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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NU~~eER: PDA
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<br />ROUTING NUMBER:
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<br />mOd,- ~
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this J.2!jday of OrToAE/?_ 2000, by and between the
<br />State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board, hereinafter referred to as the CWCB and/or STATE, and Plumb and Dailey Ditch
<br />Company, a Colorado nonprofit corporation, 9595 Nelson Road, Box C, Longmont, Colorado, 80501
<br />hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<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 YYYY, Appropriation SPL, GBL P048, Program WTRC, Object Code
<br />5881, Reporting Category: 0048, Contract Encumbrance Number C150048.
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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 99 37-60-119 and 37-60-120, C.R.S, (1999) the STATE is authorized
<br />to loan money for the construction of water projects for the benefit of the people of the State,
<br />provided that the borrower assures repayment of that money.
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<br />4. The BORROWER is a duly constituted Colorado nonprofit ditch company formed pursuant to and
<br />governed by Articles 42 and 121 of Title 7, C.R.S., located in Weld County, State of Colorado,
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<br />5. A Small Project Loan Account was established by 937-60-122.7, C.R.S. (1999), which authorizes
<br />the CWCB to make loans of up to $100,000 without prior approval from the General Assembly if
<br />the CWCB determines that delay would result in undue hardship on the borrower,
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<br />6, The BORROWER has applied to the STATE for a Small Project Loan in the amount of $42,000 to be
<br />used for rehabilitation of its diversion structure on Boulder Creek, hereinafter referred to as
<br />PROJECT, at a total cost of $46,620,
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<br />7, The STATE has reviewed a feasibility report compiled with assistance from the NRCS and John
<br />Van Sciver of the CWCB, which is incorporated herein by reference, and, based upon this
<br />feasibility report, 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 in accordance with 9 37-60-122.7, C.R.S. (1999),
<br />since the amount of the loan does not exceed $100,000 and the BORROWER will suffer undue
<br />hardship if the project is not completed as soon as possible because of the inability to deliver
<br />water.
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<br />9. At its May 2000 meeting, the CWCB approved a loan to the BORROWER in an amount up to
<br />$42,000, not to exceed 90% of the cost of the PROJECT, at an interest rate of 3,75% per annum
<br />for a repayment period of 20 years, The CWCB has determined that the BORROWER will suffer
<br />undue hardship if the project is not completed as soon as possible because of the inability to
<br />deliver water,
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<br />Plumb and Dailey Ditch Company
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<br />Loan Contract
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