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<br />BORROWER: TOWN OF HILLROSE, ACTING BY <br />AND THROUGH ITS WATER <br />ACTIVITY ENTERPRISE <br />Contract No. C150178 <br />Project Amount $68,625 <br />Loan Service Fee $686 <br />Loan Amount $69,311 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 05 PDA ()tJ{) rh <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br /> <br />THIS CONTRACT, made this June 15. 2005, by and between the State of Colorado for <br />the use and benefit of the Department of Natural Resources, Colorado Water Conservation <br />Board ("CWCB" or "STATE"), and Town of Hillrose. acting by and through its Water Activity <br />Enterprise. P.O. Box 1. Hillrose. Colorado 80733-0001 ("BORROWER"). <br /> <br />FACTUAL 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 <br />encumbering and subsequent payment of this contract under: Contract Encumbrance <br />No. C150178. Fund Number 424, Appropriation Code MS5, Organization YYVY. GBL <br />H178, Program WTRC. Object Code 5510. Reporting Category 0178. <br /> <br />2. Required approval. clearance. and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. The PROJECT Summary. attached as Appendix 1 and incorporated herein. contains <br />BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's <br />authority for making this loan (Section 3). and CWCB Approval and Legislative <br />Authorization which identifies the amount of the loan and the terms of repayment <br />(Section 4). <br /> <br />4. The CWCB now desires. by this contract. to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the <br />amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2) <br />a service fee of one percent (1 %) of the PROJECT amount. In the event that the <br />BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br />contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br />1 % of the actual LOAN AMOUNT disbursed to the BORROWER. <br /> <br />2. Contract Amendment Service Fees. Under certain circumstances. the BORROWER <br /> <br />Page 1 of 10 <br />