C150048 Paid in Full Contract

• Contract/PO #: C150048
• Contractor Name: Plumb and Dailey Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

pAID AGENCY NAME: Water Conservation Board
AGENCY NUMBER: PDA
ROUTING NUMBER: ei:Od c›qa
LOAN CONTRACT
THIS CONTRACT, made this /7day of Q TOL3E 2000, by and between the
State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
Conservation Board, hereinafter referred to as the CWCB and/or STATE, and Plumb and Dailey Ditch
Company, a Colorado nonprofit corporation, 9595 Nelson Road, Box C, Longmont, Colorado, 80501
hereinafter referred to as the BORROWER and/or CONTRACTOR.
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 payment in Fund
Number 424, Organization YYYY, Appropriation SPL, GBL P048, Program WTRC, Object Code
5881, Reporting Category: 0048, Contract Encumbrance Number C150048.
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
3. Pursuant to the provisions of §§ 37-60-119 and 37-60-120, C.R.S. (1999) the STATE is authorized
to loan money for the construction of water projects for the benefit of the people of the State,
provided that the borrower assures repayment of that money.
4. The BORROWER is a duly constituted Colorado nonprofit ditch company formed pursuant to and
governed by Articles 42 and 121 of Title 7, C.R.S., located in Weld County, State of Colorado.
5. A Small Project Loan Account was established by § 37-60-122.7, C.R.S. (1999), which authorizes
the CWCB to make loans of up to $100,000 without prior approval from the General Assembly if
the CWCB determines that delay would result in undue hardship on the borrower.
6. The BORROWER has applied to the STATE for a Small Project Loan in the amount of $42,000 to be
used for rehabilitation of its diversion structure on Boulder Creek, hereinafter referred to as
PROJECT, at a total cost of$46,620.
7. The STATE has reviewed a feasibility report compiled with assistance from the NRCS and John
Van Sciver of the CWCB, which is incorporated herein by reference, and, based upon this
feasibility report, the STATE determined the PROJECT to be technically and financially feasible.
8. This loan qualifies as a Small Project Loan in accordance with § 37-60-122.7, C.R.S. (1999),
since the amount of the loan does not exceed $100,000 and the BORROWER will suffer undue
hardship if the project is not completed as soon as possible because of the inability to deliver
water.
9. At its May 2000 meeting, the CWCB approved a loan to the BORROWER in an amount up to
$42,000, not to exceed 90% of the cost of the PROJECT, at an interest rate of 3.75% per annum
for a repayment period of 20 years. The CWCB has determined that the BORROWER will suffer
undue hardship if the project is not completed as soon as possible because of the inability to
deliver water.
Plumb and Dailey Ditch Company Page 1 of 12 Loan Contract