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<br />. <br /> <br />/1'--- 'J I.........~/ / <br /> <br />. <br /> <br />Department or Agency Number <br />34-04-00 <br />Contract Routing Number <br />89080 <br />$ 762,771.35 <br /> <br />"LOAN RepURCHASE <br />" ".~ "CONTRACT",' <br />i' ',<. ," i~ <br /> <br />THIS'hd~;RACT,[m~~e t:l~\ 5~~.d~y of August , 1988, <br />by and bet~e~.I).;::'the ~,tab~~~j2f~ ado for the use and benefit of <br />the Departme~t of ~~tur~esources (Colorado Water Conservation <br />Board), her,~afte~eferred to as the State, and Orchard Mesa <br />Irrigation ~rict, hereinafter referred to as the Contractor. <br /> <br />WHEREAS, authority exists in the law and funds have been <br />budgeted, appropriated and otherwise made available and a <br />sufficient unencumbered balance thereof remains available for <br />payment in Fund Number 4008, G/L Account Number 5431X ; <br />Contract Encumbrance Number C-153519 ; and ABL Account No. <br />14310 ,Org. Unit 77-77-777, <br /> <br />WHEREAS, required approval, clearance and coordination has <br />been accompliShed from and with appropriate agencies; and <br /> <br />WHEREAS, the U.S. Department of the Interior (Interior) was <br /> <br />directed by the Budget Reconciliation Act of 1987 to sell the <br /> <br />assets of its Bureau of Reclamation (Bureau) Small project Loan <br /> <br />Program; and <br /> <br />WHEREAS, the Bureau has determined that there are eight <br /> <br />Colorado borrowers with small project loans to be included in the <br /> <br />loan sale; and <br /> <br />WHEREAS, the borrowers were offered the first opportunity by <br /> <br />Interior to prepay their outstanding loans at an advantageous <br /> <br />discount rate resulting in significant potential savings to those <br /> <br /> <br />borrowers provided that the outstanding loans were prepaid prior <br /> <br />to August 18, 1988; and <br /> <br />WHEREAS, the 1988 General Assembly enacted Senate bill 30, <br /> <br />which authorizes the State to loan funds from the Colorado Water <br /> <br />Conservation Board Construction Fund to eight named Colorado <br /> <br />borrowers, including the Contractor, to repurchase from the Bureau <br /> <br />the outstanding loans the Contractor has with the Bureau; and <br /> <br />WHEREAS, Senate Bill 30 also authorizes the State to loan to <br /> <br />the Contractor one hundred percent (100%) of the amount <br /> <br />395-53-01-1014 <br /> <br />Page 1 of 11 pages <br /> <br />7275E /7_) 0 <br />