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..~ I. , . ' . _.~,J' BORROWER: WEST RHONE LATERAL DITCH CO. Contract No. C150057 Loan Amount $100,000 Agency Name: .Water Conservation Board Agency Number PDA .. Routing Number (;C(jLj1 LOA N CON T R AC T THIS CONTRACT, made this 1 st day of March 2001, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or the "STATE"), and West Rhone Lateral Ditch Company, 2074 I Road, Fruita, CO 81521, a Colorado nonprofit corporation, ("BORROWER" and/or "CONTRACTOR"). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 424, Organization YYVY, Appropriation Code SPL, GBL W057, Program WTRC, Object Code 5881, Reporting Category 0057, Contract Encumbrance No. C150057 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. CWCB's authority for making this loan: Pursuant to the provisions of 99 37-60-119 and 37-60-120, C.R.S., the CWCB is authorized to loan money for the construction of water projects for the benefit of the people of the STATE, provided that the borrower assures repayment of that money. 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) and the PROJECT Description (Section 2). 5. Board approval and legislative authorization, if required a. At its November 20, 2000, meeting, the CWCB approved a loan to the BORROWER in an amount up to $100,000, ("LOAN AMOUNT") not to exceed 90% of the cost of the PROJECT, at an interest rate of 3.5% per annum for a repayment term of 30 years. b. Section 37-60-122.7, C.R.S., authorizes the eWCB to make loans of up to $100,000 from the Small Project Loan Account of the Construction Fund without prior approval from the General Assembly if the CWCB determines that delay would result in undue harclship on the borrower. The CWCB did make such determination at said meeting. 6. The BORROWER has been approved by NRCS for a grant of approximately $27,000 for the PROJECT, which the BORROWER shall receive upon completion of the PROJECT and shall apply to the repayment of the CWCB loan. 7. The BORROWER expects to receive a grant of approximately $13,000 from the Colorado River Water Conservation District, hereinafter referred to as the CRWCD, for the PROJECT, which the BORROWER shall receive upon completion of the PROJECT and shall apply to the repayment of the CWCB loan. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the West Rhone Lateral Ditch Company Pagetofn Loan ContracL