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<br />t <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 97PDA OIDI'l <br /> <br />$51,700 <br /> <br />LOAN CONTRACT & PROMISSORY NOTE <br /> <br />'Da.t.m 13~ <br />THIS CONTRACT, made this c='? day <)f..loJn"~rqBer 1996, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation <br />Board (CWCBI. hereinafter referred to as the STATE, af1d the Bravo Ditch Company, 20549 Road 55, Iliff, <br />Colorado 80736, hereinafter referred to as the BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds hav~ been budgeted, appropriated and otherwise made <br />available and a sufficient unencumbered balance thereof remains available for payment in Fund Number <br />424, Organization YYYY, Appropriation SPL, Program WTRC, Object Code 5110, Contract Encumbrance <br />Number C153730. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />C. Pursuant to the provisions of ~ ~ 37-60-119 and 37-60-120... 15 C.R.S. (1990) the STATE is <br />authorized to loan money for the construction of water projects for the benefit of the people of the STATE, <br />provided that the BORROWER assures repayment of that money. <br /> <br />D. The BORROWER is a duly constituted Colorado ditch and reservoir corporation formed pursuant <br />to ~ 7-42-101 et sea., C.R.S. (1986) located in Log~n County, State of Colorado. <br /> <br />E. A Small Project Loan Account was established by ~ 37-60-122.7, C.R.S. (Supp. 19951. which <br />authorizes the CWCB to make loans of up to $100,000 without prior approval from the General Assembly <br />if the CWCB determines that delay would result in uhdue hardship on the borrower. <br /> <br />F. The BORROWER has applied to the STATE for a Small Project Loan in the amount of $51,700 to <br />be used for rehabilitation of the BORROWER'S diversiOn structure, hereinafter referred to as PROJECT, at a <br />total cost of $69,000. <br /> <br />G. Based upon a feasibility report which was compiled by the CWCB staff and is incorporated <br />herein by reference, the STATE determined the PROJECT to be technically and financially feasible. <br /> <br />H. This loan qualifies as a Small Project Loan in accordance with ~ 37-60-122.7, C.R.S. (Supp. <br />1995), since the amount of the loan does not exceed $100,000, and the BORROWER will suffer undue <br />hardship if the PROJECT is not completed as soon as p<:>ssible because the BORROWER will have to construct <br />and utilize temporary sand dams in order to allow irrigation diversions. <br /> <br />I. At its March 1996 meeting, the CWCB approved a loan to the BORROWER in an amount not to <br />exceed $51,700 (approximately 75% of the cost of the PROJECT) at an interest rate of 4)4% per annum, <br />and for a duration of 30 years. <br /> <br />Bravo Ditch Company <br /> <br />Page 1 of 11 <br /> <br />Loan Contract <br />