PROJC00779

• Contract/PO #: C153790
• Contractor Name: Durkee Ditch Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

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AGENCY NAME: Water Conservation Board

AGENCY NUMBER: PDA
ROUTING NUMBER:

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$120,000

LOAN CONTRACT

THIS CONTRACT, made this.3. day of tf/mf1ffn61AJ 1997,
by and between the State of Colorado for the use and ~rkfit of the Department of Natural
Resources, Colorado Water Conservation Board (CWCB), hereinafter referrea to as the STATE,
and The Durkee Ditch Company, Inc., a Colorado nonprofit corporation, Box 41, Eckert, CO
81418, 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 DURK, Program wrRC,
Object Code 5120, Reporting Category: 3790, Contract Encumbrance Number C153790.

2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.

3. Pursuant to the provisions of SS 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 the 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 Delta County,
State of Colorado.

5. The BORROWER applied to the STATE for a loan to be used for financing the rehabilitation of
the upper 13,000 feet of its ditch, hereinafter referred to as the PROJECT, at an estimated total
cost of $343,000.

6. The STATE reviewed a feasibility report prepared by the U.S. Natural Resources Conservation
Service, 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 Clpproved a loan to the BORROWER in an amount
of up to $120,000 at an interest rate of 3.75% per annum for a term of thirty years to finance
up to 75% of the costs of the PROJECT.

8. Pursuant to 1997 Colo. Sess. Laws, Ch. 168, Section 1(1)(e), the General Assembly
authorized the CWCB to loan to the BORROWER an amount not to exceed $120,000 to finance
the costs of the PROJECT.

9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT
upon mutually agreeable terms and conditions.

The Durkee Ditch Company, Inc.

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Loan Contract