C153804 PIF

• Contract/PO #: C153804
• Contractor Name: Left Hand Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: Water Conservation Board
AGENCY NUMBER: PDA
ROUTING NUMBER: /oi
$ 560,000
LOAN CONTRACT
THIS CONTRACT, made this 6111 day of ��; r 'r r_% 1998, by
and between the State of Colorado for the use and benefit of the Department of Natural Resources,
Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and the Left Hand
Ditch Company, 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 520, Program WTRC, Object Code
5120, Reporting Category: 3804, Contract Encumbrance Number C153804.
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. The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant to
§§ 7-42-101 et seq. and 7-40-101 et seq., C.R.S., located in Boulder County, State of Colorado.
5. The BORROWER has applied to the STATE for a loan to be used for construction of a new spillway
and rehabilitation of the outlet pipe of Left Hand Valley Reservoir, hereinafter referred to as
PROJECT, at a cost of$747,000.
6. The STATE has reviewed a feasibility report compiled by Ro aM �s, Inc.,
which is incorporated herein by reference, and was financed inW. y , , ased
upon this feasibility report, the STATE determined the PROJECT to be technically and financially
feasible.
7. At its January 25-26, 1995 meeting, the CWCB approved a loan to the BORROWER in an amount
up to $370,000, not to exceed 75% of the cost of the PROJECT, at an interest rate of 4.375% per
annum for a term of 30 years.
8. Pursuant to 1995 Colo. Sess. Laws, Paragraph (1), Section 1, Chapter 117, the Colorado
General Assembly authorized CWCB to loan to the BORROWER an amount of $370,000 for the
PROJECT.
9. As a result of changes to the plans required by final engineering drawings, the cost of the
Left Hand Ditch Company Page 1 of 13 Loan Contract