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<br />lOAN CONTRACT <br />"indsor Reservoir: and Canal Co. <br />Emergency Loan <br /> <br />(75%) of eligible project construction costs, at an interest rate of 4.25%, and for a <br />. duration of 30 years, subject to the execution of a formal contract; and <br /> <br />8. WHEREAS, the Borrower is a duly constituted Colorado Mutual Ditch Non- <br />profit Corporation formed under Section 7-42-101 et. seq. c.R.S" in the State of <br />Colorado; and <br /> <br />9. WHEREAS, the Borrower must complete the emergency repairs to the Poudre <br />Valley Canal by the end of April 1994 in order to be able to divert its decreed amount <br />of water in the spring of 1994; and <br /> <br />10. WHEREAS, the Borrower has hired Smith Geotechnical to investigate the <br />cause of the slide on the Poudre Valley Canal, and Smith Geotechnical has completed <br />their investigation and produced a Preliminary Engineering Study for Poudre Valley <br />Canal Rehabilitation, which study does address the feasibility of the emergency repair <br />project; and <br /> <br />11. WHEREAS, the State now desires, by this contract, to loan money to the <br />Borrower to cover up to seventy five percent (75%) of the eligible costs of this <br />emergency construction project upon mutually agreeable terms and conditions, subject <br />to the availability of funding for that purpose; and <br /> <br />12. WHEREAS, pursuant to the Borrower's Articles of Incorporation, the <br />Borrower has authority to contract to borrow money provided that a Resolution has <br />been duly passed by the Board of Directors and to levy assessments assuring repayment <br />of the State according to the terms of the contract; and <br /> <br />NOW TIIEREFORE, in consideration of the mutual and dependent covenants <br />contained, it is agree by the parties hereto as follows: <br /> <br />That the captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or <br />provisions contracted here in. . <br /> <br />A. The Borrower agrees that it has or shall: <br /> <br />1. (Hire a Consulting Engineer): Employ an engineering firm (hereafter referred <br />to as the Consultant) to prepare project plans and specifications for the emergency <br />project. Both the Consultant and the project plans and specifications must be accepted <br />in writing by the State before construction on the project can commence. <br /> <br />Page ~ of 13 Pages <br />