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. . BORROWER: TUNNEL WATER COMPANY Contract No. C150065 Loan Amount $2,080,000 Agency Name: Water Conservation Board Age~cy Number PDQ.=;z fJ.A1/1..1..,.. ~ Routing Number_ , ~ LOAN CONTRACT THIS CONTRACT, made this 11lh day of July 2001, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or the "STATE"}, and The Tunnel Water Company, P.O. Box 1584, Fort Collins, CO 80522, a Colorado non-profit corporation, ("BORROWER" and/or "CONTRACTOR"). FACTUAL 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 as follows: Fund Number 424, Organization yyyy, Appropriation Code L01, GBL TUNN, Program WTRC, Object Code 5881, Reporting Category 0065, Contract Encumbrance No. C150065 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. CWCB's authority for making this loan: Pursuant to the provisions of SS 37-60-119 and 37-60-120, C.R.S. the CWCB 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. 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains . BORROWER Information (Section 1) and the PROJECT Description (Section 2). 5. Board approval and legislative authorization, if required a. At its January 2001 meeting, the CWCB approved a loan to the BORROWER in an amount up to $2,080,000, not to exceed 90% of the cost of the PROJECT, at an interest rate of 4.3% per annum for a repayment term of 30 years. b. Pursuant to Senate Bill 01-157, Section 1(1)(c), the Colorado General Assembly authorized CWCB to loan to the BORROWER an amount up to $2,080,000 ("LOAN AMOUNT") for the PROJECT. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. 2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The Tunnel Water Company Page 1 of 11 Loan Contract COF" d