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<br />AGENCY NAME: Water Conservation Board
<br />
<br />AGENCY NUMBER: POA
<br />ROUTING NUMBER: () i u0~
<br />
<br />$16,000
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this 8 day of ;:::)~ 1997, by and
<br />between the State of Colorado for the use and benefit of the De ment of Natural Resources,
<br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and River Oaks
<br />on the Roaring Fork Property Owners Association, Inc., 1569 Willits lane, Basalt, Colorado 81621,
<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 YYYV, Appropriation 197, GBl RORF, Program WTRC, Object Code
<br />5120, Reporting Category: 3767, Contract Encumbrance Number C153767.
<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 SS 37-60-119 and 37-60-120, 15 C.R.S. (1990 and 1996 Supp.) 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. The BORROWER is a duly constituted Colorado nonprofit corporation formed pursuant to and
<br />governed by Articles 20 through 29 of Title 7, C.R.S. (1986 and 1996 Supp.), located in Eagle
<br />County, State of Colorado.
<br />
<br />5. The BORROWER has applied to the STATE for a loan to be used for the construction of a raw water
<br />irrigation system, hereinafter referred to as PROJECT, at a cost of $34,000,
<br />
<br />6, The STATE has reviewed a feasibility report prepared by the U.S, Natural Resources
<br />Conservation Service and the CWCB staff, which is incorporated herein by reference, and, based
<br />upon this feasibility report, the STATE determined the PROJECT to be technically and financially
<br />feasible.
<br />
<br />7. At its November 25-26, 1996 meeting, the CWCB approved a loan to the BORROWER in an
<br />amount not to exceed $25,500 (75% of the cost of the PROJECT) at an interest rate of 4.75% per
<br />annum, and for a duration of 10 years.
<br />
<br />a, Pursuant to Senate Bill 97 -ooa, Section 1, the Colorado General Assembly authorized the
<br />CWCB to loan to the BORROWER an amount not to exceed $25,500 to finance or refinance the
<br />PROJECT.
<br />
<br />9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon
<br />mutually agreeable terms and conditions.
<br />
<br />River Oaks On The Roaring Fork
<br />Property Owners Association, Inc,
<br />
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<br />Loan Contract
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