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AGENCY NAME: Water Conservation Board <br /> AGENCY NUMBER: PDA <br /> ROUTING NUMBER: <br /> $ 308,000 <br /> LOAN CONTRACT <br /> THIS CONTRACT, made this 11) day of Pac e , 1998, by and <br /> between the State of Colorado for the use and benefit of the Department of Natural Resources, <br /> Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and the <br /> Greeley and Loveland Irrigation Company, hereinafter referred to as the BORROWER and/or <br /> CONTRACTOR. <br /> FACTUAL RECITALS <br /> 1. 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 L98, GBL GLIC, Program WTRC, Object Code <br /> 5120, Reporting Category: 3835, Contract Encumbrance Number C15383511 <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies. <br /> 3. Pursuant to the provisions of §§ 37-60-119 and 37-60-120, C.R.S. (1997) the STATE is authorized <br /> to loan money for the construction of water projects for the benefit of the people of the STATE, <br /> provided that the borrower assures repayment of that money. <br /> 4. The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant to §§ <br /> 7-42-101 et seq. and 7-40-101 et seq., C.R.S., located in Larimer County, State of Colorado. <br /> 5. The BORROWER has applied to the STATE for a loan to be used for rehabilitation of the dam and <br /> outlet works of the BORROWER'S Equalizer Reservoir, hereinafter referred to as PROJECT, at a cost <br /> of$426,000. <br /> 6. The STATE has reviewed a feasibility report compiled by ECI, which is incorporated herein by <br /> reference, and was financed in part by CWCB (Loan Contract No. C153788, dated December 8, <br /> 1997), and, based upon this feasibility report, the STATE determined the PROJECT to be technically <br /> and financially feasible. <br /> 7. At its November 24-25, 1997 meeting, the CWCB approved a loan to the BORROWER in an <br /> amount up to $308,000, not to exceed 80% of the cost of the PROJECT, at an interest rate of <br /> 4.21% per annum for a duration of 30 years. <br /> 8. Pursuant to House Bill 98-1189, Section 1, the Colorado t"•-rrAelb authorized CWCB to <br /> loan to the BORROWER an amount of$308,000 for the PRO •: <br /> 9. The STATE now desires, by this contract, to loan money to the BORROWER for 's PROJECT upon <br /> mutually agreeable terms and conditions. IN <br /> --.:(4 LI L <br /> .11. : - <br /> Greeley & Loveland <br /> Irrigation Company Page 1 of 13 Loan Contract <br />