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CT2019-2099 Contract
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CT2019-2099 Contract
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Last modified
2/20/2019 1:28:09 PM
Creation date
2/20/2019 1:18:22 PM
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Loan Projects
Contract/PO #
CT2019-2099
Contractor Name
Ogilvy Irrigating and Land Company
Contract Type
Grant/Loan Combo
Loan Projects - Doc Type
Contract Documents
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The Loan Effective Date is the date n which this Contract is approved and signed by the <br /> Colorado State Controller or Designe, as shown on the signature and cover page of this <br /> Contract. The State shall not have y obligation under this Co act prior to the Loan <br /> Effective Date. <br /> B. Loan Expiration Date <br /> The Loan Expiration Date is the date on which his Contract expir.s. The Loan Expiration <br /> Date is when the term of the loan ens; which i based upon the Lo: Effective Date or the <br /> date of CWCB's Notice of Project Su stantial CI mpletion of Projec . <br /> C. Project Term <br /> The Parties' respective performances of the project under this Con act shall commence on <br /> the Contract Project Performance Be inning Date shown on the Si.nature and Cover Page <br /> for this Contract and shall terminate n the Contract Project Perfo 1 ance End Date shown <br /> on the Signature and Cover Page r this Contract unless soon:r terminated or further <br /> extended in accordance with the terns of this Contract. This proje t term does not include <br /> the full repayment period for the toor this Contract. <br /> D. Project Extension Terms- State's O ion f <br /> The State,at its discretion, shall have the option to extend the Project performance under this <br /> Contract beyond the Project End Dat for a period,at the same rates d under the same terms <br /> specified in the Contract(each sucheriod a"Project Extension Tei "). In order to exercise <br /> this option, the Borrower shall pro ide written justification to 0 WCB and CWCB will <br /> provide written authorization for the roject term extension. <br /> 3. AUTHORITY I <br /> Authority to enter into this Contract exists}n§37-60-119(2),C.R.S., §37-60-120, C.R.S.,and §37- <br /> 60-121, C.R.S. <br /> 4. PURPOSE I 1 <br /> At the May 23, 2018, board meeting CWCB approved a loan request for the Seeley Reservoir <br /> Dredging (Project). The purpose of the lan is to improve the irrigatio supply to farms served <br /> under the Ogilvy Ditch system by removing deposited sediment in Seel: reservoir. <br /> 5. DEFINITIONS <br /> The following terms shall be construed d interpreted as follows: <br /> A. "Appendices" means the followin appendices attached to this c i ntract: <br /> i. Appendix 1, Project Su ary <br /> ii. Appendix 2, Option Lett r <br /> iii. Appendix 3, Promissory Note <br /> iv. Appendix 4, Resolution <br /> v. Appendix 5, Security Atreement <br /> vi. Appendix 6, Deed of T st <br /> B. "Base Loan Amount"means the ount disbursed to the Borro er,which does not include <br /> the one percent(1%) loan originati n fee. <br /> Page 3 of 19 <br /> Contract Number:CT2019-2099 <br />
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