PROJC00929

• Contract/PO #: C153810
• Contractor Name: Wood Lake Mutual Water & Irrigation Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: Waler Conservation Board

AGENCY NUMBER: PDA
ROUTING NUMBER: 0 ! 0 :3 b

$188,000

LOAN CONTRACT

THIS CONTRACT, made this 24 t!!. day of A..h/pftlW 1997, by and between the
State of Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board (CWCB), hereinafter referred to as the STATE, and The Wood Lake
Mutual Water and Irrigation Company, a Colorado nonprofit corporation, 12315 Weld County
Road 72, Eaton, CO 80615, 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 WOOD, Program WTRC,
Object Code 5120, Reporting Category: 3810, Contract Encumbrance Number C153810.

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 CRS. (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 Weld County,
State of Colorado.

5. The BORROWER has applied to the STATE for a loan to be used for financing the rehabilitation
of Wood Lake Dam, hereinafter referred to as PROJECT, at an estimated total cost of
$250,000.

6. The STATE has reviewed a feasibility report prepared by Smith Geotechnical, 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 25, 1996 meeting, the eWCB approved a loan to the BORROWER in an
amount of up to $188,000 (not to exceed 75% of the costs of the PROJECT) at an interest rate
of 3.75% per annum for a term of thirty years.

8. Pursuant to 1997 Colo. Sess. Laws, Ch, 168, Section 1 (1 )(h), the General Assembly
authorized the CWCB to loan to the BORROWER an amount not to exceed $188,000 to finance

The Wood Lake Mutual
Water and Irrigation Company

Page 1 of 14

Loan Contract