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<br />,.,,'.it> <br /> <br />:' -'.\:'- \ <br /> <br />}.. <br /> <br />-. <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br />DEPARTMENT OR AGENCY NUMBER <br />POA <br />ROUTING NUMBER 9 ~ <br />Soo Q7 <br /> <br />$ 50,000 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this ~J.dday of ~/J 1994, by and between the <br />State of Colorado fOr the use and benefit of the Department of Na ral Resources, Colorado Water Conservation <br />Board (CWCB), hereinafter referred to as the STATE, ~nd Caryl R. Carroll, P. O. Box 219, Cocoa, Florida 32923- <br />0219, hereinafter referred to as the BORROWER and/Clr CONTRACTOR. <br /> <br />RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made <br />available and a sufficient unencumbered balance th~reof remains available for payment in Fund Number 424, <br />Organization YYYY, Appropriation 441, Program WTRC, Object Code 5120, Contract Encumbrance Number <br />C/63{P<g:2. ; and <br /> <br />2. Require(j approval, clearance, and coordination have been accomplished ftom and with appropriate <br />agencies; and <br /> <br />3. The BORROWER has applied to the STATE for a loan in the amount of $50,000 to be used towards <br />the cost of rehabilitating the DD&E Wise Dam, which will cost a total of approximately $96,000, for the benefit <br />of irrigating lands in Rio Blanco County, Colorado, Clwned by BORROWER and others, hereinafter referred to as <br />the PROJECT; and <br /> <br />4. The CWCB approved at their November 9, 1992, meeting, a loan to the BORROWER in an amount not <br />to exceed Fifty Thousand Dollars ($50,000), hereinafter referred to as MAXIMUM LOAN AMOUNT, at an interest <br />rate of two percent 12%) per annum, and for a duretion twenty (201 years; and <br /> <br />5. Pursuant to Section 1 of Senate Bill 93-1 ~73, the Colorado General Assembly specifically authorized <br />CWCB to loan to the BORROWER an amount not to eX~eed Fifty Thousand Dollars ($50,000) for a term of twenty <br />(20) years for the construction of the PROJECT; and <br /> <br />6. BORROWER and the Estate of Robert Cook (hereinafter referred to as COOK) each owns 50% of certain <br />water rights adjudicated to the DD&E Wise Reservoir (also known as Aldrich Lake and DD&E Reservoir), <br />hereinafter referred to as RESERVOIR, located in Sections 2 and 3, Township 2 North, Range 92 West of the 6th <br />Principal Meridian, Rio Blanco County, Colorado; and <br /> <br />7. Waters and water rights stored in the RESERVOIR are appurtenant to certain lands owned by <br />BORROWER and COOK; and <br /> <br />Caryl Carroll <br /> <br />Page 1 of 11 <br /> <br />Loan Contract <br />