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<br />AGENCY NAME: Water Conservation Boan:!
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<br />AGENCY NUMBER: POA
<br />ROUTING NUMBER:
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<br />0/:)':) i
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<br />$300,000
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<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this :<)It! day oh 'y< VI ( i r~ rqq.A tWl, by
<br />and between the State of Colorado for the use and benefit of t epartment of Natural
<br />Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE,
<br />and The Agricultural Ditch and Reservoir Company, a Colorado nonprofit corporation, 12860
<br />W. Cedar Drive, Suite 102, Lakewood, CO 80228, hereinafter referred to as the BORROWER
<br />and/or CONTRACTOR,
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<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
<br />Fund Number 424, Organization YYYY, Appropriation L97, GBL AGRI, Program WTRC,
<br />Object Code 5120, Reporting Category: 3769, Contract Encumbrance Number C153769.
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<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 9937-60-119 and 37-60-120,15 C.R.S. (1997) the STATE is
<br />authorized to loan money for the construction of water projects for the benefit of the people of
<br />the STATE, provided that the borrower assures repayment of that money.
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<br />4. The BORROWER is a duly constituted Colorado nonprofit corporation formed under and
<br />govemed by Articles 20 through 29 and Article 42 of Title 7, C.R.S. (1997), located in
<br />Jefferson County, State of Colorado,
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<br />5, The BORROWER has applied to the STATE for a loan to be used for financing and/or
<br />refinancing the rehabilitation of portions of the BORROWER'S Welch Ditch and Agricultural
<br />Ditch Systems, including the construction of three pump stations, hereinafter referred to as
<br />PROJECT, at an estimated total cost of $600,000.
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<br />6, The STATE has reviewed a feasibility report prepared by Bishop-Brogden Associates
<br />Engineers, which is incorporated herein by reference, and, based upon this feasibility report,
<br />the STATE determined the PROJECT to be technically and financially feasible.
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<br />7, At its November 25, 1996 meeting, the CWCB approved a loan to the BORROWER in an
<br />amount not to exceed $300,000 (up to 75% of the cost of the PROJECT) at an interest rate of
<br />5.25% per annum for a term ofthirty years.
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<br />8. Pursuant to 1997 Colo. Sess, Laws, Ch. 168, Section 1 (1)(f), the General Assembly
<br />authorized the CWCB to loan to the BORROWER an amount not to exceed $300,000 to finance
<br />and/or refinance the costs of the PROJECT.
<br />
<br />The Agricultural Ditch and Reservoir Company
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<br />Loan Contract
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