C153796 Contract - Laserfiche WebLink

Home Browse Search

AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA ROUTING NUMBER: 0 I 03 7 $143,000 LOAN CONTRACT THIS CONTRACT, made this ~-!J day of ALJ[t)f71,e~ 1997, 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 The Hawkeye Lateral Ditch Company, a Colorado nonprofit corporation, 1298 18 1/2 Road, Fruita, CO 81521, hereinafter referred to as the 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 in Fund Number 424, Organization YYYY, Appropriation L97, GBL HAWK, Program WTRC, Object Code 5120, Reporting Category: 3796, Contract Encumbrance Number C153796. 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. Pursuant to the provisions of ~~ 37-60-119 and 37-60-120,15 C.R.S. (1990 and Supp. 1996) the STATE is authorized to loan money for the construction of water projects for the benefit of th3 people of the STATE, provided that the borrower assures repayment of that money. 4. The BORROWER is a duly constituted Colorado nonprofit corporation located in Mesa County, State of Colorado. 5. The BORROWER applied to the STATE for a loan to be used to finance the rehabilitation of its ditch by placing the existing concrete ditch in an underground pipe, hereinafter referred to as PROJECT, at an estimated total cost of $ 393,000. 6. The STATE has reviewed a feasibility report prepared by the U.S. Natural Resources Conservation Service (Grand Junction office), which is incorporated herein by reference, and, based upon this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. 7. At its November 1996 meeting, the CWCB approved a loan to the BORROWER in an amount of up to $143,000 (not to exceed 75% of the costs of the PROJECT) at an interest rate of 3.75% per annum for a term of thirty years. 8. Pursuant to 1997 Colo. Sess. Laws, Ch. 168, Section 1(1)(g), the General Assembly authorized the CWCB to loan to the BORROWER an amount not to exceed $143,000 to finance the costs of the PROJECT. / 9. The STATE now desires, by this contract, to ioan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. The Hawkeye Lateral Ditch Company Page 1 of 13 Loan Contract