Laserfiche WebLink
<br />Form 6-AC-02A IR S/8S1 <br />W/PB <br /> <br />LOAN REPURCHASE <br />CONTRACT <br /> <br />.\RTMENT OR AGENCY NUMBER <br />34-04-00 <br />CONTRACT RO ING NUMBER <br />,0) <br />$2,060,804.88 <br /> <br />TtIlS CONTRACT, made' this 9th day of August <br />Slale of Colorado for the use and benefil of Ihe Department oC '1 <br />(Colorado Water Conservation Board) ; <br />he~inaffer I'f'ferred 10 as the Slale. and '2 the Uncoffioahqre Valley Water <br />Association. P. 0, Box 69. r1ontrose. CO 81402. <br />hereinafter referred 10 as the contraclor./Contractor, <br /> <br />198 Ji , by and between the <br />Natural Resources <br /> <br />Users <br /> <br />WHEREAS, aUlhority exists in the Law and Funds have been budgeted, appropriated and otherwise made <br />,.,;I,bl, .nd , ..!fid'nl o",",omb<red b,l.oe< Ib'reof rem';o:,t2;b~~'Ym,"1 ;0 Fond Nomb" 4 0 Q U , <br />G/L Account Number 5430X, Contract Encumbrance N,umb ~ and <br />ABL Account No. ~, Org. Un1t - /- , <br />WHEREAS. required aflflrov;ll. c1ear:mce and coordination has been accomplished from and wilh appropriate <br />age'ndes: and <br /> <br />WHEREAS. the U.S. Department of the Interior (Interior) was <br />directed by the Budget Reconciliation Act of 1987 to sell the <br />assets of its Bureau of Reclamation (Bureau) Small Project Loan <br />Program; and <br /> <br />WHEREAS. the Bureau has determined that there are eight <br />Colorado borrowers with small project loans to be included in <br />the loan sale; and <br /> <br />WHEREAS. the borrowers were offered the first opportunity <br />by Interior to prepay their outstanding loans at an <br />advantageous discount rate reSUlting in ~ignificant potential <br />savings to those borrowers provided that the outstanding loans <br />were prepaid prior to August 18. 1988; and <br /> <br />WHEREAS. the 1988 General Assembly enacted Senate Bill 30, <br />which authorizes the State to loan funds from the Colorado <br />Water Conservation Board Construction Fund to eight named <br />Colorado borrowers. including the Contractor, to repurchase <br />from the Bureau the outstanding loan the Contractor has with <br />the Bureau; and <br /> <br />WHEREAS. Senate Bill 30 also authorizes the State to loan <br />to the Contractor one hundred percent (100\1 of the amount <br />necessary to repurchase the outstanding loan provided that the <br />State determines that this is necessary to ma~e it financially <br />possible for the Contractor to repurchase the loan; and <br /> <br />WHEREAS. the Contractor has outstanding loans of Two <br />Million Five Thousand Three Hundred Fifty-Two Dollars and No <br />Cents ($2,005.352,001, Two Hundred Eighty-Six Thousand <br />Thirty-Seven Dollars and No Cents ($286.037.001. and Five <br />Million Six Hundred Forty Thousand Dollars and-No Cents <br />($5.640.000.001 under the Small Project loan program; and <br /> <br />WHEREAS, the Contractor makes annual repayment of Three <br />Hundred Twenty seven Thousand Dollars and No Cents <br />($327,000.001. has a satiSfactory record of timely repayments. <br />and is scheduled to complete its repayment Obligation in 2026, <br />2002, and 2011. respectively; and <br /> <br />WHEREAS. the Contractor has received an offer to repay its <br />outstanding l~an from Interior at a discount rate of thirteen <br />and three one hundredths percent (13,03\1. requiring a <br />prepayment of One Million Five Hundred Ninety-Seven Thousand <br />Nine Hundred Thirty Dollars and Twenty-Seven Cents - <br />($1.597.930.271; thirteen and one one hundredths percent <br />(13,01\1, requiring a prepayment of Three Hundred Thirty-Three <br />Thousand Six Hundred Ninety-Three Dollars and Sixty-Four Cents <br /> <br />J95-53{)1-1(ll4 <br /> <br />7 <br />Page I of_pages <br /> <br />7732E <br />