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<br />BORROWER: THE GLENWOOD IRRIGATION
<br />COMPANY
<br />Contract No, C150086
<br />Loan Amount $85,000
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<br />Agency Name: Water Conservation Board
<br />Agency Number PDA
<br />Routing Number 02 PDA OtlD 10 3
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<br />LOAN
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<br />CONTRACT
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<br />THIS CONTRACT, made this March 20, 2002, is by and between the State of Colorado for the
<br />use and benefit of The Department of Natural Resources, Colorado Water Conservation
<br />Board ("CWCB" and/or "STATE"), and The Glenwood Irrigation Company, P,O, Box 27,
<br />Glenwood Springs, CO 81602, a Colorado nonprofit corporation, ("BORROWER" and/or
<br />"CONTRACTOR"),
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<br />FACTUAL RECITALS
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<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
<br />payment as follows: Fund Number 486, Organization YYYY, Appropriation Code 010,
<br />GBL G086, Program WTRC, Object Code 5881, Reporting Category 0086, Contract
<br />Encumbrance No, C150086
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<br />2, Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies,
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<br />3, CWCB's authority for making this loan: Small Proiect Loan: Pursuant to the provisions
<br />of SS 37-60-119 and 37-60-120, C,RS" the CWCB is authorized to loan money from the
<br />CWCB's Construction Fund Small Project Loan Account for water projects for the benefit
<br />of the people of the STATE, provided that the borrower assures repayment of that money,
<br />Section 37-60-122,7, CRS" authorizes the CWC~Uo make loans of up to $100,000
<br />from the Small Project Loan Account of the Construction Fund without prior approval
<br />from the General Assembly if the CWCB determines that delay would result in undue
<br />hardship on the borrower.
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<br />4, The Project Summary, attached as Appendix 1 and incorporated herein, contains
<br />BORROWER Information (Section 1) and the PROJECT Description (Section 2),
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<br />5, Board approval and legislative authorization, if required, is included in Board Approval
<br />and Legislative Authorization (Section 3) of the Project Summary,
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<br />6, The CWCS now desires, by this contract, to loan money to the BORROWER for this
<br />PROJECT upon mutually agreeable terms and conditions,
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<br />THEREFORE, in consideration of the mutual and dependent covenants contained herein,
<br />the parties agree as follows:
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<br />A LOAN PROVISIONS
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<br />1, Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount
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<br />Loan Contract
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