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<br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />ROUTING NUM8ER: ( -;1 <br /> <br />$ 243,700 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this ;fiF day of rE~R.Ll.AI2'-/ 2000, by and <br />between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board, hereinafter referred to as the CWCB and/or STATE, and the Pine River Canal <br />Company, hereinafter referred to as the 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 <br />Number 424, Organization VYYY, Appropriation L99, GBL PRCC, Program WTRC, Object Code <br />5120, Reporting Category 0019, Contract Encumbrance Number. C150019. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies. <br /> <br />3. Pursuant to the provisions of SS 37-60-119 and 37-60-120, C.R.S. (1998) the STATE is authorized to <br />loan money for the construction of water projects for the benefit of the people of the STATE, provided <br />that the borrower assures repayment of that money. <br /> <br />4. The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant toss 7- <br />42-101 et seq. and 7-40-101 et seq., C.R.S., located in La Plata and Archuleta Counties, State of <br />Colorado. <br /> <br />5. The BORROWER has applied to the STATE for a loan to be used for construction of a pipeline to <br />replace a section of its supply canal, hereinafter referred to as PROJECT, at an estimated cost of <br />$325,550. <br /> <br />6. The STATE has reviewed a feasibility report compiled by Gary Jennings and the Natural Resources <br />Conservation Service Durango Office, which is incorporated herein by reference, and, based upon <br />this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. <br /> <br />7. At its January 27-28, 1999 meeting, the CWCB approved a loan to the BORROWER in an amount up <br />to $243,700, not to exceed 75% of the cost of the PROJECT, at an interest rate of 3.5% per annum for <br />a duration of 20 years. <br />S~.,.t... ~~ <br />8. Pursuant tQl-lo""f' Bill ~173, Section 1(1)(g), the Colorado General Assembly authorized CWCB to <br />loan to the BORROWER an amount of $243,700, hereinafter referred to as AUTHORIZED LOAN AMOUNT, <br />for the PROJECT from the Colorado water conservation board construction fund pursuant to S 37-60- <br />122(1)(b), C.R.S. <br /> <br />9. The Borrower has a loan from the United States Department of Agriculture Farmers Home <br />Administration Watershed Protection Program (USDA Loan) in the current amount of <br /> <br />Pine River Canal Company <br /> <br />Page 1 of 12 <br /> <br />Loan Contract <br />