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<br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA , r <br />ROUTING NUMBER:~PDA ()IC~ <br /> <br />LOAN CONTRACT & PROMISSORY NOTE <br /> <br />THIS CONTRACT, made thisL UL day of 1996, by and between <br />the State of Colorado for the use ~it of e De ment of Natural Resources, Colorado <br />Water Conservation Board (CWCB), hereinafte refer a to as the STATE, and THE TREMONT <br />MUTUAL DITCH COMPANY, hereinafter referred to as the BORROWER and/or CONTRACTOR, <br /> <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated and otherwise <br />made available and a sufficient unehcumbered balance thereof remains available for payment in Fund <br />Number 424, Organization YYYY, Appropriation SPL, Program WTRC, Object Code 5120, Contract <br />Encumbrance Number C153726. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />C. 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. <br /> <br />D. A Small Project Loan Account was established by ~ 37-60-122.7, C.R.S. (Supp. 1995), <br />which authorizes the CWCB to make loans of up to $100,000 without prior approval from the <br />General Assembly if the CWCB determines that delay would result in undue hardship on the <br />borrower. <br /> <br />E. The BORROWER is a duly constituted Colorado nonprofit ditch and reservoir corporation <br />formed pursuant to H 7-42-101 et sea, and 7-20-101 et sea" C.R.S., located in Morgan County, <br />State of Colorado. <br /> <br />F. The BORROWER has applied to the STATE for a loan to be used to refinance the costs of <br />rebuilding its west headgate, which was washed out during the 1995 spring runoff flooding, <br />hereinafter referred to as the PROJECT, <br /> <br />G. A feasibility study was prepared by the BORROWER and the STATE, which is incorporated <br />herein by reference, and reviewed by the STATE and, based upon this feasibility study, the STATE <br />determined the PROJECT to be technically and financially feasible, <br /> <br />H. This loan qualifies as a Small Project Loan in accordance with ~ 37-60-122,7, C,R,S, <br />(Supp, 1995), since the amount of the loan does not exceed $100,000, and the BORROWER will suffer <br />undue hardship if the PROJECT is not completed prior to the 1996 runoff because the BORROWER must <br />be able to divert through both its west and east headgates to prevent sand from plugging the <br />BORROWER'S ditch and rendering it inoperable, <br /> <br />Tremont Mutual Ditch Company <br /> <br />Page 1 of 10 <br /> <br />Loan Contract <br />