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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER: CJ / 00'7
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<br />$2,000,000
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this I '7~ day of July 1997, by and between the State of Colorado
<br />for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board
<br />(CWCB), hereinafter referred to as the STATE, and the Upper Yampa Water Conservancy District,
<br />Steamboat Springs, Colorado 80488, hereinafter referred to as the BORROWER and/or CONTRACTOR.
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<br />FACTUAL RECITALS
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<br />1, Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
<br />available and a sufficient unencumbered balance thereof remains available for payment in Fund
<br />Number 424, Organization YYYY, Appropriation 197, GBl VAMP, Program WTRC, Object Code
<br />5120, Reporting Category: 3778, Contract Encumbrance Number C153778.
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<br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate
<br />agencies.
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<br />3. Pursuant to the provisions of llll 37-60-119 and 37-60-120, 15 C.R.S, (1990 and 1996 Supp.) the
<br />STATE is authorized to loan money for the construction of water projects for the benefit of the people
<br />of the STATE, provided that the borrower assures repayment of that money.
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<br />4, The BORROWER is a duly constituted Colorado water conservancy district formed pursuant to and
<br />govemed by Article 45 of Title 37, C,R.S. (1990 and 1996 Supp.), located in Routt and Moffat
<br />Counties, State of Colorado,
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<br />5, The BORROWER has applied to the STATE for a loan to be used for refinancing the construction of the
<br />Stagecoach Dam and Reservoir at a lower interest rate by retiring a portion of the BORROWER'S 1987
<br />loan from the United States Bureau of Reclamation ("USBR loan"), hereinafter referred to as
<br />PROJECT, at a cost of $2,000,000, The USBR loan was made pursuant to Contract No, 7-07-40-
<br />R0480 between the BORROWER and the USBR, and the outstanding balance is approximately
<br />$2,000,000.
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<br />6, The STATE has reviewed the BORROWER'S financial statements and other information submitted by the
<br />BORROWER and, based upon this review, the STATE determined the PROJECT to be financially feasible,
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<br />7. At its November 25-26, 1996 meeting, the CWCB approved a loan to the BORROWER in an amount
<br />not to exceed $2,000,000 at an interest rate of 4Y:z% per annum for a duration of 20 years, on the
<br />condition that the BORROWER shall utilize its own funds to pay in full the balance on the USBR loan
<br />minus the amount loaned to the BORROWER by the STATE under this contract.
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<br />8, Pursuant to Senate Bill 97-008, Section 1, the Colorado General Assembly authorized the CWCB to
<br />loan to the BORROWER an amount not to exceed $2,000,000 for the PROJECT,
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<br />Upper Yampa Water Conservancy District
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