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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NUMBER: POA
<br />ROUTING NUMBER:
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<br />LOAN ,fONTRA
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<br />THIS CONTRACT, made this ~ day of 2000, by
<br />and between the State of Colorado for the use and benefit of the Depart ent of Natural Resources,
<br />Colorado Water Conservation Board, hereinafter referred to as the CW and/or STATE, and Otero
<br />Ditch Company, a Colorado nonprofit corporation, P.O. Box 239, La Junta, Colorado 81050,
<br />hereinafter referred to as the BORROWER 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, a ropriated and otherwise made
<br />available and a sufficient unencumbered balance ther mains ailable for payment in Fund
<br />Number 424, Organization YYYY, Appropriation EIA, BL 0040, ogram .WTRC-,-Object Code
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<br />5881, Reporting Category: 0040, Contract Encumbranc 150040.
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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 Sections 37-60-119 and 37-60-120, C.RS, (1999) the STATE is
<br />authorized to loan money for the construction of water projects for the benefit of the people of the
<br />State, provided that the borrower assures repayment of that money.
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<br />4. Section 37-60-122.6, C.R.S. (1999) authorizes the STATE to loan money from the
<br />Emergency Infrastructure Account for projects that it determines are necessary to avoid
<br />unreasonable risk of injury or damage to human health or well-being or to property or crops
<br />when the STATE also determines that the emergency condition is not the result of
<br />negligence in the operation or maintenance of the infrastructure and that the viability or
<br />success of the emergency project is not dependent upon further appropriations or loans.
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<br />5. The BORROWER Is a duly constituted Colorado ditch and reservoir company formed pursuant to
<br />and governed by Articles 42 and 121 of Title 7, C.RS., located in Otero County. State of
<br />Colorado.
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<br />6. The BORROWER has applied to the STATE for a loan of $155.000 to be used to reconstruct the
<br />BORROWER'S diversion structure on the Arkansas River. hereinafter referred to as PROJECT, at an
<br />estimated total cost of $616,409. The diversion structure was washed out during severe flooding
<br />in April and May of 1999. Without replacing the diversion structure, the BORROWER will not be
<br />able to deliver irrigation water to its shareholders in 2000, which threatens the viability of
<br />its shareholders' crops.
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<br />7. The STATE has reviewed a feasibility report compiled by CWCB staff using information provided by
<br />the USDA Natural Resources Conservation Service and by the BORROWER, which is incorporated
<br />herein by reference, and, based upon this feasibility report, the STATE determined the PROJECT to
<br />be technically and financially feasible.
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<br />Otero Ditch Company
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<br />Loan Contract
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