<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 />
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<br />Loan Contract
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