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<br />/ <br /> <br />\ <br /> <br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 97 PDA 0/04- q <br /> <br />$ 600,000 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this IDllt day of ---..!PQI G 1997, 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 ARISTOCRAT <br />RANCHETTE WATER PROJECT, INC., P.O. Bo': 247, Fort Lupton, Colorado 80621, hereinafter <br />referred to as the BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made <br />available and a sufficient unencumbered balartce thereof remains available for payment in Fund <br />Number 424, Organization YYYY, Appropriation A01, GBL ARls, Program WTRC, Object Code <br />5110, Reporting Category 3739, Contract Encurnbrance Number C153739. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies. <br /> <br />C. Pursuant to the provisions of ~~ 37-60-119 and 37-60-120, 15 C.R.S. (1990), the STATE is <br />authorized to loan money for 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 /> <br />D. The BORROWER is a duly constituted Colorado nonprofit corporation located in Weld County and <br />formed pursuant to ~~ 7-20-101 et sea. CRS. (1986 and Supp. 1996) for purposes of acquiring, <br />constructing, maintaining and operating a water distribution system and acquiring water and water <br />rights for its members, all of whom reside in the Aristocrat Ranchette subdivision. <br /> <br />E. BORROWER explored various sources for augmenting its dwindling water supply and elected to <br />obtain water from the Central Weld County Water District (CWCWD). Receiving water from this <br />source involves the construction of a 4.5-mile pipeline to transport the finished water from CWCWD <br />at the projected cost of approximately $1.7 million, and the purchase of water units sufficient to <br />serve the 300+ homes in the subdivision at the rate of 1 acre-foot per household at the projected <br />cost of approximately $850,000. The BORROWEr< has applied to the STATE for a loan to be used to <br />purchase the necessary water units, hereinafter referred to as PROJECT. <br /> <br />F. A feasibility report conducted by Williams Technologies, Inc., and incorporated herein by reference, <br />was reviewed by the STATE and, based upon this feasibility report, the STATE determined the <br />PROJECT to be technically and financially feasible. <br /> <br />G. At its January 24-25, 1996, meeting, the CWCS approved a loan to the BORROWER in an amount <br />not to exceed $600,000 (approximately 75% of the total cost of the PROJECT) at an interest rate of <br />4%% per annum, and for a duration of 30 years. <br /> <br />Aristocrat Ranchette Water Project, Inc. <br /> <br />Page 1 of 11 <br /> <br />loan Contract <br />