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<br />I <br />~, <br /> <br />--, <br />\ <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br />ROUTING NUMBER 9~ 0(50 <br /> <br />$ 373,000 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this /~-I-)... dayof a_h ~"" v' 1995, byand between the State <br />of Colorado for the use and benefit of the Department ot Natural Resources, Colorado Water Conservation <br />Board (CWCB). hereinafter referred to as the STATE, and BEAVER RESERVOIR COMPANY, 14044100 Road, <br />Paonia, Colorado 81428, hereinafter referred to as the BORROWER andlor CONTRACTOR. . <br /> <br />RECITALS <br /> <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 501, Program WTRC, Object Code 5120, Contract Encumbrance Number <br />c...t3370'7 ; and .. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies; and <br /> <br />3. Pursuant to the provisions of Sections 37-60-119 and 37-60-120, 15 CRS (19901 the STATE is <br />authorized to loan money for the construction of water projects for the benefit of the people of the STATE <br />provided that the BORROWER assures repayment of that money; and <br /> <br />4. The BORROWER is a duly constituted Colorado not for profit ditch and reservoir corporation formed <br />pursuant to Sections 7-42-101 et. seq. and 7-40-101 et. seq., CRS located in the State of Colorado; and <br /> <br />5. The BORROWER has applied to the STATE for a loan to be used for Beaver Reservoir, hereinafter <br />referred to as Project, for the rehabilitation of its dam at a cost of $343,000 plus an additional amount of <br />approximately $30,000 to refinance existing FmHA loans; and <br /> <br />6. A feasibility report conducted by Woodward-Clyde Consultants and financed in part by CWCB <br />(Feasibility Report Contract #C153631 dated November 2, 1992, in the amount of $42,000) was reviewed and <br />the PROJECT rehabilitation was determined to be technically and financially feasible; and <br /> <br />7. At its January 19, 1994, meeting, the CWCB approved a loan to the BORROWER in an amount not <br />to exceed Three Hundred Seventy Three Thousand Dollars ($373,0001, $343,000 for the Project rehabilitation <br />and up to $30,000 for refinancing the existing FmHA loan, hereinafter referred to as MAXIMUM LOAN AMOUNT, <br />at an interest rate of three percent (3%) per annum, and for a duration of forty (401 years; and <br /> <br />BEAVER RESERVOIR COMPANY <br /> <br />Pag.lolll <br /> <br />LOAN CONTRACT <br />