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AGENCY NAME: Water Conservation Board <br /> AGENCY NUMBER: PDA <br /> ROUTING NUMBER: (Y' � „" (, <br /> LOAN CONTRACT <br /> THIS CONTRACT, made this 16th day of February 2001, by and between the State of <br /> Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br /> Conservation Board, hereinafter referred to as the CWCB and/or STATE, and the Woodchuck Ditch <br /> Company, a Colorado nonprofit corporation 42095 RCR 44, Steamboat Springs, Colorado, 80487 <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 W041, Program WTRC, Object Code <br /> 5881, Reporting Category: 0041, Contract Encumbrance Number 0150041. <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. (1999) 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 nonprofit ditch company formed pursuant to and <br /> governed by Articles 42 and 121 of Title 7, C.R.S., located in Routt County, State of Colorado. <br /> 5. A Small Project Loan Account was established by § 37-60-122.7, C.R.S. (1999), which authorizes <br /> the CWCB to make loans of up to $100,000 without prior approval from the General Assembly if <br /> the CWCB determines that delay would result in undue hard I'• on the borrower. <br /> 6. The BORROWER has applied to the STATE for a Small 'rojec r - • ,t of $40,000 to be <br /> used to reconstruct a 400-foot portion of the BGiRROw- <br /> r er referred to as <br /> PROJECT, at a total cost of $150,000. <br /> 7. The STATE has reviewed a feasibility report compile.. ' B ` , i« in porated herein <br /> by reference and, based upon this feasibility repo` , • A ' :-t m t, JECT to be <br /> technically and financially feasible. <br /> 8. This loan qualifies as a Small Project Loan in accordance with § 37-60-122.7, C.R.S. (1999), <br /> since the amount of the loan does not exceed $100,000, and the BORROWER will suffer undue <br /> hardship if the project is not completed as soon as possible because of the inability to deliver <br /> water. <br /> 9. At its March 2000 meeting, the CWCB approved a loan to the BORROWER in an amount up to <br /> $40,000 at an interest rate of 3.75% per annum for a repayment term of 20 years. <br /> 10. The BORROWER has requested the use of only $30,000 out of the $40,000 loan approval at this <br /> Woodchuck Ditch Company Page 1 of 13 Loan Contract <br />