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AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA RDUTING NUMBER: 97 PDA 01023 ---- , ~ LOAN CONTRACT & PROMISSORY NOTE day of _ UU.Lj.'Y\6tL. 1996, by and between the State of Colorado for the uSe and benefit of the Department of Natural Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to a5 the STATE. the ORCHARD MESA IRRIGATION DISTRICT, P.O. Box 356, Palisade, CO 81526, hereinafter referred to as the DISTRICT and the MUTUAL MESA LATERAL ENTERPRISE, P.O. Box 356, Palisade. CO 81526, hereinafter referred to as the BORROWER and/or CONTRACTOR. THIS CONTRACT, made this ~ FACTUAL RECITALS A. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization YYYY; Appropriation 538, Program WTRC, Object Code 5180, Contract Encumbrance Number C153723. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. Pursuant to the provisions of ~~ 37-60-119 and 37-60-120, 15 C.R.S. (1990), the STATE is authorized to loan money for the construction of water projects for the benefit of the people. of the STATE, provided that the borrower assures repayment of that money. D. The DISTRICT is a duly constituted Colorado irrigation district operating under Article 42 of Title 37, C.R.S. (1990) and governed by Articles 42 and 43 of Title 37, C.R.S. /1990 and Supp. 1996), located in Mesa County, State of Colorado. E. The DISTRICT applied to the STATE for a loan to be used to finance the costs of rehabilitating the Mutual Mesa Lateral Ditch by placing approximately 22,500 feet of open ditch into pipeline and constructing the necessary turnouts, valves and measuring structures, hereinafter referred to as the PROJECT. F. The BORROWER is an enterprise within the meaning of ~ 37-45.1-101 et~, G.R.S. ISupp. 1996) and was established by a resolution of the DISTRICT'S Board of Directors adopted October 3, 1996, which is incorporated herein by reference, for purposes of contracting for the loan(s), materials and labor required to complete the PROJECT, owning new structures and facilities associated with the PROJECT, and maintaining the PROJECT. G. A feasibility study conducted by WestWater Engineering, which is incorporated herein by reference, was reviewed by the STATE and, based upon this feasibility study. the STATE determined the PROJECT to be technically and financially feasible. H. At its January 25, 1995 meeting, the CWCB approved a loan to the DISTRICT/BoRROWER in the amount of One Million Dollars ($1,000,000), which amount shall not exceed 75% of actual PROJECT costs, at an interest rate of 4% per annum for a duration of thirty 1301 years to be used to finance PROJECT costs. Orchard Mesa Irrigation District & Mutual Mesa lateral Enterprise Page 1 of 12 Loan Contract ~