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PROJC00781
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PROJC00781
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Last modified
11/19/2009 11:25:27 AM
Creation date
10/6/2006 12:13:30 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153708
Contractor Name
Appleton ML 350 Ditch Company, Inc.
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
HB 95-1155
Loan Projects - Doc Type
Contract Documents
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<br />. .. <br /> <br />,,,-) <br />,'. ,. <br />. / <br /> <br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: q& {)ICO / <br /> <br />$40,000 <br /> <br />LOAN CONTRACT <br /> <br />AND PROMISSORY NOTE <br /> <br />THIS CONTRACT, made this /3 day 1 9~, by and between <br />the State of Colorado for the use and benefit of the Depart ent of Nat al Resources. Colorado Water <br />Conservation Board (CWCB), hereinafter referred to as the STATE, and APPLETON ML350 DITCH <br />COMPANY, INC., 2327 H Road, Grand Junction, Colorado 81505, hereinafter referred to as the <br />BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise <br />made available and a sufficient unencumbered balance thereof remains available for payment in Fund <br />Number 424, Organization YYYY, Appropriation 530, Program WTRC, Object Code 5120, Contract <br />Encumbrance Number C153708; and <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies: and <br /> <br />3. Pursuant to the provisions of ~ ~ 37-60-119 and 37-60-120,15 C.R.S. (1990), the STATE <br />is authorized to loan money for the construction of water projects for the benefit of the people of the <br />STATE provided that the BORROWER assures repayment of that money; and <br /> <br />4. The BORROWER is a duly constituted Colorado non-profit corporation organized pursuant to <br />Title 7, articles 20 to 29, C.R.S. (1973), located in Mesa County, State of Colorado; and <br /> <br />5. The BORROWER has applied to the STATE for a loan in the amount of $40,000 to be used <br />to enclose its existing ditch (approximately 10,000 linear feet) in pipeline for salinity control in <br />accordance with the U.S. Department of Agriculture's Colorado River Salinity Control Program, <br />hereinafter referred to as PROJECT; and <br /> <br />6. Based upon a feasibility report, which was compiled by the CWCB staff and is <br />incorporated herein by reference, the STATE determined the PROJECT to be technically and financially <br />feasible; and <br /> <br />7. At its November 3, 1994, board meeting, the CWCB approved a loan to the BORROWER in <br />an amount not to exceed Forty Thousand Dollars ($40,000), hereinafter referred to as MAXIMUM LOAN <br />AMOUNT, at an interest rate of four percent (4%) per annum, and for a duration of thirty (301 years; <br />and <br /> <br />APPLETON ML350 DITCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 1 of 1 j <br />
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