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<br /> AGENCY NAME: Water Conservation Board
<br /> AGENCY NUMBER: PDA
<br /> ROUTING NUMBER: -.
<br /> $50,000
<br /> LOAN CONTRACT
<br /> THIS CONTRACT, made this y, rh day of /I/ ' y' 1997, by
<br /> and 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 Smith
<br /> Irrigation Ditch, a Colorado nonprofit corporation, 96193 E. Highway 40, Craig, CO 81625,
<br /> hereinafter referred to as the BORROWER and/or 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 SPL, GBL S787, Program WTRC, Object Code
<br /> 5120, Reporting Category: 3787, Contract Encumbrance Number C153787.
<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, 15 C.R.S. (1990 and Supp. 1996) the
<br /> STATE is authorized to loan money for the construction of water projects for the benefit of the
<br /> people of the STATE, provided that the borrower assures repayment of that money.
<br /> 4. Section 37-60-122.7, C.R.S. (Supp. 1996) authorizes the STATE to make loans of up to $100,000
<br /> from the Small Project Loan Account of the Construction Fund without prior approval from the
<br /> General Assembly if the STATE determines that delay would result in undue hardship on the
<br /> borrower.
<br /> 5. The BORROWER is a duly constituted Colorado nonprofit corporation formed under and governed
<br /> by Articles 20 through 29 and Article 42 of Title 7, C.R.S. ( ;:: ,a d 3ppgi s96), located in Routt
<br /> County, State of Colorado. ` ,; ,� 44 ,'
<br /> 6. The BORROWER has applied to the STATE for a loan in the amount of $50,000 to be used for
<br /> financing the construction of a new diversion struct c k �e:' , er after referred to
<br /> as the PROJECT, at an estimated cost of$183,000. 13k: -o a"`;• it e e approximately
<br /> $133,000 in grants from other sources for the PROJECT.—
<br /> 7. The STATE has reviewed a feasibility report prepared by the CWCB staff with the assistance of the
<br /> BORROWER, the U.S. Natural Resources Conservation Service, the Upper Yampa Water
<br /> Conservancy District, and the Colorado Division of Water Resources, Division 6, which is
<br /> incorporated herein by reference, and, based upon this feasibility report, the STATE determined
<br /> the PROJECT to be technically and financially feasible.
<br /> 8. This loan qualifies as a Small Project Loan in accordance with § 37-60-122.7, C.R.S. (Supp.
<br /> 1996), because the amount of the loan does not exceed $100,000 and the BORROWER will suffer
<br /> Smith Irrigation Ditch Page 1 of 13 Loan Contract
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