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<br />AGENCY NAME: Water Conservation Board
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<br />AGENCY NUMBER: PDA
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<br />ROUTING NUMBER, 97 PDA
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<br />$632,000
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<br />LOAN CONTRACT & PROMISSORY NOTE
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<br />THIS CONTRACT. made this I day of OrtoN t. ./ 1996. by and between the
<br />State of Colorado for the use and benefit of the Department of Natural Resources. Colorado Water
<br />Conservation Board (CWCB). hereinafter referred to as the STATE, and VOUGA RESERVOIR ASSOCIATION,
<br />hereinafter referred to as the BORROWER andlor CONTRACTOR.
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<br />FACTUAL RECITALS
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<br />A, Authority exists in the law, and funds have been budgeted, appropriated and otherwise
<br />made available and a sufficient unencumbered balance thereof remains available for payment in Fund
<br />Number 424, Organization YYYY, Appropriation Code 514, Program WTRC. Object Code 5120,
<br />Contract Encumbrance Number C153741,
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<br />B. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
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<br />C, Pursuant to the provisions of ~ ~ 37-60-119 and 37-60-120, 15 C,R,S, (1990) the STATE
<br />is 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 />D, The BORROWER is a duly constituted not-for-profit corporation formed under ~ 7-42-101
<br />et sea" C.R.S., located in Saguache County, State of Colorado.
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<br />E. The BORROWER has applied to the STATE for a loan to be used for rehabilitation of the Vouga
<br />Reservoir including replacing the outlet pipe and adding a drop inlet spillway capable of passing the
<br />1 OO-year flood, hereinafter referred to as PROJECT, at a cost of approximately $834,400.
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<br />F, A feasibility report conducted by Woodward Clyde Consultants, and incorporated herein
<br />by reference, was reviewed by the STATE and, based upon this feasibility report, the STATE
<br />determined the PROJECT to be technically and financially feasible,
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<br />G, At its November 9-10, 1993, meeting, the CWCB approved a loan to the BORROWER in the
<br />amount of $300,000, not to exceed 75% of the cost of the PROJECT, at an interest rate of 4% per
<br />annum, and for a duration of 30 years, At its November 3-4, 1994, meeting, the CWCB approved
<br />an increase of $400.000 for a total loan amount of $700,000 at the same terms, At its September
<br />9-10, 1996, meeting, the CWCB approved revising the terms to an interest rate of 3 % % for a term
<br />of 20 years, and increasing the loan amount by $32,000 to refinance the BORROWER'S loan from the
<br />National Bank for Cooperatives ("CoBank") for purposes of extinguishing CoBank's lien on certain
<br />property owned by the BORROWER that will serve as part of the collateral for this loan,
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<br />Vouga Reservoir Association
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<br />Loan Contract
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