Laserfiche WebLink
<br />/ <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br /> <br />ROUTING NUMBER: <br /> <br />$250,000 <br /> <br />LOAN CONTRACT <br /> <br />/)nTl\ <br />THIS CONTRACT. made this ~ day of --..tJ.A R (';H 2000. by and <br />between the State of Colorado for the use and benefit of the Department of Natural Resources, <br />Colorado Water Conservation Board, hereinafter referred to as the CWCB and/or STATE, and the <br />Chilcett Ditch Company, 10465 REA Road. Fountain, Colorado 80817, a Colorado non-profit <br />mutual ditch cempany. hereinafter referred to as the BORROWER and/or CONTRACTOR, <br /> <br />FACTUAL RECITALS <br /> <br />A, Authority exists iri the law, and funds have been budgeted, appropriated and otherwise <br />made available and a sufficient unencumbered balance thereof remains available for <br />payment in Fund Number 424, Organization YYYV, Appropriation EIA, Program WTRC, <br />Object Code 541iT, Reporting Category 0029, GBL C029, Contract Encumbrance Number <br />C150029. S8e) <br /> <br />8, Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />C, Pursuant to the provisions of sections 37-60-119 and 37-60-120, C.R.S. (1999), the STATE <br />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 />D, Section 37-60-122.6. C,R.S. (1999) authorizes the STATE to loan money from the <br />Emergency Infrastructure Account for projects that it determines are necessary to avoid <br />unreasonable risk of injury or damage to human health or well-being or to property or crops <br />when the STATE also determines that the emergency condition is not the result of <br />negligence in the operation or maintenance of the infrastructure and that the viability or <br />success of the emergency project is not dependent upon further appropriations or loans, <br /> <br />E, The BORROWER is a duly constituted non-profit Colorado mutual ditch company formed <br />pursuant to sections 7-42-101 et seq, and 7-121-101 et seq" C.R.S, (1999) located in EI Paso <br />County in the State of Colorado, <br /> <br />F, The BORROWER'S diversion structure, which is used to divert water from the Fountain Creek <br />to provide water through the BORROWER'S ditch to the 2000-acre service area for irrigation <br />of surrounding farmlands, was destroyed by a flood in April and May of 1999 and about 300 <br />feet of the right abutment was washed away, Without replacing the diversion structure, the <br />BORROWER'S shareholders will not receive irrigation water in 2000, which threatens the <br />viability of their crops, <br /> <br />G, The BORROWER applied to the STATE for a loan from the Emergency Infrastructure Repair <br />Account, to be used to finance the construction of a new diversion structure, hereinafter <br />referred to as the PROJECT, <br /> <br />Chilcott Ditch Company <br /> <br />Page i of i 3 <br />