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<br />, ' <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br />ROUTING NUMBER q ! t/ <br />fi cJ 1:;2 <br /> <br />$ 30,000 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT. made this 1 day of 1994. by and between the State <br />of Colorado for the use and benefit of the Department 'atural Resources, Colorado Water Conservation <br />Board (CWCB), hereinafter referred to as the STATE. and MILITARY PARK RESERVOIR COMPANY, 280 S.E. <br />Frontier Avenue, Cedaredge, Colorado 81413, hereinafter referred to as the BORROWER and/or CONTRACTOR. <br /> <br /> <br />RECITALS <br /> <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 Number 424, <br />Organization YYYY, Appropriation 502, Program WTRC, Object Code 5120, Contract Encumbrance Number <br />eft,:5 (P'fL?> ; and <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies; and <br /> <br />3. Pursuant to the provisions of Sect~ 37.60.119 and 37.60'120, 15 CRS (1990) the STATE is <br />authorized 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; and <br /> <br />4. The BORROWER is a duly constituted Colorado reservoir corporation formed pursuant to Section 7-42. <br />101 et. seq. CRS. located in the State of Colorado; and <br /> <br />5, The Military Park Reservoir is located on the W 1/2 of S34, T11 S, R94W, 6PM, in Grand Mesa <br />Forest Reserve in Delta County, Colorado; and <br /> <br />6. The BORROWER has applied to the STATE for a loan to be used for the cost of replacing the outlet pipe <br />of the Military Park Reservoir dam, hereinafter referred to as the PROJECT; and <br /> <br />7, At its November 9, 1993, meeting. the CWCB approved a loan to the BORROWER in an amount not <br />to exceed Thirty Thousand Dollars ($30,000), hereinafter referred to as MAXIMUM LOAN AMOUNT, at an interest <br />rate of four percent (4%) per annum, and for a duration of thirty (30) years; and <br /> <br />8, Pursuant to Section 1 of Senate Bill 94-029 the Colorado General Assembly specifically authorized <br />CWCB to loan to the BORROWER an amount not to exceed Thirty Thousand Dollars ($30.000) for a term of thirty <br />(30) years for the construction of the PROJECT; and <br /> <br />9, Pursuant to the BORROWER'S by.laws, the BORROWER has authority to contract to borrow money <br />provided that a resolution approving said actions has been duly adopted by its stockholders and to levy <br />assessments assuring, repayment of the loan to the STATE in accordance with the terms of this contract; and <br /> <br />MILITARY PARK RESERVOIR COMPANY <br /> <br />Page 1 of 11 <br /> <br />LOAN CONTRACT <br /> <br />, <br />"t <br /> <br />~ <br />