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<br />AGENCY NAME: Water Conservation Board <br />DEPARTMENT OR AGENCY NUMBER: PDA <br />ROUTING NUMBER 9(,,013' <br /> <br />$ 320,000 <br /> <br />LOAN CONTRACT & PROMISSORY NOTE <br /> <br />THIS CONTRACT, made this /1 day 0 ,1995, by and between the <br />STATE OF COLORADO for the use and benefit of the e artment of Natural Resources, Colorado Water <br />Conservation Board, hereinafter referred to as the STATE, and TOWN OF NORWOOD, hereinafter referred <br />to as TOWN, and the TOWN OF NORWOOD WATER COMMISSION, 1130 Lucerne street, P. O. Box 528, <br />Norwood, Colorado 81423, hereinafter referred to as BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL 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 <br />424, organization YYYV, Appropriation 436, Program WTRC, Object Code 5120, Contract Encumbrance <br />Number C1S3700; 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 sections 37-60-119 and 37-60-120 CRS, the STATE is authorized to loan <br />money for the construction of water projects for the benefit of the people of the State of Colorado, <br />provided the BORROWER assures repayment of the money; and <br /> <br />4. The Town of Norwood is a duly constituted statutory town formed under S31-4-201 et seq. CRS, <br />located in San Miguel County, Colorado; and <br /> <br />5. The Norwood Water Commission is an enterprise within the meaning of S37-45.1-101 et seq. CRS <br />and Article x, Section 20 of the Colorado Constitution as recognized by Resolution #0112 of the TOWN'S <br />Board of Trustees dated January 10, 1995, attached hereto as APPENDIX A. The Norwood Water <br />Commission was created inter alia for the purpose of pursuing and continuing water activities in <br />connection with the provision of water to the Town of Norwood and to the rural wright's Mesa area, <br />including water acquisition and the construction, operation, repair, and replacement of water facilities; <br />and <br /> <br />6. Pursuant to SS 31-15-302 et seq. CRS, and 37-45.1-101 et seq. CRS, the TOWN and the BORROWER have <br />authority to enter into this contract to borrow money provided that a joint resolution has been duly <br />adopted by the TOWN'S Board of Trustees and the governing body of the BORROWER authorizing execution <br />and delivery of this contract and repayment of the loan to the STATE according to the terms of this loan <br />contract; and <br /> <br />7. The TOWN appiied to the STATE for a loan to be used for design and construction of a 92 acre-foot <br />(30 million gallon) reservoir to be integrated into the TOWN'S water system, hereinafter referred to as the <br />PROJECT; and <br /> <br />8. The PROJECT will be constructed on state trust lands on which the BORROWER has obtained a right-of- <br />way from the State Land Board, hereinafter referred to as SLB; and <br /> <br />9. The CWCB approved at their November 9,1992, meeting, a loan to the TOWN in an amount not to <br />exceed Three Hundred Twenty Thousand Dollars (5320,0001, which amount shall not exceed seventy-five <br />percent (75%) of the cost of the PROJECT, at an interest rate of two percent (2%) per annum, and for a <br />duration of twenty (201 years; and <br /> <br />NORWOOD WATER COMMISSION & TOWN OF NORWOOD <br /> <br />Pagt 1 at 11 Page~ <br /> <br />lOAN CONTRACl <br />