PROJ00157

• Contract/PO #: C153702
• Contractor Name: Silt, Town of
• Contract Type: Loan
• Water District: 39
• County: Garfield
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

DEPARTMENT OR AGENCY NAME
Water Conservation Board
DEPARTMENT OR AGENCY NUMBER
PDA
ROUTING NUMBER
9'1001'11

$ 400,000

LOAN CONTRACT

THIS CONTRACT, made this /9';;h( day of /J.'1fiJJS + 1995, 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 TOWN OF SilT, P. O. Box 70, Silt, Colorado 81652, hereinafter
referred to as the BORROWER and/or CONTRACTOR.

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 535, Program WTRC, Object Code 5120, Contract Encumbrance Number C153702; and

2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies;

and

3. Pursuant to the provisions of ~37-60-119 and 37-60-120 15 CRS (1990), 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; and

4. The BORROWER is a statutory town, pursuant to ~31-1-203, in Garfield County in the State of Colorado; and

5. The BORROWER held an election on November 8, 1994, and voters approved increasing debt up to $400,000
for installation of a low-pressure underground water system as shown on attached election results, referred to herein
as Appendix A; and

6. Pursuant to ~31-15-302 et seq., CRS, the BORROWER has authority to contract to borrow money provided
that an ordinance has been duly adopted by its Board of Trustees authorizing repayment of the loan to the STATE
according to the terms of this contract; and

7. The BORROWER applied to the STATE for a loan to be used for construction of a new irrigation system,
hereinafter referred to as the PROJECT; and

8. The BORROWER has obtained a grant in the amount of $175,000 from the Colorado Department of Local
Affairs for this project; and

9. The CWCB approved at their November 4, 1994, meeting, a loan to the BORROWER in an amount not to
exceed Four Hundred Thousand Dollars ($400,000). which amount shall not exceed 75% of actual out of pocket
expenses, hereinafter referred to as MAXIMUM lOAN AMOUNT, at an interest rate of four percent (4%) per annum, and
for a duration of thirty (301 years; and

TOWN OF SILT

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LOAN CONTRACT