C150083 PIF

• Contract/PO #: C150083
• Contractor Name: John Peroulis and Sons Partnership
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

•
BORROWER: JOHN PEROULIS AND SONS Agency Name: Water Conservation Board
Contract No. C150083 Agency Number PDA
Loan Amount $250,000 Routing Number: 03 PDA 00013
LOAN CONTRACT
THIS CONTRACT, made this August 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" and/or "STATE"), and John Peroulis and Sons, a Colorado general
partnership, P.O. Box 1015, Craig CO 81626 ("BORROWER" and/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 payment as
follows: Fund Number 424, Organization YYYY, Appropriation Code MC3, GBL P083,
Program WTRC, Object Code 5881, Reporting Category 0083, Contract Encumbrance No.
C150083
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
3. Pursuant to the provisions of §§ 37-60-119 and 37-60-120, C.R.S., the CWCB is authorized to
loan money from the CWCB's Construction Fund Small Project Loan Account for water
projects for the benefit of the people of the STATE, provided that the borrower assures
repayment of that money. Section 37-60-1220(b) C.R.S. (2002), authorizes the CWCB to
make loans of up to $1,000,000 without prior apprgga .frc}cn the eral Assembly.
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4. The Project Summary, attached as Appendix a..1.«,ar - nebri orated herein, contains
BORROWER Information (Section 1) and the PROJECT Description (Sectio ).
5. Board approval and legislative authorization,` Nired,pf�ilo�inin o�rd Approval and
Legislative Authorization (Section 3) of the Pr• ;- mr y., ,.1 ._ <
6. 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 BORROWER 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, attached hereto as Appendix 2 and
incorporated herein.
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 completion of the PROJECT and the
BORROWER shall repay that amount to the CWCB either within ten (10) days after the date the
Page 1 of 8 Loan Contract