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AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA ROUTING NUMBER: ~'iPDA 0 I ()Z I $1,202,000 LOAN CONTRACT & PROMISSORY NOTE THIS CONTRACT, made this ~3cl. day of ~e1cl.a.r- 1996, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board (CWCB). hereinafter referred to as the STATE, and Windsor Reservoir and Canal Company, hereinafter referred to as the BORROWER and/or CONTRACTOR. FACTUAL RECITALS A. 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 in Fund Number 424, Organization YYYY, Appropriation 525, Program WTRC, Object Code 5110, Contract Encumbrance Number C153725. 8. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. Pursuant to the provisions of B 37-60-119 and 37-60-120, 15 C.R.S. (1990) the STATE 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. D. The BORROWER is a duly constituted Colorado non profit ditch and reservoir corporation formed pursuant to ~~ 7-42-101 et seq. and 7-20-101 et sea., C.R.S. located in Larimer and Weld Counties, State of Colorado. E. The BORROWER has applied to the STATE for a loan in the amount of $1,202,000 to be used to help finance approximately 75 % of the cost of lining and installation of conduits in two sections of the Poudre Valley Canal and replacement of the outlet pipeline from Cobb Lake, hereinafter referred to as PROJECT, at a total cost of $1,602,380. F. A feasibility report conducted by Smith Geotechnical Engineering Consultants of Fort Collins, Colorado, and incorporated herein by reference, was reviewed by the STATE and, based upon this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. G. At its January 1996 meeting, the CWCB approved amending the $500,000 loan authorization previously made to the BORROWER in the 1995 Construction Fund legislation (1995 Colorado Session Laws, Section 1, Chapter 117) to an amount not to exceed $1,202,000 (approximately 75 % of the cost of the PROJECT) at an interest rate of 4.15 % per annum, and for a duration of 30 years. H. Pursuant to S896-153, Section 9, the Colorado General Assembly authorized CWCB to amend the loan amount to the BORROWER to an amount not to exceed $1,202,000 for the PROJECT. - - ,.. - ~ - - -~