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<br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 97 PDA 01031:; <br /> <br />$ 17,450 <br /> <br />( Io,if.? -; <br />LOAN CONTRACT & PROMISSORY NOTE <br />FOR A FEASIBILITY REPORT <br /> <br />THIS CONTRACT, made this 5.tJi-, day of FbbYI./.lPYl/ 1997, <br />by and between the State of Colorado for the use ilnd benefit of the DeparllTl€nt of Natural Resources, <br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, AND DEWEESE-DYE <br />DrrCH AND RESERVOIR COMPANY, hereinafter referred to as the BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made <br />available and a sufficient unencumbered bala(lce thereof remains available for payment in Fund <br />Number 424, Organization YYYV, Appropriation FSL, GBL D749, Program WTRC, Object Code <br />5110, Reporting Category 3749, Contract Encumbrance Number C153749. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and with appropriate <br />agencies. <br /> <br />C. Pursuant to the provisions of ~~ 37-60-119 and 37-60-122(1)(c), C.R.S. (1990 and Supp. 1996), the <br />STATE is authorized to loan money for the constltlction of certain water projects for the benefit of the <br />people of the State of Colorado, and to expend monies for feasibility studies on such projects, <br />provided that the borrower assures repayment of that money. <br /> <br />D. The BORROWER has applied to the STATE for a loan to conduct a feasibility study to include an <br />assessment of the DeWeese Dam and an analy5is of altematives for any rehabilitation work that may <br />be required, hereinafter referred to as STUDY, at il cost of approximately $44,900. <br /> <br />E. The BORROWER is a duly constituted Colorado ditch and reservoir corporation formed pursuant to ~~ <br />7-42-101 et sea. and 7-40-101 et sea., C.R.S., located in Custer County, State of Colorado. <br /> <br />F. At its November 25-26, 1996, meeting, the CWeB approved a loan to the BORROWER in an amount <br />not to exceed $17,450 (50% of the cost of the SrUDY) at an interest rate of 3.25% per annum, and for <br />a duration of 10 years. <br /> <br />G. The STATE now desires, by this contract, to loan money to the BORROWER for this STUDY upon <br />mutually agreeable terms and conditions. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, the <br />parties agree as follows <br /> <br />1. Preparation Of Feasibility Report. The BORROWER shall have a feasibility report prepared on the <br />RROJECT. The State has approved a scope of study for the Feasibility Report prepared by the <br />BORROWER. The scope of study is attached hereto as Appendix A and incorporated herein. <br /> <br />Feasibility Study Loan Contract <br /> <br />Page 1 of P. <br />