|
•
<br /> AGENCY NAME: Water Conservation Board
<br /> AGENCY NUMBER: PDA
<br /> ROUTING NUMBER: 0 02 p,24 coo 5t
<br /> LOAN CONTRACT
<br /> THIS CONTRACT, made this 1st day of February 2002, by and between the State of Colorado
<br /> for the use and benefit of the Department of Natural Resources, Colorado Water Conservation
<br /> Board, hereinafter referred to as the CWCB and/or STATE, and Peoples Ditch Company, a Colorado
<br /> nonprofit corporation, 23738 Road 40, Sterling, Colorado, 80751 hereinafter referred to as the
<br /> BORROWER and/or CONTRACTOR.
<br /> FACTUAL RECITALS
<br /> 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
<br /> available and a sufficient unencumbered balance thereof remains available for payment in Fund
<br /> Number 486, Organization YYYY, Appropriation 010, GBL P049, Program WTRC, Object Code
<br /> 5881, Reporting Category: 0049, Contract Encumbrance Number C150049.
<br /> 2. Required approval, clearance, and coordination have been accomplished from and with
<br /> appropriate agencies.
<br /> 3. Pursuant to the provisions of§§ 37-60-119 and 37-60-120, C.R.S. (1999) the STATE is authorized
<br /> to loan money for the construction of water projects for the benefit of the people of the State,
<br /> provided that the borrower assures repayment of that money.
<br /> 4. The BORROWER is a duly constituted Colorado nonprofit mutual ditch company formed pursuant
<br /> to and governed by Article 42 of Title 7, C.R.S., located in Logan County, State of Colorado.
<br /> 5. A Small Project Loan Account was established by§ 37-60-122.7, C.R.S. (1999), which authorizes
<br /> the CWCB to make loans of up to $100,000 without prior approval from the General Assembly if
<br /> the CWCB determines that delay would result in undue hardship on the borrower.
<br /> -- 6. The BORROWER has applied to the STATE for a Small Project Loan in the amount of$43,000 to be
<br /> used to construct a pipeline to replace the Borrower's washed-out ditch and diversion structure,
<br /> hereinafter referred to as PROJECT, at a total cost of$75,000.
<br /> 7. The STATE has reviewed a feasibility report compiled by John Van Solver, which is incorporated
<br /> herein by reference, and, based upon this feasibility report, the STATE determined the PROJECT to
<br /> be technically and financially feasible.
<br /> 8. At its July 2000 meeting, the CWCB approved a loan to the BORROWER in an amount up to
<br /> $43,000, at an interest rate of 3.75% per annum for a repayment term of 20 years. The CWCB
<br /> has determined that this loan qualifies as a Small Project Loan in accordance with § 37-60-122.7,
<br /> C.R.S. (1999), and the BORROWER will suffer undue hardship if the project is not completed as
<br /> soon as possible because of the inability to deliver water.
<br /> 9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon
<br /> mutually agreeable terms and conditions.
<br /> THEREFORE, in consideration of the mutual and dependent covenants contained herein,
<br /> the parties agree as follows:
<br /> A. The BORROWER agrees as follows:
<br /> 1. Construction Fund Program Procedures. The following items are procedures the BORROWER
<br /> shall follow during the construction phase of the PROJECT.
<br />
|