|
<br />:~~
<br />
<br />AGENCY NAME: Water Conservation Board
<br />
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER: OW \ 0
<br />
<br />$ 7,492,520
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT ("Contract"), made this d- day of ~7t . 1998, by and between
<br />the State of Colorado for the use and benefit of the De rtment of Natural Resources,
<br />Colorado Water Conservation Board (CWCS), hereinafter referred to as the State, and the
<br />Eagle Park Reservoir Company, a Colorado nonprofit ditch and reservoir company, P.O,
<br />Box 7, Vail, Colorado 81657, hereinafter referred to as the Borrower and/or Contractor.
<br />
<br />RECITALS
<br />
<br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
<br />made available and a sufficient unencumbered balance thereof remains available for
<br />payment in Fund Number 424, Organization YYYV, Appropriation ~BL EAGL (for
<br />$3,492,520), Appropriation STA, GBL EPRC (for $4,000,000), Program WTRC, Object
<br />Code 5120, Reporting Category: 3829, Contract Encumbrance Number C153829.
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
<br />
<br />3, Pursuant to the provisions of ~~ 37-60-119 and 37-60-120, C.R.S, (1997) the State is
<br />authorized to loan money for water projects for the benefit of the people of the State,
<br />provided that the Borrower assures repayment of that money,
<br />
<br />4. The Borrower is a duly constituted Colorado ditch and reservoir company formed pursuant
<br />to ~~ 7-42-101 et sea. and 7-20-101 et sea" C.R.S., located in Eagle County, State of
<br />Colorado.
<br />
<br />5. The Borrower has applied to the State for a loan to be used to partially finance the
<br />purchase of the Eagle Park Reservoir (the "Project"), at a cost of $8,650,000.
<br />
<br />6. The State has reviewed a feasibility report compiled by Helton & Williamsen, P.C., which is
<br />incorporated herein by reference, and, based upon this feasibility report, the State has
<br />determined the Project to be technically and financially feasible,
<br />
<br />7. At its January 24, 1996 meeting, the CWCB approved a loan to the Borrower in an amount
<br />up to $3,125,000 for a term of thirty (30) years at an interest rate of 5.75% per annum.
<br />
<br />8, At its January 29, 1997 meeting, the CWCB approved a loan to the Borrower in an amount
<br />up to $4,875,000 for a term of thirty (30) years at an interest rate of 5,25% per annum.
<br />
<br />9. Pursuant to 1996 Colo, Sess, Laws, Ch. 195, Section 1(a), the Colorado General
<br />Assembly authorized CWCB to loan to the Borrower an amount not to exceed $3,125,000
<br />for the Project, which authorization was increased to $4,000,000 pursuant to 1997 Colo.
<br />Sess. Laws, Ch. 168, Section 3, and pursuant to 1997 Colo, Sess. Laws, Ch. 168, Section
<br />
<br />Eagle Park Reservoir Company
<br />
<br />Page 1 of 13
<br />
<br />Loan Contract
<br />
|