CT2015-169 Contract

• Contract/PO #: CT2015-169
• Contractor Name: West Reservoir and Ditch Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Loan Projects - Doc Type: Contract Documents

BORROWER:WEST RESERVOIR AND DITCH AGENCY NAME: COLORADO WATER
COMPANY CONSERVATION BOARD/PDA
REQUESTED LOAN AMOUNT: $245,919 CONTRACT TYPE: LOAN/PRIVATE
LOAN ORIGINATION FEE: $2,459 CWCB CMS: 74840/CORE: CT2015-169
TOTAL LOAN AMOUNT: $248,378
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 West Reservoir and Ditch Company, 37200 Stucker Mesa, Hotchkiss,
Colorado, 81419 ("BORROWER"), a Colorado nonprofit corporation.
FACTUAL RECITALS
1. CWCB 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 November 20, 2014, the CWCB approved a loan request from the BORROWER for
the Repair of West Reservoir No.1 Outlet Works ("PROJECT") due to deterioration of
the outlet works conduit, which will be replaced and improvements made. The total
estimated project cost is $471,577. The BORROWER was also approved for a WSRA
Grant with a total amount of $225,658. The total loan amount of $248,378, which
includes a one percent (1%) loan origination fee of$2,459, is payable over 30 years at
an interest rate of 2.00%; 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 Origination 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)
a loan origination fee of one percent (1%) of the PROJECT amount. In the event that
the BORROWER does not use the full LOAN AMOUNT authorized, the parties shall
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