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BORROWER: LEFT HAND DITCH COMPANY AGENCY NAME: Water Conservation Board <br /> CONTRACT No. C150370 AGENCY NUMBER: PDA <br /> PROJECT AMOUNT $3,243,620 CONTRACT FORM DATE: PRIVATE/070113 <br /> LOAN SERVICE FEE $32,436 CWCB CMS #62180 <br /> LOAN AMOUNT $3,276,056 <br /> LOAN CONTRACT <br /> (STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003) <br /> THIS CONTRACT, made between the State of Colorado for the use and benefit of The <br /> Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or <br /> "STATE"), and Left Hand Ditch Company, 201 Murray St, Niwot, Colorado, 80503, <br /> ("BORROWER"), a mutual ditch company. <br /> FACTUAL RECITALS <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. C150370, Fund Number 744, Appropriation Code P14, Organization YYYY, GBL <br /> L370, Program WTRC, Object Code 5882, Reporting Category 0370; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On October 21, 2013 the CWCB approved a loan request from the BORROWER for the <br /> Emergency Left Hand Ditch System Repairs to restore the system so water can be <br /> delivered to the shareholders caused by the 2013 flood event ("PROJECT"). This loan <br /> was approved as a 30 year loan with no payments and zero interest for the first three <br /> years followed by 27 years of amortized payments at the interest rate of 2.30%. <br /> 4. 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); and <br /> 5. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this <br /> PROJECT upon mutually agreeable terms and conditions. <br /> THEREFORE, in consideration of the mutual and dependent covenants contained <br /> herein, the parties agree as follows: <br /> A. LOAN PROVISIONS <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 /> Loan Contract C150370 <br /> Page 1 of 11 <br />