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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NUMBER: PDA
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<br />ROUTING NUMBER: 97 PDA
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<br />$280,500
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<br />LOAN CONTRACT & PROMISSORY NOTE
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<br />day of [Jdtu3{K'--
<br />State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board (CWCB). hereinafter referred to as the STATE, and the TOWN OF LYONS, P.O. Box 49,
<br />Lyons, Colorado 80540, hereinafter referred to as the BORROWER and/or CONTRACTOR.
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<br />THIS CONTRACT, made this
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<br />~
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<br />1996, by and between the
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<br />FACTUAl. RECITAI.S
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<br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
<br />available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424,
<br />Organization YYYY, Appropriation A01, GBL LYON, Program WTRC, Object Code 5120, Contract Encumbrance
<br />Number C153721,
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<br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate
<br />agencies.
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<br />3. Pursuant to the provisions of B 37-60-119 and 37-60,120, C.R.S, (1990), the STATE is authorized
<br />to loan money for the construction of water projects for the benefit of the people of the STATE provided that
<br />the borrower assures repayment of that money.
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<br />4, The BORROWER is a statutory town pursuant to ~ 31-1,203, C.R.S. (1986). located in Boulder
<br />County in the State of Colorado.
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<br />5. The BORROWER held an election on November 7, 1995, whereby voters approved increasin9 the
<br />BORROWER'S debt by an amount up to $4,000,000 for the construction and improvement of the BORROWER'S
<br />water system facilities, as shown on the election results incorporated herein by reference,
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<br />6. Pursuant to ~ 31-15,302, C.R.S. (1986), the BORROWER is authorized to contract to borrow money
<br />provided that an ordinance has been duly adopted by its Board of Trustees authorizing repayment of the loan
<br />to the STATE according to the terms of the contract.
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<br />7. The BORROWER applied to the STATE for a loan to be used for the rehabilitation of the TOWN'S raw
<br />water intake structure, hereinafter referred to as the PROJECT,
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<br />8. The STATE has reviewed a feasibility report compiled by RBD, Inc., which is incorporated herein by
<br />this reference, and, based upon the feasibility report, the STATE determined the PROJECT to be technically and
<br />financially feasible.
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<br />9, At its January 24-25, 1996 meeting, the CWCB approved a loan to the BORROWER in the amount
<br />of Two Hundred Ei9hty Thousand Five Hundred Dollars ($280,500). which amount sha.!J...nDt exceed 75% of
<br />actual PROJECT costs, at an interest rate of five percent (5%1 per annum for a term of twenty (201 years to
<br />finance PROJECT costs,
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<br />Town of Lyons
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<br />Loan Contract
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