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<br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: (f) (- FDA - 6LA <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this Z2t:!J2 day of AUDU 6T 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 Jackson Lake <br />Reservoir and Irrigation Company, a Colorado nonprofit corporation, P.O. Box 38, Fort Morgan, <br />CO, 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 <br />available and a sufficient unencumbered balance thereof remains available for payment in Fund <br />Numb~._.Organizatjpo-Y4CiY,_Appropriation SOO, GBL JACK, Program WTRC, Object Code <br />"<::"""" ~ - <br />5881, Reporting Category: 0043, Contract Encumbrance Number C150043. <br />---- - <br />2, Required approval, clearance, and coordination have beena:coomplished from and with <br />appropriate agencies. <br />3. Pursuant to the provisions of SS 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, <br /> <br />4. The BORROWER is a duly constituted Colorado mutual ditch company formed pursuant to and <br />governed by Articles 42 and 121 of Title 7, C.R-S., located in Morgan County, State of Colorado. <br /> <br />5. The BORROWER has applied to the STATE: for a loan to be used for rehabilitation of the <br />BORROWER'S diversion structure on the South Platte River, hereinafter referred to as PROJECT, at <br />a cost of $374,000. <br /> <br />6. Fort Morgan Reservoir & Irrigation Company, a major shareholder of the Jackson Lake Reservoir <br />and Irrigation Company, has approved obtaining this loan and their resolutions are incorporated <br />herein by reference. <br />7. The STATE has reviewed a feasibility report compiled by Jack Odor, P.E., of GASP., 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 />8. At its November 1999 meeting, the CWCB approved a loan to the BORROWER in an amount up to <br />$336,600, not to exceed 90% of the cost of the PROJECT, at an interest rate of 4% per annum for <br />a duration of 30 years, from the Severance Tax Perpetual Base Account. <br />9. Pursuant to H.B, 00-1419, Section 1(c), the Colorado General Assembly authorized CWCB to <br />loan to the BORROWER an amount up to $336,600, hereinafter referred to as AUTHORIZED LOAN <br />AMOUNT, for the PROJECT, <br /> <br />10. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions. <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the parties agree as follows: <br />A. The BORROWER agrees as follows: <br /> <br />Jackson Lake Reservoir and Irrigation Co. <br /> <br />Page 1 of 13 <br /> <br />Loan Contract <br />