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BORROWER: THE GLENWOOD IRRIGATION COMPANY Contract No, C150106 Loan Amount $386,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA O?o3 ~ LOAN CONTRACT THIS CONTRACT, made this November 2, 2002, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or "STATE"), and The Glenwood Irrigation Company, P.O. Box 27, Glenwood Springs, CO 81602, a Colorado nonprofit corporation, ("BORROWER" and/or "CONTRACTOR"). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and othervvise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 424, Organization YYYY, Appropriation Code MC3, GBL G106, Program WTRC, Object Code 5881, Reporting Category 0106, Contract Encumbrance No. C150106, 2, Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. CWCS's authority for making this loan: Small Project Loan: This loan is made pursuant to the provisions of 9937-60-119 and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the benefit of the people of the State, provided that the borrower assures repayment of that money, Section 37-60-122(1 )(b) C.R.S., authorizes the CWCB to make loans of up to $1,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust Fund Perpetual Base Account Fund without prior approval from the General Assembly 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) and the PROJECT Description (Section 2). 5. Board approval and legislative authorization, if required, is included in Board Approval and Legislative Authorization (Section 3) of the Project Summary. 6. The CWCB now desires. by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions, THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, in the form attached hereto as AppendiX 2 and incorporated herein. The initial Promissory Note shall identify Page 1019 Loan Contract