C153521 Contract

• Contract/PO #: C153521
• Contractor Name: Grand Valley Water Users' Association
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Bill Number: SB 000
• Loan Projects - Doc Type: Contract Documents

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.nMENT 0 AGENCY NUMBER
34-04-00
CONTRACT ROll ING NUMBER
if
$100,000.00

,

LOAN REPURCHASE
CONTRACT

THIS CONTRACT, made this 4t:h day of Auaust
Slale of Colorado for the use and benefit of tne Depanment of '1
(Colorado Water Conservation Board) ,
hereinaher rt'ferred to as the State, and "2 Grand Valley Water Users Association.
corporation, 500 South lOth Street, Grand Junction. CO 81501
hereinafter referred 10 as the contractor/Contractor.

198 ~ . by and bdween the
Natural Resources

3. Colorado

WHEREAS. authorilY exists in the Law and Funds have been budgeted, appropriated and otherwise made
..vailable and a sufficient unencumbered balance thereof remains ~ailable for paymem in Fund Number 4 0 0 8 ,
C/L Account Numbec-l)4..:l9X . Contract Encumbrance Numbe '1~~t);:;J : and
ABL Account NO. /qd9o , Org. Unit 77-77-777
WHEREAS. required approval. de;II.lIn..e and coordination hb bll;ell iiU;UlIIpli"!Jed from and with appropriate
agencies: and

WHEREAS, the U.S. Department of the Interior (Interior) was
directed by the Budget Reconciliation Act of 1987. to sell the
assets of its Bureau of Reclamation (Bureau) Small Project Loan
Program; and

WHEREAS, the Bureau has determined that there are eight
Colorado borrowers with small project loans to be included in
the loan sale; and

WHEREAS. the borrowers were offered the 'first opportunity
by Interior to prepay their outstanding loans at an
advantageous discount rate resulting in significant potential
savings to those borrowers provided that the outstanding loans
were prepaid prior to August 18. 1988; and

WHEREAS, the 1988 General Assembly enacted Senate Bill 30.
which authorizes the State to loan funds from the Colorado
Water Conservation Board Construction Fund to eight named
Colorado borrowers. including the Contractor. to repurchase
from the Bureau the outstanding loan the Contractor has with
the Bureau; and

WHEREAS, Senate Bill 30 also authorizes the State to loan
to the Contractor one hundred percent (100\) of the amount
necessary to repurchase the outstanding loan provided that the
State determines that this is necessary to make it financially
possible for the Contractor to repurchase the_loan; and

WHEREAS. the Contractor has an outstanding loan(s) of Eight
Hundred sixty-Two Thousand Five Hundred Twenty Dollars and
Ninety-Four Cents ($862.520.94). and One Hundred Ten Thousand
Six Hundred Ninety-Seven Dollars and No Cents ($110,697.00)
under the Small Project loan program; and

WHEREAS. the Contractor makes semiannual repayments of the
said loans in ,the amounts of Sixteen'. Thousand Seven Hundred
Fifty Dollars ($16,750). and One Thousand Five Hundred Dollars
($1,500), respectively, on June 1 and December 31 of each year.
has a satisfactory record of timely repayments. and is
scheduled to complete its repayment Obligation in the years
2013 and 2021. respectively; and