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<br />AGENCY NAME: Water Conservation Board
<br />AGENCY NUMBER: PDA
<br />ROUTiNG NUMBER:
<br />
<br />$100,000
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this ~ day of ,C::; ~ 1998, by and between the State of
<br />Colorado for the use and benefit of the Department of atural Resources, Colorado Water Conservation
<br />Board (CWCB), hereinafter referred to as the STATE, and The Westem Mutual Ditch Company, 1007 9th
<br />Avenue, Greeley, CO 80631, hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<br />FACTUAL 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
<br />Number 424, Organization YYYY, Appropriation Code SPL, GBL W857, Program WTRC, Object
<br />Code 5120, Reporting Category: 3857, Contract Encumbrance Number C153857.
<br />
<br />2, Required approval, clearance, and coordination have been accomplished from and with appropriate
<br />agencies,
<br />
<br />3, Pursuant to the provisions of 9937-60-119 and 37-60-120, C.R.S, (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.
<br />
<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,
<br />
<br />5. The BORROWER is a duly constituted Colorado ditch and reservoir company govemed by 99 7-42-
<br />101 et sea, and 7-40-101 et sea" C.R.S" located in Weld County, State of Colorado.
<br />
<br />6. The BORROWER has applied to the STATE for a loan in the amount of $100,000 to be used to
<br />rehabilitate its check dam on the South Platte River, hereinafter referred to as PROJECT, at a cost of
<br />$140,000,
<br />
<br />7. The STATE has reviewed a feasibility report compiled by Mark McLean, P,E. of Rocky Mountain
<br />Consultants, which is incorporated herein by reference, and, based upon this feasibility report, the
<br />STATE determined the PROJECT to be technically and financially feasible,
<br />
<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 because, without completion of the PROJECT, high water may
<br />cause the diversion dam and head gate to fail completely.
<br />
<br />9, At its May 11-12, 1998 meeting, the CWCB found that delay in completing the PROJECT would cause
<br />
<br />Western Mutual Ditch Company
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<br />Loan Contract
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