C153833 Contract - Laserfiche WebLink

Home Browse Search

AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA ROUTING NUMBER: 3t: $ 500,000 LOAN CONTRACT THIS CONTRACT, made this .ALjtit day of '7' (Tat (7/, ) 1999, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and the North Poudre Irrigation Company, hereinafter referred to as the BORROWER and/or CONTRACTOR. FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization YYYY, Appropriation L98, GBL NPIC, Program WTRC, Object Code 5120, Reporting Category: 3833, Contract Encumbrance Number C153833. 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. Pursuant to the provisions of 99 37-60-119 and 37-60-120, C.R.S. (1998) the STATE is authorized to loan money for the construction of water projects for the benefit of the people of the STATE, provided that the borrower assures repayment of that money. 4, The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant to 99 7-42-101 et seo. and 7-40-101 et seo., C.R.S. (1998), located in Larimer County, State of Colorado. 5. The BORROWER has applied to the STATE for a loan to be used for the construction of the North Poudre Reservoir NO.5 spillway, to pipe the ditch below North Poudre No.6 dam, and to pipe a portion of the North Poudre's Buckeye Lateral, hereinafter referred to as PROJECT, at an estimated cost of $713,000. 6. At its November 24-25, 1997 meeting, the CWCB approved a loan to the BORROWER in an amount up to $500,000, not to exceed 75% of the cost of the PROJECT, at an interest rate of 4.03% per annum for a duration of 20 years. 7. Pursuant to House Bill 98-1189, Section 1, the Colorado General Assembly authorized CWCB to loan to the BORROWER an amount of $500,000 for the PROJECT. 8, The STATE has reviewed a Feasibility Study compiled by Smith Geotechnical Engineering, which is incorporated herein by reference, and, based upon this Feasibility Study, the STATE determined the PROJECT to be technically and financially feasible. 9. The Borrower applied to the Board for an additional loan at the January 27-28. 1999 meeting, which the Board approved in the amount of $1,107,000 to be used for the rehabilitation of the Borrower's Reservoir Nos. 4 and 5 and Indian Creek Reservoir and rehabilitation of Reservoir NO.6 outlet ditch. The cost of rehabilitation of Reservoir NO.5 and Reservoir No.6 outlet ditch North Poudre Irrigation Company Page 1 of 13 Loan Contract