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<br />... <br /> <br />F"",, 6-AC-02A CR ~/8j) <br />vl/PB <br /> <br />/!(:;N;..)?; I <br />Ol (TMENT OR AGENCY ....,UMBER <br />34-04-00 <br />CONTRACT ROUTING NUMBER <br />PC 'i) <br />$541,946.85 <br /> <br />LOAN REPURCHASE <br />CONTRACT <br /> <br />THIS CONTRACT. mad~ Ihis /~ ~y of.... ~ r~~l-tA- 198'1? . by and between the <br />Slate of Colorado for the U!>e and henefit of Ihe Department of " Natural Resources <br />(Colorado Water Conservation Board) , <br />hereinaher ",fe~d 10 as Ihe Slate, and '2 the Overland Di tch and Reservoir <br />Company, Hotchkiss. CO 81419, <br />herdnafler referred 10 as Ihe conlraCtor /Contractor. <br /> <br />WHEREAS. authority exists in the Law and Funds have been budgeled. appropriated and otherwise made <br />available and a sufficienl unencum~red b..lance thereof remains availab.le for payment in Fund Number 4008 , <br />GlL Account Number ~l,{,,5X. Conlract Encumbrance Numbe(l/SjSd.-?: ~nd <br />ABL Account No. /4050, Org. Unit 77-77-777, <br />WHEREAS. required lJ'lpruval. clearance and coordination has been accomplished from and with lIppropriate <br />agencies: and <br /> <br />WHEREAS. the U.S. Department of the Interior (Interior) was <br />directed by the Budget Reconciliation Act of 1987 to sell the <br />assets of its Bureau of Reclamation (Bureau) Small Project Loan <br />Program: and <br /> <br />WHEREAS. the Bureau has determined that there are eight <br />Colorado borrowers with small project loans to be included in <br />the loan sale: and <br /> <br />WHEREAS. the borrowers were offered the first opportunity <br />by Interior to prepay their outstanding loans at an <br />advantageous discount rate resulting in significant potential <br />savings to those borrowers provided that the Contractor prepaid <br />the loan prior to September 16. 1988; and <br /> <br />WHEREAS. the 1988 General Assembly enacted Senate Bill 30. <br />which authorizes the State to loan funds fro~ the COlorado <br />Water Conservation Board Construction Fund to eight named <br />Colorado borrowers, including the Contractor, to repurchase <br />from the Bureau the outstanding lo~n the Contractor bas with <br />the Bureau; and <br /> <br />WHEREAS. Senate Bill 30 also authorizes the State to loan <br />to the Contractor one hundred percent (100\) of the amount <br />necessary to repurchase the outstanding loan provided that the <br />State determines that this is necessary to make it financially <br />possible for the Contractor to repurchas~ the-loan; and <br /> <br />WHEREAS, the Contractor has an outstanding loan of Two <br />Million Eight Hundred Eighty-Three Thousand Dollars <br />($2,883.000); and <br /> <br />WHEREAS, the Contractor has received an offer to repay its <br />outstanding loan from Interior at a discount rate of thirteen <br />and seven hundredths percent (13.07\), requiring a prepayment <br />of Five Hundred Forty-One Thousand Nine Hundred Forty-Six <br />Dollars and Eighty-Five Cents ($541.946.85); and <br /> <br />WHEREAS. the Contractor finds that the prepayment discount <br />results in an advantageous loan refinancing opportunity. and <br />therefore it desires to obtain Construction Fund loan <br />assistance from the State to prepay its Interior loan; and <br /> <br />WHEREAS. the State finds that it is necessary to loan the <br />Contractor one hundred percent (100\) of the amount of the <br />outstanding loan to make it financially possible for the <br />Contractor to repurchase the loan; and <br /> <br />8037E <br /> <br />J95-5){},..1O'14 <br /> <br />Pa~t' 1 of2paj'!t's <br />