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'.' BORROWER: JOHN PEROULlS AND SONS Contract No. C150083 Loan Amount $250,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 03 PDA 00013 LOAN CONTRACT . THIS CONTRACT, made this August 1, 2002, is 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 "STATE"), and John Peroulis and Sons, a Colorado general partnership, P.O, Box 1015, Craig CO 81626 ("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 YYYY, Appropriation Code MC3, GBL P083, Program WTRC, Object Code 5881, Reporting Category 0083, Contract Encumbrance No. C150083 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. Pursuant to the provisions of !'j!'j37-60-119 and 37-60-120, CRS., the CWCS is authorized to loan money from the CWCB's Construction Fund Small Project Loan Account for water projects for the benefit of the people of the STATE, provided that the borrower assures repayment of that money. Section 37-60-1220(b) C.R.S. (2002), authorizes the CWCS to make loans of up to $1,000,000 without prior approval from the General Assembly. 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, is included in Board Approval and Legislative Authorization (Section 3) of the Project Summary. 6. The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A, LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. 2, Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCS for this loan, The CWCS shall calculate the amount of the interest that accrued prior to completion of the PROJECT and the BORROWER shall repay that amount to the CWCB either within ten (10) days after the date the Page 1018 Loan Contract