PROJC00573

• Contract/PO #: C153519
• Contractor Name: Orchard Mesa Irrigation District
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Bill Number: SB 88-30
• Loan Projects - Doc Type: Contract Documents

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necessary to repurchase the outstanding loans provided that the

State determines that this is necessary to make it financially

possible for the Contractor to repurchase the loans; and

WHEREAS, the Contractor has outstanding loans of Three

Hundred Forty Seven Thousand Eight Hundred Twenty and 20/100

Dollars ($347,820.20) and Two Million Four Hundred Sixty Seven

Thousand Dollars ($2,467,000.00) under the Rehabilitation and

Betterment loan program; and

WHEREAS, the Contractor makes annual repayment of One Hundred

Seven Thousand Two Hundred Dollars ($107,200.00), has a
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satisfactory record of tim::~0~~p~~ren'~f and is scheduled to

complete its rep~Ymenlf:b,:i9~~~~;: \ffi' 20131 and

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WHEREAS~\ the:';C~ontf'a~c~{i~as received an offer to repay its
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outstanding l~ari~ fro~nterior at a discount rate of twelve and
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91/100 percent ~91%), requiring a prepayment of One Hundred

Eighty Five Thousand Four Hundred Thirty Nine and 16/100 Dollars

($185,439.16), for one loan and of Thirteen and 03/100 percent

(13.03%), requiring a prepayment of Five Hundred Seventy Seven

Thousand Three Hundred Thirty Two and 19/100 Dollars

($577,332.19), for the other loanl and

WHEREAS, the Contractor finds that the prepayment discount

results in an advantageous loan refinancing opportunity, and

therefore it desires to obtain Construction Fund loan assistance

from the State to prepay its Interior loan; and

WHEREAS, the State finds that it is necessary to loan the

Contractor one hundred'percent (100%) of the amount of the

outstanding loan to make it financially possible for the

Contractor to repurchase the loan and that the Contractor has

demonstrated its ability to repay by virtue of its previous record

with Interior and that a Construction Fund loan to the Contractor

is feasible for this stated purpose and in the public interest;

and

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