LAKE HENRY RESERVOIR Co. Agency Name: Water Conservation Board
Contract No. C150098 Agency Number PDA
Loan Amount $490,000 Routing Number 03 PDA X00"3y
LOAN CONTRACT
THIS CONTRACT, made this November 1, 2002, is by and between the State of
Colorado for the use and benefit of The Department of Natural Resources, Colorado Water
Conservation Board ("CWCB" or "STATE"), and The Lake Henry Reservoir Company, P. 0.
Box 8, Ordway, CO 81063, a Colorado nonprofit corporation ("BORROWER" or
"CONTRACTOR").
FACTUAL RECITALS
1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
made available and a sufficient unencumbered balance thereof remains available for
encumbering and subsequent payment of this contract under: Contract Encumbrance
No. C150098, Fund Number 424, Appropriation Code L02, Organization YYYY, GBL
L098, Program WTRC, Object Code 5881, Reporting Category 0098.
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval and Legislative
Authorization which defines the amount of the loan and the terms of repayment
(Section 4).
4. The CWCB now desires, by this contract, to loan money to the., BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual and dependent covenants contained
herein, the parties agree as follows: •
A. LOAN PROVISIONS
1. Promissory Note Provisions. The CWCB agrees to loan to the BoRRbWER an
amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in
accordance with the terms as set forth in the Promissory Note, in the form attached
hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall
identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the
BORROWER differs from the LOAN AMOUNT, the parties agree to amend this contract to
revise the LOAN AMOUNT.
2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB
to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The
CWCB shall calculate the amount of the interest that accrued prior to substantial
completion of the PROJECT and notify BORROWER of such amount. The BORROWER shall
repay that amount to the CWCB either within ten (10) days from the date of notification
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