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<br />1"'1"'-.., <br />i <br /> <br />LOAN CONTRACT <br />SUlmit Reservoir and Irrigation Co. <br />Emergency loan <br /> <br />7. WHEREAS, the Colorado Water Conservation Board approved at their July <br />22, 1993 meeting, an emergency loan to the Summit Reservoir Company in a maximum <br />amount of $60,000 (Sixty Thousand Dollars), at an interest rate of 4%, and for a <br />duration of 30 years, subject to the execution of a formal contract; and <br /> <br />8. WHEREAS, the Borrower is a duly constituted Colorado non-profit <br />Corporation formed under (Section 7-20-101) C.R.S., in the State of Colorado and it <br />has made emergency repairs to the Summit Reservoir Darn and the Lost Canyon Ditch <br />at a cost of approximately Fifty Thousand Dollars ($50,000) in order to be able to store <br />and divert its decreed amount of water; and <br /> <br />9. WHEREAS, the Borrower has provided an accounting to the Colorado Water <br />Conservation Board indicating that the Borrower's total project construction costs <br />totaled approximately $50,000, which total has been found by the Colorado Water <br />Conservation Board to be an accurate accounting and does represent eligible project <br />construction costs for the purpose of the approved loan; and <br /> <br />10. WHEREAS, the Borrower has already paid all but Thirty Three Thousand <br />Dollars ($33,000) of the eligible project construction costs, and seeks a loan for this <br />remaining amount, and <br /> <br />11. WHEREAS, the emergency repairs to the Summit Reservoir Dam were <br />completed in accordance with plans and specifications approved by the Colorado Office <br />of the State Engineer, the emergency work has been certified as complete by the <br />Summit Reservoir Company's consulting engineer, and also accepted as complete by <br />the Colorado Office of the State Engineer; and <br /> <br />12. WHEREAS, the emergency repairs to the Lost Canyon Ditch were completed <br />under the supervision of the Summit Reservoir Company's consulting engineer, and <br />certified as complete by that same engineer; and <br /> <br />13. WHEREAS, the State now desires, by this contract, to loan money to the <br />Summit Reservoir and Irrigation Company to cover the remaining costs of this <br />emergency construction project upon mutually agreeable terms and conditions, subject <br />to the availability of funding for that purpose; and <br /> <br />14. WHEREAS, pursuant to the Borrower's Articles of Incorporation, the <br />Borrower has authority to contract to borrow money provided that a Resolution has <br />been duly passed by the Board of Directors and to levy assessments assuring repayment <br />of the State according to the terms of the contract; and <br /> <br />Page 2c of 12 Pages <br />