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, ' ......' .-.--- BORROWER: ApPLETON NORTHWEST (ML369) LATERAL AND DRAINAGE CORPORATION Contract No. C150088 Loan Amount $100,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 02 PDA onn& 6 LOAN CONTRACT THIS CONTRACT, made this 1 st day of April 2002, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or "STATE"), and Appleton Northwest (ML 369) Lateral and Drainage Corporation, 878 22 RQad, Grand Junction, CO 81505, a Colorado non-profit corporation, ("BORROWER" and/or "CONTRACTOR"). FACTUAL RECITALS 1. 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 as follows: Fund Number 486, Organization YYYV, Appropriation Code 010, GBL A08S, Program WTRC, Object Code 5881, Reporting Category 0088, Contract Encumbrance No. C150088 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. CWCB's authority for making this loan: Small Proiect Loan: Pursuant to the provisions of ~~37-60-119 and 37-60-120, C.R.S., the CWCB is authorized to loan money from the CWCB's Construction Fund Small Project Loan Account for water projects for the benefit of the people of the STATE, provided that the borrower assures repayment of that money. Section 37-60-122.7, C.R.S., authorizes the CWCB to make loans of up to $100,000 from the Small Project Loan Account of the Construction Fund without prior approval from the General Assembly if the CWCB determines that delay would result in undue hardship on the borrower. The CWCB did make such determination at said meeting. 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER lnformat'ion (Section 1) and the PROJECT Description (Section 2). 5. Board approval and legislative authorization, if required, is included in Board Approval and Legislative Authorization (Section 3) of the Project Summary. 6. The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: Page 1 of 10 Loan Contract