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<br />AGENCY NAME: Waler Conservation Board
<br />
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER: 0 103 '--I
<br />
<br />$100,000
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this /7 ,day of A-bv,...-.6-..- 1997, by
<br />and between the State of Colorado for the use and benefit of the Department of Natural
<br />Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE,
<br />and The Decker Lateral Company, a Colorado nonprofit corporation, 30896 WCR 57, Gill, CO
<br />80624, 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 bCllance thereof remains available for payment in
<br />Fund Number 424, Organization YYYY, Appropriation SPL, GBL 0757 Program WTRC,
<br />Object Code 5120, Reporting Category: 3757, Contract Encumbrance Number C153757.
<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,RS. (1990 and Supp, 1996)
<br />the STATE is authorized to loan money for the construction of water projects for the benefit of
<br />the people of the STATE, provided that the borrower assures repayment of that money, .
<br />
<br />4. Section 37-60-122,7, C,RS. (Supp, 1996) authorizes the STATE to make loans of up to
<br />$100,000 from the Small Project Loan Account of the Construction Fund without prior
<br />approval from the General Assembly if the STATE determines that delay would result in undue
<br />hardship on the borrower.
<br />
<br />5, The BORROWER is a duly constituted Colorado nonprofit corporation located in Weld County,
<br />State of Colorado.
<br />
<br />6. The BORROWER has applied to the STATE for a loan to be used for financing the rehabilitation
<br />of its ditch, hereinafter referred to as PROJECT, at an estimated total cost of $140,000,
<br />
<br />7. 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,
<br />based upon this feasibility report, the STAT'" determined the PROJECT to be technically and
<br />financially feasible,
<br />
<br />8. This loan qualifies as a Small Project Loan in accordance with S 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
<br />suffer undue hardship if the PROJECT is not completed prior to the 1998 irrigation season due
<br />to water losses caused by the poor condition of the BORROWER'S ditch.
<br />
<br />9. At its September 9, 1996 meeting, the CWCB found that delay in completion of the PROJECT
<br />would cause undue hardship for the BORROWER'S stockholders, and approved a loan from the
<br />
<br />The Decker Lateral Company
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<br />Page 1 of 14
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<br />Loan Contract
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