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<br />AGENCY NAME: Water Conservation Board
<br />
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER: tJ 0 0 Co
<br />
<br />$8,000,000
<br />
<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this 22nd day of . June 1999, by
<br />and between the State of Colorado for the use and benefit of the Department of Natural
<br />Resources, Colorado Water ConseNation Board, hereinafter referred to as the CWCB and/or
<br />the STATE, and the City of Fort Morgan, Colorado, hereinafter referred to as the CITY, and
<br />the City of Fort Morgan, Colorado, Water Works and Distribution Enterprise, hereinafter
<br />referred to as the BORROWER and/or CONTRACTOR, 710 E, Railroad, P.O. Box 100, Fort
<br />Morgan, CO 80701.
<br />
<br />FACTUAL RECITALS
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<br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
<br />made available and a sufficient unencumbered balance thereof remains available lor
<br />payment in Fund Number 424, Organization YYYV, ($4,000,000: Appropriation S98, GBl
<br />FORT), ($4,000,000: Appropriation 198, GBl FORT) Program WTRC, Object Code 5110,
<br />Contract Encumbrance Number C150004.
<br />
<br />2: Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
<br />3. Pursuant to the provisions of 99 37-60-119 and 37-60-120, C.RS., the STATE is authorized
<br />to loan money lor the construction of water projects for the benefit of the people of the
<br />STATE, provided that the borrower assures repayment of that money.
<br />4. The CITY is a duly constituted home rule city pursuant to Section 31-1-202, C,RS. and
<br />Article XX of the Colorado Constitution, located in Morgan County, Colorado.
<br />5. The BORROWER is an enterprise within the meaning of 9 37-45.1-101 et seQ., C.RS. and
<br />Article X, Section 20 of the Colorado Constitution, created pursuant to the CrN's plenary
<br />powers and recognized by the City Council's resolution dated November 2, 1993, and
<br />Ordinance No. 78B dated December 7, 1993, both of which are incorporated herein by
<br />reference.
<br />6. The CITY and the BORROWER applied to the STATE for a loan to partially finance the CITY'S
<br />share of the cost of constructing the Morgan Pipeline portion of the Northern Colorado
<br />Water ConseNancy District Southern Water Supply Project, consisting of 42 miles of
<br />pipeline from the vicinity of Platteville to Fort Morgan, hereinafter referred to as the
<br />PROJECT, at an estimated total cost of $15.1 million. The CITY/BORROWER proposed using
<br />the loan to refinance variable rate revenue bonds that the BORROWER issued in December
<br />1997 to finance PROJECT costs. The BORROWER borrowed $5,500,000 from the STATE
<br />under a loan Contract and Promissory Note dated August 7, 1995, to finance the CITY'S
<br />share of the costs of constructing the Carter lake to Broomfield and Fort lupton/Hudson
<br />Pipelines,which constituted the first portion of the Southern Water Supply Project.
<br />
<br />
<br />City of Fort Morgan, Colorado &
<br />City of Fort Morgan, Colorado, Water Works and Distribution Enterprise
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