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<br />, <br /> <br />L..L.1.!lLUIl .Kt=~b:U~1:.c.:::n <br />,W/PB <br /> <br />.I_~_, <br /> <br />r=- <br /> <br />"PARTMENT OF AGENCY NAME <br />. -flJ3ter Conservation Board <br /> <br />LOAN AGREEMENT <br /> <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br /> <br />ROOTING NlJIlBER <br />lib <br /> <br />$4,735,000 <br /> <br />This Agreement, dated as of August 12-, 1992, is <br />between CLINTON DITCH & RESERVOIR COMPANY, a Colorado nonprofit <br />ditch and reservoir company ("Borrower"), and the State of <br />Colorado, Department of Natural Resources, acting through the <br />COLORADO WATER CONSERVATION BOARD, an agency formed and existing <br />under Title 37, Article 60 of the Colorado Revised Statutes <br />("Lender") . <br /> <br />Reci tals <br /> <br />A. Borrower plans to acquire and operate the Clinton <br />Gulch Reservoir located in Summit County, Colorado (the <br />"Reservoir") . <br /> <br />B. Pursuant to the provisions of Senate Bill 92-87, <br />signed into law May 27, 1992, Lender has' been authorized to loan <br />money for the purchase of the Reservoir. <br /> <br />C. Authority exists in the Law and Funds have been <br />budgeted, appropriated and otherwise made available and a <br />sufficient unencumbered balance thereof remains available for <br />payment in Fund N~er 462, Organization YYYY, Appropriation Code <br />K FA:, Program WTRC, Object Code 5120, Contract Encumbrance <br />Number C. IS;) \; :.i..0 <br /> <br />D. Required approval, clearance and coordination has <br />been accomplished from and with appropriate agencies. <br /> <br />E. On July 9, 1992, the Colorado Water Conservation <br />Board made findings of economic and technical feasibility as <br />required by Senate Bill 92-87. <br /> <br />F. The loan from Lender to Borrower will be secured by <br />shares of Borrower's stock held by certain "Owners'.o (as defined <br />in paragraph 2(a) below). <br /> <br />G. Summit County, Colorado and the Town of <br />Silverthorne, Colorado are the owners of 330 and 550 shares, <br />respectively, of the Class A Series 1 common stock of Borrower. <br />Such shares are not being pledged pursuant to this Agreement and <br />shall not constitute security for the loan from Lender to <br />Borrower. <br /> <br />Page 1 of 13 <br />