C150144 Paid in Full Contract

• Contract/PO #: C150144
• Contractor Name: Upper Platte and Beaver Canal Company
• Contract Type: Loan
• County: Morgan
• Loan Projects - Doc Type: Contract Documents

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BORROWER: UPPER PLATTE & BEAVER CANAL Agency Name: Water Conservation Board
Contract No. C150144 Agency Number PDA
Project Amount $67,500 Routing Number: 04 PDA e"f C75-
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/ '1% Loan Service Fee $675
Loan Amount $68,175
LOAN CONTRACT
THIS CONTRACT, made this August 1, 2003, is by and between the State of Colorado
for the use and benefit of The Department of Nature ources, Colorado Water
Conservation Board ("CWCB" and/or "STATE"), and U ath land Beaver Canal
Company, P.O. Box 581, Brush, Colorado 80723, a oar profit corporation,
("BORROWER" and/or "CONTRACTOR"). 4. r
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FACTUAL R 4
1. Authority exists in the law, and funds have been budgeted, i land otherwise
made available and a sufficient unencumbered balance thereof rem available for
encumbering and subsequent payment of this contract under: Contract Encumbrance No.
C150144, Fund Number 424, Appropriation Code MC3, Organization YYYY, GBL U144,
Program WTRC, Object Code 5881, Reporting Category 0144.
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
3. 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 which
defines the amount of the loan and the terms of repayment (Section 4).
4. 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 and (2) a service fee of one percent
(1%) of the amount of the funds loaned. In the event that the BORROWER does not use
the full loan amount authorized, the parties shall amend this contract to revise the LOAN
AMOUNT and to adjust the service fee to reflect 113/0 of the actual loan amount disbursed to
the BORROWER.
2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER shall
be assessed fees for amending this contract.
a. A service fee shall be imposed on the BORROWER for amendments processed for the
benefit of the BORROWER and necessary for the BORROWER'S course of business,
including, but not limited to, a change in borrower name (novation), assignment of
contract, substitution of collateral, loan payment deferments in excess of 3 per loan,
and loan consolidation. Amendments in the course of CWCB business, including, but
not limited to, loan payment deferments (up to 3 per loan) and changes in terms of
loan repayment will be processed at no additional charge to the borrower.
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