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BORROWER: LAKE DURANGO WATER AGENCY NAME: COLORADO WATER <br /> AUTHORITY CONSERVATION BOARD <br /> CONTRACT No: C150317 AGENCY NUMBER: PDA <br /> PROJECT AMOUNT $2,500,000 CONTRACT TYPE: LOAN/PUBLIC <br /> LOAN SERVICE FEE $25,000 CWCB CMS#66188 <br /> LOAN AMOUNT $2,525,000 <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"), Lake Durango Water Authority, 667 South Lakeside Dr., Hesperus, Colorado, <br /> 81326, a Water Authority pursuant to C.R.S. §29-1-204.2, ("BORROWER"OR"AUTHORITY"). <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 <br /> Encumbrance No. C150317, Fund Number 424, Appropriation Code M11, Organization <br /> YYYY, GBL L317, Program WTRC, Object Code 5560, Reporting Category 0317. <br /> Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 2. On May 18, 2011 the CWCB approved a loan request from the BORROWER for the <br /> Source Water Supply Project ("PROJECT"). The purpose of the PROJECT is to purchase <br /> water and provide the infrastructure to deliver raw water from the Animas-La Plata <br /> Project to Lake Durango Reservoir. The total cost of the PROJECT is estimated to be <br /> $3,000,000. The BORROWER was approved for a loan not to exceed $2,525,000 and a <br /> Water Supply Reserve Fund Grant for $500,000. The loan was approved as a 30 year <br /> loan at an interest rate of 4.00%; and <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); and <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 /> THEREFORE, in consideration of the mutual and dependent covenants contained <br /> herein, the parties agree as follows: <br /> Loan Contract C150317 <br /> Page 1 of 12 <br />