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<br />AGENCY NAME: Water Conservation Board
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<br />/\GENCY NUMBER: PD/\
<br />ROUTING NUMBER: c:?
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this 1 51 day of July 2001, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board, hereinafter referred to as the CWCB and/or STATE, and Owl Creek
<br />Supply and Irrigation Company, a Colorado nonprofit corporation, P,O. Box 206, Eaton, CO,
<br />80615 hereinafter referred to as the BORROWER and/or CONTRACTOR.
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<br />FACTUAL RECITALS
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<br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
<br />available and a sufficient unencumbered balance thereof remains available for payment in
<br />Fund Number 424, Organization YYYY, Appropriation SOO, GBL OWLC, Program WTRC,
<br />Object Code 5881, Reporting Category: 0034, Contract Encumbrance Number C150034.
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<br />2, Required approval, ciearance, and coordination have been accomplished from and with
<br />appropriate agencies.
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<br />3, Pursuant to the provisions of SS 37-60-119 and 37-60-120, C.RS. (2000) the CWCB is
<br />authorized to loan money for the construction of water projects for the benefit of the people of
<br />the State, provided that the borrower assures repayment of that money,
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<br />4. The BORROWER is a duly constituted Colorado mutual ditch company formed pursuant to and
<br />governed by Articles 42 and 121 of Title 7, C.RS., located in Weld County, State of Colorado.
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<br />5. The BORROWER has applied to the CWCB for a loan to be used for rehabilitation of the Owl
<br />Creek Ditch hydraulic structures, hereinafter referred to as PROJECT, at a cost of $500,000.
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<br />u-------6-:-Tne CWeB has reviewed a feasibility report compiled by Duane Smith, P.E., which is'
<br />incorporated herein by reference, and, based upon this feasibility report, the CWCB
<br />determined the PROJECT to be technically and financially feasible.
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<br />7. At its January 2000 meeting, the CWCB approved a loan to the BORROWER in an amount up
<br />to $450,000, at an interest rate of 4% per annum for a duration of 30 years, from the
<br />Severance Tax Perpetual Base Account.
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<br />8. Pursuant to H.B, 00-1419, Section 1 (1), the Colorado General Assembly authorized CWCB to
<br />loan to the BORROWER an amount up to $450,000, hereinafter referred to as AUTHORIZED LOAN
<br />AMOUNT, for the PROJECT.
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<br />9, The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT
<br />upon mutually agreeable terms and conditions,
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<br />THEREFORE, in consideration of the mutual and dependent covenants contained
<br />herein, the parties agree as follows:
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<br />Owl Creek Supply and Irrigation Company Page 1 of 13
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<br />Loan Contract
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<br />COpy
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