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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER:
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<br />$22,250
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this If? 13- day of _ ')/1 "-\~ 1998, by and
<br />between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado
<br />Water Conservation Board (CWCB), hereinafter referred to as the STATE, and The Farmers Pawnee
<br />Canal Company, 16177 CR 24, Sterling, Colorado 80751, hereinafter referred to as the BORROWER
<br />and/or CONTRACTOR.
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<br />FACTUAL RECITALS
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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
<br />Number 424, Organization YVYY, Appropriation SPL, GBL F825, Program WTRC, Object Code
<br />5120, Reporting Category: 3825, Contract Encumbrance Number C153825.
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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 99 37-60-119 and 37-60-120, C.RS, (1997) the STATE is authorized to
<br />loan money for the construction of water projects for the benefit of the people of the STATE, provided
<br />that the borrower assures repayment of that money.
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<br />4. Section 37-60-122.7, C,R.S. (1997) authorizes the STATE to make loans of up to $100,000
<br />from the Small Project Loan Account of the Construction Fund without prior approval from the
<br />General Assembly if the STATE determines that delay would result in undue hardship on the
<br />borrower.
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<br />5, The BORROWER is a duly constituted Colorado ditch and reservoir company govemed by 99 7-42-
<br />101 et seo. and 7-40-101 et seo., C.RS" located in Logan County, State of Colorado,
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<br />6, The BORROWER has applied to the STATE for a loan in the amount of $29,000 to be used for
<br />rehabilitating its diversion dam and head gate on the South Platte River, hereinafter referred to as
<br />PROJECT, at a cost of $110,000.
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<br />7. The STATE has reviewed a feasibility report, prepared by Famsworth & Polk of Aurora, Colorado,
<br />dated May 7, 1998, which is incorporated herein by reference, and, based upon this feasibility report,
<br />the STATE determined the PROJECT to be technically and financially feasible,
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<br />8, This loan qualifies as a Small Project Loan under ~ 37-60-122.7, C,R.S, (1997), because the
<br />amount of the loan does not exceed $100,000 and the BORROWER will suffer undue hardship if
<br />the PROJECT is not completed prior to the 1998 spring runoff because, without completion of
<br />the PROJECT, high water may cause the diversion dam and head gate to fail completely,
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<br />Farmers Pawnee Canal Company
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<br />Loan Contract
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