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BORROWER: MCDONALD DITCH COMPANY Agency Name: Water Conservation Board <br /> Contract No. C150334 Agency Number PDA <br /> Project Amount$100,000 CONTRACT FORM DATE: PRIVATE/070113 <br /> Loan Service Fee $1,000 CMS Number: #62281 <br /> Loan Amount $101,000 <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 the McDonald Ditch Company, 2483 U.S. Highway 285 North, Monte Vista <br /> CO, 81144, a mutual ditch company ("BORROWER"). <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. C150334, Fund Number 424, Appropriation Code M12 Organization YYYY, GBL <br /> M334, Program WTRC, Object Code 5882, Reporting Category 0334. <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies. <br /> 3. On May 15, 2012, the CWCB approved a loan request from the BORROWER for the <br /> McDonald Ditch Diversion and Headgate Replacement Project (PROJECT), to replace <br /> the existing McDonald Ditch diversion dam, headgate structure and pipeline, for an <br /> amount not to exceed $70,700. A contract was not executed at that time. On <br /> September 25, 2013 the CWCB approved a loan amount increase due to a change in <br /> design of the head gate and diversion structure. The approved change increased the <br /> total cost of the PROJECT from $650,000 to $1,085,200. The new approved total loan <br /> contract amount is $101,000 with an interest rate of 2.50% for a term of 20 years. <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). <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 /> Loan Contract C150334 <br /> Page 1 of 11 <br />