C153857 PIF

• Contract/PO #: C153857
• Contractor Name: Western Mutual Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: Water Conservation Board
AGENCY NUMBER: PDA
ROUTING NUMBER:
$100,000
LOAN CONTRACT
THIS CONTRACT, made this /7 day of S1998, by and between the State of
Colorado for the use and benefit of the Department of atural Resources, Colorado Water Conservation
Board (CWCB), hereinafter referred to as the STATE, and The Western Mutual Ditch Company, 1007 9th
Avenue, Greeley, CO 80631, hereinafter referred to as the 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 in Fund
Number 424, Organization YYYY, Appropriation Code SPL, GBL W857, Program WTRC, Object
Code 5120, Reporting Category: 3857, Contract Encumbrance Number C153857.
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. (1997) the STATE is authorized to
loan money for the construction of water projects for the benefit of the people of the STATE, provided
that the borrower assures repayment of that money.
4. Section 37-60-122.7, C.R.S. (1997) authorizes the STATE to make loans of up to $100,000
from the Small Project Loan Account of the Construction Fund without prior approval from the
General Assembly if the STATE determines that delay would result in undue hardship on the
borrower.
5. The BORROWER is a duly constituted Colorado ditch and reservoir company governed by §§ 7-42-
101 et seq. and 7-40-101 et seq., C.R.S., located in Weld County, State of Colorado.
6. The BORROWER has applied to the STATE for a loan in the amourLof 100,000 to be used to
rehabilitate its check dam on the South Platte River, hereinafter refer Ac st of
$140,000. , VL
7. The STATE has reviewed a feasibility report compiled by Mark McLean, P.E. of Rocky Mountain
Consultants, which is incorporated herein by reference, and, based upon this feasibility report, the
STATE determined the PROJECT to be technically and financially feasible.
8. This loan qualifies as a Small Project Loan under § 37-60-122.7, C.R.S. (1997), because the
amount of the loan does not exceed $100,000 and the BORROWER will suffer undue hardship if
the PROJECT is not completed because, without completion of the PROJECT, high water may
cause the diversion dam and headgate to fail completely.
9. At its May 11-12, 1998 meeting, the CWCB found that delay in completing the PROJECT would cause
Western Mutual Ditch Company Page 1 of 13 Loan Contract