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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER: CO - ~ - tJ:::D 19
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<br />$ 318,583
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this f5JJ!'. day of NoVEl'-{ Bee 1999,
<br />by and between the State of Colorado for the use and benefit of the Department of Natural
<br />Resources, Colorado Water Conservation Board, hereinafter referred to as the CWCB and/or
<br />STATE, and the Sterling Irrigation Company, P.O. Drawer 1825, Sterling, Colorado 80751, a
<br />Colorado nonprofit company, hereinafter referred to as the BORROWER 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
<br />made available and a sufficient unencumbered balance thereof remains available for
<br />payment in Fund Number 424, Organization YYYY, Appropriation L99, GBL STER,
<br />Program WTRC, Object Code 5110, Reporting Category: 0024, Contract Encumbrance
<br />Number C150024.
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<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
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<br />3. Pursuant to the provisions of sections 37-60-119 and 37-60-120, C.R.S. (1999), the STATE
<br />is authorized to loan money for the construction of water projects for the benefit of the
<br />people of the STATE, provided that the borrower assures repayment of that money,
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<br />A. The BORROWER is a duly constituted non-profit Colorado mutual ditch company formed
<br />pursuant to sections 7-42-101 et seq. and 7-121-101 et seq., C.R.S, (1999), located in
<br />Logan County, State of Colorado.
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<br />4. The BORROWER has applied to the STATE for a loan to be used to rehabilitate its Sterling
<br />No. 1 diversion and headgate structure, hereinafter referred to as PROJECT, at a cost of
<br />$318,583.
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<br />5. The STATE has reviewed a feasibility report compiled by Jack Odor, P.E. of Groundwater
<br />Appropriators of the South Platte, which is incorporated herein by reference and, based
<br />upon this feasibility report, the STATE determined the PROJECT to be technically and
<br />financially feasible.
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<br />6. At its November 23-24, 1998, meeting, the CWCB approved a loan to the BORROWER in an
<br />amount up to $318,583 not to exceed 90% of the cost of the PROJECT, at an interest rate of
<br />3.75% per annum for a duration of 30 years.
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<br />B. Pursuant to Senate Bill 99-173, Section 1(1)(a), the Colorado General Assembly
<br />authorized the CWCB to loan to the BORROWER an amount not to exceed Three Hundred
<br />Eighteen Thousand Five Hundred Eighty Three Dollars ($318,583), hereinafter referred to
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<br />Sterling. Irrigation Company
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<br />Loan Contract
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