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<br />AGENCY NAME: Water Conservation Board
<br />
<br />AGENCY NUMBER: POA
<br />ROUTING NUMBER:
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this 16'" day of February 2001, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board, hereinafter referred to as the eWCB and/or STATE, and the Woodchuck Ditch
<br />Company, a Colorado nonprofit corporation 42095 RCR 44, Steamboat Springs, Colorado, 80487
<br />hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<br />FACTUAL RECITALS
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<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 YYYV, Appropriation SPl, GBl W041 , Program WTRC, Object Code
<br />5881, Reporting Category: 0041 , Contract Encumbrance Number C150041 .
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
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<br />3, Pursuant to the provisions of 99 37-60-119 and 37-60-120, C.R.S. (1999) the STATE is authorized
<br />to loan money for the construction of water projects for the benefit of the people of the State,
<br />provided that the borrower assures repayment of that money.
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<br />4, The BORROWER is a duly constituted Colorado nonprofit tiitch company formed pursuant to and
<br />governed by Articles 42 and 121 of Title 7, C.R.S., located in Routt County, State of Colorado,
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<br />5. A Small Project loan Account was established by 937-60-122.7, C.R.S. (1999), which authorizes
<br />the CWCB to make loans of up to $100,000 without prior approval from the General Assembly if
<br />the CWCB determines that delay wouid result in undue hardship on the borrower.
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<br />6. The BORROWER has applied to the STATE for a Small Project loan in the amount of $40,000 to be
<br />used to reconstruct a 400-foot portion of the BORROWER'S ditch, hereinafter referred to as
<br />PROJECT, at a total cost of $150,000.
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<br />7. The STATE has reviewed a feasibility report compiled by CWCB staff, which is incorporated herein
<br />by reference and, based upon this feasibility report, the STATE determined the PROJECT to be
<br />technically and financially feasible.
<br />
<br />8. This loan qualifies as a Small Project loan in accordance with 9 37-60-122.7, C.R.S. (1999),
<br />since the amount of the loan does not exceed $100,000, and the BORROWER will suffer undue
<br />hardship if the project is not cornpleted as soon as possible because of the inability to deliver
<br />water.
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<br />9, At its March 2000 meeting, the CWCB approved a loan to the BORROWER in an amount up to
<br />$40,000 at an interest rate of 3.75% per annum for a repayment term of 20 years.
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<br />10, The BORROWER has requested the use of only $30,000 out of the $40,000 loan approval at this
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<br />Woodchuck Ditch Company
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<br />loan Contract
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