C150399 Contract

• Contract/PO #: CT2015-092
• Contract/PO #: C150399
• Contractor Name: Fulton Irrigationg Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER: FULTON IRRIGATING DITCH AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD/PDA
CONTRACT No. C150399 CONTRACT TYPE: LOAN/PRIVATE
PROJECT COSTS: $2,007,000 CWCB CMS: 71396/CORE: CT2015-092
LOAN SERVICE FEE: $20,070
LOAN AMOUNT: $2,027,070
LOAN CONTRACT
(STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003)
THIS CONTRACT is made between the State of Colorado for the use and benefit of
The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or
"State"), and Fulton Irrigating Ditch Company, 25 South 4th Ave., Brighton, CO 80601
("BORROWER"), a Colorado nonprofit corporation.
FACTUAL RECITALS
1. Authority exists in the law, and funds have been budgeted, appropriated and
otherwise made available and a sufficient unencumbered balance thereof remains
available for encumbering and subsequent payment of this CONTRACT; and
2. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies; and
3. On May 22, 2014, the CWCB approved a loan request from the BORROWER for the
Diversion Structure Rehabilitation Project ("PROJECT") to minimize the occurrence of
failures of the diversion structure system. The project will replace the BORROWER'S
South Platte River diversion gates, rehabilitate the existing trash rack and reconstruct
the Branch Ditch Diversion Structure on the Fulton Ditch. The total estimated project
cost is $2,230,000. The total loan amount is $2,027,070 which includes a one percent
(1%) loan origination fee of$20,070 at an interest rate of 2.45% for 30 years; and
4. The PROJECT SUMMARY, attached as APPENDIX 1 and incorporated herein, contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval and Legislative
Authorization (Section 4), identifying the amount of the loan and the terms of
repayment. The PROJECT SUMMARY also contains sections on BORROWER'S debt,
collateral, procedures and eligible expenses.
5. The CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual and dependent covenants contained
herein, the parties agree as follows:
A. LOAN PROVISIONS
1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the
amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2)
Loan Contract C150399
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