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<br />AGENCY NAME: Water Conservation Board
<br />
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER: (')CCOI
<br />
<br />$ 560,000
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this 5& day of AI.AuU5T 1998, by
<br />and between the State of Colorado for the use and benefit of the Department of Natural Resources,
<br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and the Left Hand
<br />Ditch Company, hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<br />FACTUAL RECITALS
<br />
<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 Fund
<br />Number '424, Organization YvvY, Appropriation Code 520, Program WTRC, Object Code
<br />5120, Reporting Category: 3804, Contract Encumbrance Number C153804...
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
<br />
<br />3. Pursuant to the provisions of 99 37-60~119 and 37-60-120. C.R.S. (1997) the STATE 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.
<br />,
<br />
<br />4. The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant to
<br />997-42-101 et sea. and 7-40-101, et sea., C.R.S., located in Boulder County, State of Colorado.
<br />
<br />5, The BORROWER has applied to the STATE for a loan to be used for construction of a new spillway
<br />and rehabilitation of the outlet pipe of Left Hand Valley Reservoir, hereinafter referred to as
<br />PROJECT, at a cost of $747,000.
<br />
<br />6. The STATE has reviewed a feasibility report compiled by Rocky Mountain Consultants, Inc.,
<br />which is incorporated herein by reference, and was financed in part by CWCB, and, based
<br />upon this feasibility report, the STATE determined the PROJECT to be technically and financially
<br />feasible.
<br />
<br />7. At its January 25-26,1995 meeting, the CWCB approved a loan to the BORROWER in an amount
<br />up to $370,000, not to exceed 75% of the cost of the PROJECT, at an interest rate of 4.375% per
<br />annum for a term of 30 years.
<br />
<br />8, Pursuant to 1995 Colo. Sess. Laws, Paragraph (1), Section 1, Chapter 117, the Colorado
<br />General Assembly authorized CWCB to loan to the BORROWER an amount of $370,000 for the
<br />PROJECT.
<br />
<br />9. As a result of changes to the plans required by final engineering drawings, the cost of the
<br />
<br />Left Hand Ditch Company
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<br />Page 1 of 13
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<br />Loan Contract
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