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<br />AGENCY NAME: Water Conservation Board
<br />
<br />AGENCY NUMBER: PDA
<br />
<br />ROUTING NUMBER:
<br />
<br />0/0,...,.'
<br />,)0,
<br />
<br />$50,000
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this if 0. day of ~i11' m)Jeo/' 1997, by
<br />and between the State of Colorado for the use and benefit of the Department of Natural Resources,
<br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and Smith
<br />Irrigation Ditch, a Colorado nonprofit corporation, 96193 E. Highway 40, Craig, CO 81625,
<br />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
<br />available and a sufficient unencumbered balance thereof remains available for payment in Fund
<br />_Number 424, Organization YYYY, Appropriation SPL, GBL S787, Program WTRC, Object Code
<br />5120, Reporting Category: 3787, Contract Encumbrance Number C153787.
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies,
<br />
<br />3. Pursuant to the provisions of ~~ 37-60-119 and 37-60-120, 15 C.R.S, (1990 and Supp, 1996) the
<br />STATE 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,
<br />
<br />4, Section 37-60-122,7, C,R.S, (Supp, 1996) authorizes the STATE to make loans of up to $100,000
<br />from the Small Project Loan Account of the Construction Fund without prior approval from the
<br />General Assembly if the STATE determines that delay would result in undue hardship on the
<br />borrower,
<br />
<br />5, The BORROWER is a duly constituted Colorado nonprofit corporation formed under and govemed
<br />by Articles 20 through 29 and Article 42 otTitle 7, C,R.S, (1986 and Supp, 1996), located in Routt
<br />County, State of Colorado.
<br />
<br />6, The BORROWER has applied to the STATE for a loan in the amount of $50,000 to be used for
<br />financing the construction of a new diversion structure on Elkhead Creek, hereinafter referred to
<br />as the PROJECT, at an estimated cost of $183,000, The BORROWER also will receive approximately
<br />$133,000 in grants from other sources for the PROJECT,
<br />
<br />7, The STATE has reviewed a feasibility report prepared by the CWCB staff with the assistance of the
<br />BORROWER, the U,S, Natural Resources Conservation Service, the Upper Yampa Water
<br />Conservancy District, and the Colorado Division of Water Resources, Division 6, which is
<br />incorporated herein by reference, and, based upon this feasibility report, the STATE determined
<br />the PROJECT to be technically and financially feasible,
<br />
<br />8, This loan qualifies as a Small Project Loan in accordance with ~ 37-60-122,7, C.R.S, (Supp,
<br />1996), because the amount of the loan does not exceed $100,000 and the BORROWER will suffer
<br />
<br />Smith Irrigation Ditch
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<br />Page 1 of 13
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<br />Loan Contract
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