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<br />AGENCY NAME: Water ConsalVation Board
<br />
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER:
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this J ~ day of ~ f*eYV\he..V' 2000, by and between the
<br />State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board, hereinafter referred to as the CWCB and/or STATE, and the Highland Ditch
<br />Company, a Colorado nonprofit corporation, 4309 State Highway 66, Longmont, CO, 80504
<br />hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<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 YVYY, Appropriation S98, GBL HIGH, Program WTRC, Object Code
<br />5881, Reporting Category: 0015, Contract Encumbrance Number C150015.
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
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<br />3. Pursuant to the provisions of SS 37-60-119 and 37-60-120, C.R.S. (1999) the STATE is authorized
<br />to loan money for the construction of water projects for the benefit of the people of the State,
<br />provided that the borrower assures repayment of that money.
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<br />4. The BORROWER is a duly constituted Colorado ditch company formed pursuant to and governed
<br />by Articles 42 and 121 of Title 7, C.R.S., located in Boulder County, State of Colorado.
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<br />5. The BORROWER has applied to the STATE for a loan to be used for rehabilitation of Foothills
<br />Reservoir, hereinafter referred to as PROJECT, at a cost of $1 ,390,766.00.
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<br />6. The STATE has reviewed a feasibility report compiled by Smith Geotechnical, which is incorporated
<br />herein by reference, and was financed in part by a $3,000 grant from CWCB, and, based upon
<br />this feasibility report, the STATE determined the PROJECT to be technically and financially feasible.
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<br />7. At its November 1997 meeting, the CWCB approved a loan to the BORROWER in an amount up to
<br />$1,040,000, not to exceed 75% of the cost of the PROJECT, at an interest rate of 4% per annum
<br />for a duration of 30 years, from the Severance Tax Perpetual Base Account.
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<br />8. Pursuant to 1998 Colo. Sess. Laws, Chapter 175, Section 2(a), the Colorado General Assembly
<br />authorized CWCB to loan to the BORROWER an amount up to $1,040,000, hereinafter referred to
<br />as AUTHORIZED LOAN AMOUNT, for the PROJECT.
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<br />9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon
<br />mutually agreeable terms and conditions.
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<br />THEREFORE, in consideration of the mutual and dependent covenants contained herein,
<br />the parties agree as follows:
<br />
<br />A. The BORROWER agrees as follows:
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<br />Highland Ditch Company
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<br />Loan Contract
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