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<br />':.~ <br /> <br />, 'J <br /> <br />DEPARTMENT OR AGENCY NAME <br />Water Conservation Board <br />DEPARTMENT OR AGENCY NUMBER <br />PDA <br />ROUTING NUMBER <br />9' .5 O3-Z.5 <br /> <br />$ 75,000 <br /> <br />LOAN CONTRACT <br /> <br />1996 <br />THIS CONTRACT, made this / J day of -1-Bll4, by and between the State <br />of Colorado for the use and ,benefit of the Department Natural Res rces, Colorado Water Conservation <br />Board (CWCB), hereinafterreferred to as the STATE, a~d KI gs Row Homeowners Association, c/o Leavenworth <br />& Caloia, P.C., 1011 Grand Avenue, P. O. Drawer 2030, Glenwood Springs, Colorado 81602, hereinafter <br />referred to as the BORROWER andlor CONTRACTOR. <br /> <br />RECITALS <br /> <br />1, Authority exists in the law, and funds have been budgeted, appropriated and otherwise made <br />available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, <br />Organization YYYY, Appropriation 517, Program WrRC, Object Code 5120, Contract Encumbrance Number <br />Clo3 ~9" ; and <br /> <br />2. Required approval, clearance, and coordir,ation have been accomplished from and with appropriate <br />agencies; and <br /> <br />3. Pursuant to the provisions of Sections 37-60-119 and 37-60-120,15 CRS (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; and <br /> <br />4, The BORROWER is a duly constituted Colotado nonprofit corporation formed pursuant to CRS 7-20- <br />101 et. seq., located in the State of Colorado; and <br /> <br />5, The BORROWER has applied to the ST A Tt for a loan to be used for construction of a raw water <br />irrigation system that would eliminate the need to use potable water for irrigation, hereinafter referred to as the <br />PROJECT; and <br /> <br />6, At its March 8, 1994 meeting, the CWCB approved a loan to the BORROWER in an amount not to <br />exceed Seventy Five Thousand Dol/ars ($75,000), hereinafter referred to as MAXIMUM LOAN AMOUNT, said loan <br />amount not to exceed 75% of the actual project COsts, at an interest rate of four and three-quarters percent <br />(4.75%) per annum, and for a duration of twenty (:<0) years; and <br /> <br />7, Pursuant to Section I, Chapter 265 of the 1994 Colorado Session Laws (Senate Bill 94-29), the <br />Colorado General Assembly authorized CWCB to loan to the BORROWER an amount not to exceed Seventy Five <br />Thousand Dollars ($75,000) for a term of twenty (:<0) years for the construction of the PROJECT; and <br /> <br />KINGS ROW HOMEOWNERS ASSOCIATION <br /> <br />Page 1 of 11 <br /> <br />LOAN CONTRACT <br />