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<br />" <br /> <br />..... <br /> <br />" <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER, POA <br />ROUTING NUMBER, 96 POA 010 Z- / <br /> <br />LOAN CONTRACT & PROMISSORY NOTE <br /> <br />THIS CONTRACT. made this ;Z '0 day of Il/,'" r"/ 1996, by and between <br />the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board (CWCB), hereinafter referred to as the STATE, and SOUTH PLATTE DITCH <br />COMPANY, hereinafter referred to as the BORROWER and/or CONTRACTOR, <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 unencumbered balqnce thereof remains available for payment in Fund <br />Number 424, Organization YYYY, Appropriation SPL. Program WTRC, Object Code 5120, Contract <br />Encumbrance Number C153717. <br /> <br />B, Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />C, Pursuanttothe provisions of ~~ 37-60-119 and 37-60-120.15 eR.S, (1990) the STATE <br />is authorized to loan money for the construction ot water projects for the benefit of the people of the <br />STATE, provided that the BORROWER assures repayment of that money, <br /> <br />D. The BORROWER is a duly constituted Colorado nonprofit ditch and reservoir corporation <br />formed pursuant to ~~ 7-42-101 et sea. and 7-20-101 et sea., C.R,S., located in Washington <br />County. State of COlorado. <br /> <br />E. The BORROWER has applied to the STA.TE for a loan to be used to rehabilitate its river <br />diversion structure, which was severely damaged during the 1995 spring runoff flooding, hereinafter <br />referred to as the PROJECT, at a cost of $100.000. \ <br />, <br /> <br />F. A feasibility study conducted by the BORROWER, and incorporated herein by reference. was <br />reviewed by the STA.TE and, based upon this feaSibility study, the STA.TE determined the PROJECT to <br />be technically and financially feasible. <br /> <br />G. 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 />H, This loan qualifies as a Small Project Loan in accordance with ~ 37-60-122,7, eR.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 <br />cannot divert irrigation water through the PROJECT structure until it is repaired. <br /> <br />I. At its January 24-25, 1996. meeting, the CWCB approved a Small Project Loan to the <br />BORROWER in an amount not to exceed $100.000 (approximately 53% of the cost of the PROJECT) at <br />an interest rate of 4 Y. % per annum, and for a duration of 30 years. <br /> <br />South Platte Ditch Company <br /> <br />Page 1 of 11 <br /> <br />Loan Contract <br />