Laserfiche WebLink
<br />> <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br /> <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br /> <br /> <br />$ 130,000 <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this ) rj day of i1 tJ7)Ln7ND 1995, by and between the <br />state of Colorado for the use and benefit of the oep rtment of Natural Resources. Colorado Water <br />Conservation Board (CWCB). hereinafter referred to as the STATE, and RAINBOW PARK WATER <br />COMPANV,1029 East 5th. st., Florence, Colorado 81226, hereinafter referred to as the BORROWER <br />and/or CONTRACTOR. <br /> <br />RECITALS <br /> <br />1. 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 <br />Fund Number 424. organization YYVY, Appropriation 511, program WRTC. Object Code 5120. Contract <br />Encumbrance NumberC..t~,~707; and <br /> <br />2. Required approval, clearance. and coordination have been accomplished from and with <br />appropriate agencies; and <br /> <br />3. Pursuant to the provisions of Sections 37-60-119 and 37-60-120. 15 CRS (1990l the STATE Is <br />authorized to loan money for the construction of water projects for the benefit of the people of <br />the STATE provided that the BORROWER assures repayment of that money; and <br /> <br />4. The BORROWER is a duly constituted Colorado mutual ditch non-profit corporation formed <br />under Section 7-42-101 et. seq. CRS located in Fremont County, the state of Colorado; and <br /> <br />5. The BORROWER has applied to the STATE for a loan to be used for replacing approximately <br />3.5 miles of the ditch with a buried pipeline, hereinafter referred to as the PROJECT; and <br /> <br />6. At its November 9, 1993, meeting, the CWCB approved a loan to the BORROWER in an amount <br />not to exceed One Hundred Thirty Thousand Dollars ($130,000), hereinafter referred to as MAXIMUM <br />LOAN AMOUNT, at an interest rate of four percent (4%) per annum, and for a duration of thirty (30) <br />years; and <br /> <br />7. The STATE conditioned the approval of this loan upon the BORROWER also obtaining a portion <br />of the costs of this PROJECT from the Consolidated Farm Services Agency (CFSA) formerly the <br />Agricultural stabilization and Conservation Service lASCSl. The BORROWER has provided evidence of <br />compliance with this condition; and <br /> <br />8. Pursuant to Chapter 265, Colorado Session Laws, 1994 (Section 1 of Senate Bill 94-029), the <br />Colorado General ASsembly authorized CWCB to loan to the BORROWER an amount not to exceed One <br />Hundred Thirty Thousand Dollars ($130,000) for a term of thirty (30) years for the construction of the <br />PROJECT; and <br /> <br />RAINBOW PARK WATER COMPANY <br /> <br />Page 1 of 1 1 <br /> <br />LOAN CONTRACT <br />