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AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA ROUTING NUMBER: 0; 035 $55,000 LOAN CONTRACT THIS CONTRACT, made this I cr 73 day of .J,--hlbj'\'L~J 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 Farmers Independent Ditch Company, a Colorado nonprofit corporation, P.O. Box 210, Greeley, CO 80624, 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 SPL, GBL F795, Program wrRC, Object Code 5120, Reporting Category: 3795, Contract Encumbrance Number C153795. 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 C.R.S. (1997) the STATE is authorized to loan money for the construction of water projects for the benefit of the people of the State of Colorado, provided that the borrower assures repayment of that money. 4. Section 37-60-122.7, C.R.S. (1997) authorizes the STATE to make loans of up to $100,000 from the Small Project Loan Account of the Construction Fund without prior approval from the General Assembly if the STATE determines that delay would result in undue hardship on the borrower. 5. The BORROWER is a duly constituted Colorado nonprofit corporation located in Weld County, State of Colorado. 6, The BORROWER has applied to the STATE for a loan to be used for financing the rehabilitation of its ditch, hereinafter referred to as PROJECT, at an estimated total cost of $73,500. 7. The STATE reviewed a feasibility report prepared by the U.S. Natural Resources Conservation Service and the CWCB staff, which is incorporated herein by reference, and, based upon this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. 8. This loan qualifies as a Small Project Loan in accordance with S 37-60-122.7, C.R.S. (1997), because the amount of the loan does not exceed $100,000 and the BORROWER will suffer undue hardship if the PROJECT is not completed prior to the 1998 irrigation season due to the poor condition of the BORROWER'S ditch, The Farmers Independent Ditch Company Page 1 of 14 Loan Contract