C150087 Contract - Laserfiche WebLink

Home Browse Search

; BORROWER: CEDAR MESA DITCH & RES. CO. Contract No. C150087 Loan Amount $ 100,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 02 PDA n�o Zo LOAN CONTRACT THis CoNTRACT, made this May 1, 2002, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or " STATE "), and Cedar Mesa Ditch and Reservoir Company, 1381 Drive 2420, Eckert, CO 81413, a Colorado nonprofit corporation, ("BORROwER" andJor "CoNTRAC1oR"). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 486, Organization WYY, Appropriation Code 010, GBL C087, Program WTRC, Object Code 5881, Reporting Category 0087, Contract Encumbrance No. C150087 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. CWCB's authority for making this loan: Pursuant to the provisions of §§ 37-60-119 and 37-60-120, C.R.S., the CWCB is authorized to loan money from the CWCB's Construction Fund Small Project Loan Account for water projects for the benefit of the people of the STaTE, provided that the borrower assures repayment of that money. Section 37-60-122.7, C.R.S., authorizes the CWCB to make loans of up to $100,000 from the Small Project Loan Account of the Construction Fund without prior approval from the General Assembly if the CWCB determines that delay woufd result in undue hardship on the borrower. 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BoRROwER Information (Section 1) and the PRO�ECT Description (Section 2). 5. Board approval and legislative authorization, if required, is included in Board Approval and Legislative Authorization (Section 3) of the Project Summary. 6. The CWCB now desires, by this contract, to loan money to the BoRROwER for this PRO�ECr upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan ta the BoRROwER an amount not to exceed the LOaN AMOUrvr and the BoRROwER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. 2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the BORROWER interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall Page t of 9 Cedar Mesa Ditch and Reservoir Loan Contract