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<br />(. <br /> <br />~A"-" <br />\ <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />DEPARTMENT OR AGENCY NUMBER: PDA <br />ROUTING NUMBER 9b 0((0 <br /> <br />$ 5,500,000 <br /> <br />LOAN CONTRACT AND PROMISSORY NOTE <br /> <br />THIS CONTRACT. made this 7th day of August, 1995, by and between the STATE OF COLORADO for the <br />use and benefit of the Department of Natural Resourc~s, Colorado Water Conservation Board, hereinafter referred <br />to as the STATE. and CITY OF FORT MORGAN, COLORADO, hereinafter referred to as the CITY, and CITY OF FORT <br />MORGAN, COLORADO, WATER WORKS AND DISTRIBUTION ENTERPRISE, 710 E. Railroad, P.O. Box 100, Fort <br />Morgan, Colorado 80701, hereinafter referred to as the BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available <br />and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization <br />YYYY, Appropriation 516. Program WTRC, Object COde 5120. Contract Encumbrance Number C153701; and <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies; and <br /> <br />3. Pursuant to the provisions of ~37-60-119 and 37-60-120 15 CRS (1990). the STATE is authorized to loan <br />money for the construction of water projects for the benefit of the people of the STATE provided that the BORROWER <br />assures repayment of that money; and <br /> <br />4. The CITY is a duly constituted home rule ~ity pursuant to ~ 31-1-202 and Article XX of the Colorado <br />Constitution, in Morgan County in the State of Colorqdo; and <br /> <br />5. The BORROWER is an enterprise within the meaning of ~37-45.1-1 01 et seq. CRS and Article X, Section <br />20 of the Colorado Constitution created pursuant to the CITY'S plenary powers and recognized by the City Council's <br />resolution dated November 2, 1993, and Ordinance No. 788, dated December 7. 1993. both attached hereto as <br />Appendix A. The purpose of the BORROWER inter alia, is to finance certain water activities of the CITY including, <br />without limitation, all water related activities related to the water project; and <br /> <br />6. Pursuant to Article 20, Section 6 of the C()lorado Constitution and its Home Rule Charter. the CITY has <br />the authority to enter into this contract provided that its city council duly adopts an ordinance authorizing execution <br />and delivery of this contract; and <br /> <br />7. Pursuant to Appendix A, the BORROWER has authority to contract to borrow money provided that its <br />governing body duly adopts an ordinance authorizing repayment of the loan to the STATE according to the terms of <br />this contract; and <br /> <br />8. . Pursuant to ~31-35-401 et seq CRS. the CITY has authority to fix and charge rates, fees, and other <br />charges for water sold by the CITY. which rates. fee~ and other charges can be used for repayment of the STATE <br />according to the terms of Appendix A and this contr~ct; and <br /> <br />9. The CITY applied to the STATE for a loan to be used to help finance the CITY'S share of the cost of <br />constructing phase 2 of the Southern Water Supply !'>roject. hereinafter referred to as the PROJECT; and <br /> <br />CITY OF FORT MORGAN, COLORADO, WATER <br />WORKS AND DISTRIBUTION ENTERPRISE <br /> <br />Pege 1 of 10 <br /> <br />LOAN CONTRACT <br />