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<br />AGENCY NAME: Water Conservation Board <br /> <br />. <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: <br /> <br />$ LOAN AMOUNT <br /> <br />SAMPLE STATE LOAN CONTRACT <br />(USED FOR DITCH AND IRRIGATION COMPANIES LOANS) <br />FOR DISCUSSION PURPOSES ONLY <br />SOME PROVISIONS MAY NOT ApPLY To A CWCBIWESTERN CONTRACT <br /> <br />THIS CONTRACT, made this day of 1998, by and <br />between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board (CWCB), hereinafter referred to as the STATE, and BORROWER, hereinafter <br />referred to as the BORROWER and/or CONTRACTOR. <br /> <br />Factual Recitals <br /> <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 XXX, GBl XXXX, Program WTRC, Object Code <br />51XX, Reporting Category: 3XXX, Contract Encumbrance Number C153XXX. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies. <br /> <br />. 3. Pursuant to the provisions of 9937-60-119 and 37-60-120, C.R.S. (1997) the STATE is authorized to <br />loan money for the construction of water projects for the benefit of the people of the STATE, provided <br />that the borrower assures repayment of that money. <br /> <br />4. The BORROWER is <br /> <br />5. The BORROWER has applied to the STATE for a loan to be used for X, hereinafter referred to as <br />PROJECT, at a cost of $X. <br /> <br />6, The STATE has reviewed a feasibility report compiled by X, which is incorporated herein by reference, <br />and was financed in part by CWCB (Feasibility Report Contract #C153X dated X), and, based upon <br />this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. <br /> <br />7, At its X, meeting. the CWCB approved a loan to the BORROWER in an amount up to $X,OOO, not to <br />exceed X% of the cost of the PROJECT. at an interest rate of X% per annum for a duration of X years. <br /> <br />8, Pursuant to 199X Colo. Sess. laws, Section X, Chapter X, the Colorado General Assembly <br />authorized CWCB to loan to the BORROWER an amount not to exceed $X,OOO for the PROJECT. <br /> <br />9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />parties agree as follows: <br /> <br />. <br /> <br />X Ditch & Reservoi, Company <br /> <br />Page 1 of 12 <br /> <br />Loan Contract <br />